The fast-paced evolution of technology brought us a number of wonders; one of which being Artificial Intelligence. Many global industries have been experimenting with AI to enhance their business processes and garner unparalleled competitive advantages. Even with its proliferation, AI is still considered to be in its infancy, and everything we see now is just the tip of the iceberg.
It’s most common use case is for personalization. For instance, Netflix – a popular streaming service features an AI-powered algorithm tracking the preferences of its users. This is why you get great content recommendations – videos that you likely want to watch the next time you launch the application. AI is also how Amazon recommends products that users end up buying eventually – all based on the users’ purchase history and browsing behavior.
AI in SMarketing
For modern businesses, Sales & Marketing aren’t two separate departments. It’s all SMarketing now, where teams from each departments collaborate to increase brand exposure, brand reputation, sales figures, and consequently business revenue.
Marketers of such businesses that are willing to go an extra mile are already leveraging Artificial Intelligence to enable accelerated business growth, improved revenue, and personalized customer experiences.
The business’ target audience thus gets curated content delivered to them at the right time featuring carefully crafted messages and curated recommendations. This typically ends up in a purchase if the content triggers an immediate interest. And such tactics are only an option thanks to AI.
Artificial Intelligence is expected to essentially align sales and marketing in a healthy pipeline that delivers the best results.
That said, let’s check out the AI trends that are significantly influencing sales this year.
1) Advanced Analytics
The key to winning new customers and satisfying existing ones is analytics. Proper analytics involves implementing test cases, measuring results, uncovering patterns and deciphering insights.
That was the story till AI came into the picture. Modern businesses now utilize advanced analytics powered by AI algorithms to get deeper, more accurate reports and forecasts. Savvy marketers are investing in AI-driven predictive analytics for more rewarding human interactions and for mitigating risks that impede faster business growth.
2) Voice-enabled Smart Apps
Chatbot Assistant is the next big thing in the business realm. AI-powered chatbot assistants go up a notch when it comes to offering recommendations to a business’ customers, helping them with their queries, and even encouraging them to make purchases with personalized offers.
Voice Assistants don’t have human limitations. They can be of service to customers 24/7, and can be controlled via voice commands from authorized users. The possibilities are many and the scope is vast. AI-augmented voice assistants are certainly proving to be worthy assets for businesses to invest in.
3) Predictive Lead Scoring
Spending time nurturing leads with little to no growth potential can do a lot of damage to an organization – missed targets, demotivated sales teams, dwindling revenue etc. This issue can be sorted out with AI integration. Augmented with Machine Learning capabilities, an AI solution can efficiently analyze leads and offer predictive lead scoring.
As the data increase, the accuracy of predictions also increases. This would make it easier for the sales team to identify leads that are more likely to convert and those that are less likely to convert.
4) Improved Sales Forecasts
Back in the days, it was humans who came up with sales forecasts. Now it’s an AI element, and one of the main reasons why many businesses invest heavily in AI technologies. With AI, businesses can make use of the tremendous amounts of data they generate by transforming them in meaningful insights that in turn deliver accurate sales forecasts for maximum profit.
Sales forecasts aren’t based on hunches and customer emotions anymore. Instead it’s driven by a data-oriented rationale which we will be seeing a lot more amongst businesses in the coming months.
5) Personalized User Experiences
Probably, no organization in our world does it better than Google. The search engine giant so far is one of the biggest investors in AI technology, and is among the most successful organizations when it comes to leveraging Artificial Intelligence to serve people.
With Rankbrain, a Machine Learning program, Google constantly monitors and analyzes user engagement to continuously provide better search results to users regardless of the search query. This way every kind of information would simply be a Google search away. The organization’s personalization features have a lot to do with their use of AI. AI is also a core element behind Google Ads.
Businesses can apply this technique on their own operations to personalize their content and offers to customers; both new and existing, resulting in a greater number of conversions and generating more leads than ever. This trend isn’t relatively new but it only gained traction recently.
A great example would be to offer discounts to a visitor who left a website after adding an item to the online shopping cart so that he completes the purchase. The offer can be personalized based on that particular individual’s purchase history on the website and even the purchase frequency. Mind you that this entire process can be automated with AI leaving the business’ sales team free to tackle bigger challenges.
For modern businesses, the stakes are higher than ever when it comes ‘SMarketing’ in dynamic, highly competitive markets. The smallest mistake could end up breaking the business and the smallest detail could speed up the business’ growth and revenue. For businesses that are looking forward to a stable and economically feasible future, AI should be an integral part of their sales, marketing and operations.
The AI trends mentioned in this blog aren’t all new but are slowly becoming an industry standard for businesses willing to invest in retaining their competency during changing times. As a matter of fact, many businesses vouch for AI’s potential when it comes to improving the quality of leads, delivering personalized content to the right people at the right time, and even in devising profitable business strategies on competitive markets.
If your business is ready to jump on the AI bandwagon, AOT can help you make that leap in the best way possible. Get in touch with AOT’s AI experts to start off on the right foot.