Role of Machine Learning in Sales
Machine learning is already used in sales therefore, in this article, we will explore the different ways machine learning can help sales reps and sales managers be more efficient, effective, and productive with the help of technology. However, before looking at automation and how it can help close more deals, we will look first at what is actually machine learning and what is its role in enhancing the sales function of the organization.
What is Machine learning?
Machine learning (ML) is a sub-type of Artificial intelligence, and for our context here, helps businesses run successfully. Machine learning helps companies scrutinize a large amount of data in a short amount of time and provides valuable insights to make data-driven decisions.
All in all, the companies that are using machine learning tools gained more revenue compared to companies that prefer manual work to get insights. This brings the question of how is machine learning helping sales?
Examples of machine learning in sales
Here, we will look at a few of the machine learning usages in sales.
Automation feature
The salesperson, besides gaining new business, needs to do a lot of administrative and repetitive tasks such as updating the CRM system, write welcome emails and follow-up emails, schedule a demo etc. Machine learning can lift some of the burden of the repetitive tasks, freeing time to concentrate on moving the current opportunities forward.
Forecasting sales
Forecasting sales taking into account past sales, current pipeline, buyers’ information, and any other information available such as the traffic on the website.
Furthermore, by connecting your CRM with machine learning software, you can get valuable and accurate results regarding sales level and company growth potential and strategize and forecast the far future.
Pricing management
Pricing is always a confusing point in sales. It is difficult to get an accurate price for a product/service based on the customer type and volume. The right price can be difficult to set during the negotiation phase. Machine learning helps the salesperson to set the best price for his product by determining competitive analysis, economic conditions, and operating tools. This price management feature increase sales as well as helps to get more revenues from these sales.
Getting accurate insights
If a business wants to run successfully, it is crucial for it to get insights into its customer base. For example, social media is an incredible tool to perform this task, however, the invaluable side of this tool is that it contains a lot of useless data.
Machine learning can address this problem by filtering the invaluable data from insights, insights that can make companies more profitable.
Find potential customers
Machine learning can help aggregate and segment the customer data to drive the right campaigns to attract the right customers to the business. Business development and lead generation already benefit from the use of machine learning by helping to draft customized messages to each segment and even individual.
Conclusion
Machine learning is playing an indispensable role in enhancing sales and lower the burden of the salesperson. Some benefits of machine learning in sales we present below:
- Machine learning gives incredible results to customers by offering suitable offers to them.
- Sometimes, a salesperson enters incorrect information about customers. It badly affects sales. By using machine learning, we can easily perform our administrative tasks with accuracy.
- With the help of machine learning, selling brands are able to make new products and offer new services by accommodating data about their customers.
- Machine learning reduces the need for humans to perform repetitive tasks such as updating the CRM system, sending follow-up emails, and or schedule meetings.