Rahul Shah is the CEO of Next Quarter.
It seems you can’t scroll through Twitter without seeing a story on generative artificial intelligence and the world-changing impact it will have. Of course, with this slew of information comes a real challenge: In many cases, AI-related predictions are far too hyperbolic and overgeneralized, leaving users wanting more information.
That being said, AI’s impact is real, and it’s becoming increasingly apparent that AI-related knowledge is critical in sales. Companies using AI in sales have reported up to a 50% increase in leads, reduced call time by as much as 70% and reduced costs by up to 60%. To use these tools effectively, however, you must have a robust comprehension of AI’s capabilities and potential impacts.
What is generative AI?
Generative AI is a form of artificial intelligence that can create all new content and virtually unlimited forms of content, including pictures, videos, written text and code. This technology has existed in a limited form for years but recently achieved a breakthrough in the minds of the public with the availability of ChatGPT—an AI program that can take instruction and deliver written text in response. Increasingly, generative AI is being incorporated into major technological platforms. For example, Google has an entire suite of AI tools available to the public, and Microsoft recently announced the same.
How could AI impact your sales efforts?
With more generative AI solutions becoming available—and machine-learning algorithms and other AI tools already in existence—it is only a matter of time before your business has to make a specific determination about how you can use generative AI. There are a number of ways to implement AI for success within your sales department.
Data Analysis: Time Savings And Additional Insights
One of the most powerful uses of AI is its data analysis abilities. When correctly incorporated, data can help a business build a strong sales pipeline, understand the best methods and create accurate sales forecasts. For example, AI can write code to complete specific tasks (with a query like “Show me the three services that businesses on the East Coast are likely to buy in January”) that would otherwise have taken days to generate by hand. AI can also search the web for available data sources, allowing you to incorporate more findings into your forecasts.
That being said, challenges in this area remain. ChatGPT stopped updating its dataset in 2021, so you must manually reconfirm the accuracy of any data you use from this program. From a sales perspective, you may still have to purchase additional datasets that can yield insight into customers and leads.
On-Point Marketing Messaging
Any sales team knows how complex selecting the perfect marketing messaging for particular platforms can be. What if you had the right answers at the push of a button?
Generative AI can help you develop a successful marketing message with a simple query: “Write me ad copy for my latest product that targets Gen-Z users who live in Oklahoma.” The right query may help you generate copy or graphics that properly incorporate all relevant data points on reaching whatever groups you are attempting to connect with. This messaging can be the ideal entry point for businesses or consumers wanting to buy your product, giving you a critical “foot in the door” that allows you to complete a sale.
A “Frictionless” Website Experience
To increase your sales, you need to make your website navigation as seamless and frictionless as possible. Indeed, surveys indicate that you need to make it as easy as possible to help your customers find what they want. One potential way to address this challenge is generative AI, as one of AI’s much-hyped benefits is the ability to write code.
AI tools already exist that can enable you to create a website based on a series of inputs, including ease of navigation, design flexibility and what tools should be prioritized based on user demand. These tools may enable you to craft websites considering data collection and market demand, helping to ensure you create content that meets your customers’ needs.
Are there limits to AI?
There are still real limitations to AI’s capabilities. How you manage those limitations and develop unique and customized solutions will come down to your business and the support you give your team.
Cost remains a major factor. As I mentioned previously, tools like ChatGPT still have data limits. Depending on your needs, your business may need to purchase large datasets for your AI to determine appropriate marketing techniques or otherwise fold in best practices. This can lead to additional complications, as you may need to rely on consultants to help you manage this new tool and determine the best ways to incorporate the data.
Furthermore, any outward-facing AI may require customers to interact with it. While many people already interact with AI-powered tools, like chatbots, some customers may balk at interactions that replace humans, damaging sales. You may encounter real resistance to some of your AI initiatives. As such, you must develop techniques to ease human resistance to AI.
What’s next?
Widespread acceptance of generative AI is no longer an “if” but a “when.” Research shows 75% of B2B businesses will use AI-guided selling solutions by 2025. Investing in any of these platforms may be wise, but it requires proper planning first. How does your business want to use generative AI and how will you incorporate best practices and existing technology into your plans?
Fortunately, AI is becoming more accessible to businesses at all levels. By better understanding how AI can increase your sales, you can develop customized methods to fold in generative AI and ensure you can profit from this new technological breakthrough.
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