Accelerated digital transformation, powered by AI, Cloud, Big Data & IoT, is not only making factories, devices, and mobility smarter with connected machines and intelligent robots, it is also changing professional functions such as sales and marketing.
Companies keeping up with emerging trends and seizing opportunities will be at the forefront of competition.
Key Technological Developments Aiding Sales
Here is our selection of leading technology that will benefit your company.
1. Robust CRM platforms
Intelligent CRM solutions provide opportunities for multichannel communication to control the customer journey. They also offer agents with 360-degree customer view, activity management, lead and sales pipeline management, data centralization, sales analytics and forecasting, and campaign management.
On top of this, modern CRM integrates with the phone system, augment customer data, and lets agents access reports in one place. As a result, it prevents data loss, improves operational efficiency, and reduces revenue loss.
2. Intelligent communication tools
Today, AI is providing valuable support in improving and personalizing customer experience with tailored digital marketing. AI-powered chatbots support 24/7, enabling replying to basic queries or resolving issues, reducing the need for customer service interactions. By 2024, chatbots will reach USD 1.34 Bn in value.
Voicebots with NLP algorithm is a similar technology on the rise that is generating growth with cross-selling and up-selling. In addition, AI-powered contact center solutions are elevating sales, boosting performance, and improving operation transparency.
Contact center software integrated with CRM lets sales agents reach customers through emails, calls, and social media. It stores customer and interaction data in one place, saving time, improving productivity, and eliminating data loss.
Smart scripts will help your sales rep to get to the point of sale faster. Moreover, AI will help agents access the knowledge base and prompt during the call, increasing the productivity of telemarketing campaigns, especially coupled with power dialer functionality.
The AI analyses unstructured data like calls to extract meaningful insights from conversations.
3. Speech recognition and call analytics
The call data pulled goes through analytics, speech recognition, and processing for interpretation. As a result, companies can understand customer expectations, preferences, and needs.
Additionally, companies can identify top skills that lead to conversion, monitor script adherence, measure activity results, and then keep agent scores and train them to increase conversions towards optimal outcomes.
4. Big data
90% of the data was generated in the past few years, about 30 zettabytes of it. It is predicted to grow to 175 zettabytes by 2025. Big data is invaluable for business as machine learning can accelerate the analysis and insights from the data to make it actionable.
5. Smart devices and mobile solutions
As per research, 76% of consumers shop on mobile devices, but only 12% are satisfied. There are ample opportunities to seize and plenty of room for improvement. Apps provide a better experience than the mobile version of the website.
Mobile apps developed to further business need powerful tools to support sales. They allow companies to collect data on anything, particularly enlightening the sales team as it lets them analyze their behavior.
Data lets companies build a strong brand, improve customer engagement and loyalty, accelerate sales, and boost revenue.
6. AI, ML, and the internet of things (IoT)
AI and ML are fueling an intelligence revolution and are impacting sales and business. It is furthering IoT, which is attracting a lot of attention. Sales teams are using the power of IoT to power devices and applications to collect and scrutinize customer data in real-time.
IoT streamlines the discovery of customer needs and forecasting further opportunities. The right IoT solutions let companies monitor customer behavior, respond to their preferences more flexibly, and guide their buying journey.
7. Virtual, augmented, and mixed reality
While virtual reality (VR) immerses people in a virtual world, augmented reality (AR) places digital objects in the real world. VR and AR will generate up to USD 75 Bn in revenue by 2023. Mixed reality (MR) is another innovation with broad applications for marketing.
MR provides companies with a new way to engage prospects and customers; it takes AR to another level by allowing users to manipulate digital objects. MR will augment the visual impact of products, solutions, and products.
Capability Realization of These Technologies
When the sales and marketing team uses these technologies, they gain immense benefits that will empower them with an edge over their competitors. There are several exciting use cases emerging out these technologies, and digital service providers can target them to win new deals in exciting verticals. Some of the benefits of modern AI-powered sales intelligence software include:
1. Sales intelligence will govern the analysis
Statistics reveal that almost two-thirds of sales teams choose data analysis rather than gut instincts. These days, high-performing sales teams are considering data-driven insights for sales forecasts than relying on gut feeling.
Sales intelligence has changed how B2B salespeople identify and analyze the needs of customers/prospects. It will make the interaction more personal. It has also led sales teams to invest in B2B sales tools to help achieve the right goals, where automation and data are at the core.
2. Provides granular insights
Big corporations are today using tech to understand customer behavior at an unprecedented level, unlocking new opportunities.
Philips US applied advanced analytics and used granular insights to simulate the market potential for various price tiers, channels, and product portfolios. They did this not just at a country or region level but also at a city-by-city level in dynamic markets.
3. Guides hardcore B2B sales personalization
Personalization is already available on B2C platforms and will be used in B2B also. However, the nuances will be different because B2B customers do not mind getting birthday wishes.
B2B sales must be about delivering insights and reengineering the overall buying experience. They must customize communication channels and reanalyze the information for delivery. B2B sales in the 2020s and the next decade will involve hardcore personalization of the overall buying journey, insights, and style.
Despite the hardcore personalization through data and automation, customers/prospects still require personalized interactions with sales guides who understand their needs.
4. Writes marketing content automatically
Advancement in natural language generation is resulting in machines creating content for marketing purposes. For example, Chinese B2B e-tailer Alibaba uses machines to write product descriptions and marketing copies.
Samsung’s NEON recently introduced artificial human beings that look and act like real humans. They are used to market Samsung’s products and services 24/7.
5. Creates ultra-customization and micro-moment opportunities
Google coined the term, ‘micro-moments.’ It occurs when people reflexively turn to a device to learn, do, discover, watch, or buy something. It is a device-triggered intent-rich instant in need to learn or do something.
Micro-moments increase the marketing RoI through optimization of the customer’s journey. When B2B prospects have questions or are doubtful, they do hardcore research before purchasing.
If someone discovers quality-rich content on your website, they will instantly reach out to your chatbox to get further answers. A chatbox is not just a tool to get people to find content but an opportunity to start a conversation between prospects and sales agents.
When prospects/customers get what they want when they want it, your company will rise above the competition. Direct digital access will allow for ultra-customization.
6. In increases engagement with extended reality
Extended reality is trying a product from anywhere, creating a better customer experience. Many companies have taken a first-mover advantage. By 2022, the number of B2B VR experiences will account for 40% of all experiences.
The virus outbreak and the current digital-first mindset have changed events and trade fairs with creative solutions, an agile mindset, and technological know-how on the agenda. Recently HTC changed its annual Vive Ecosystem Conference (VEC) in China to a virtual world built using immersive VR Education called Engage.
Participants could use VR and AR devices and smartphones to be present in the simulation. HTC’s Engage team added multilingual support, spatial conversations for 1:1 chats and upgraded the server capacity to allow up to 5k VR users live, representing a new standard of doing industry events.
7. It lets adoption of customer-specific sales pipelines
A customer-specific sales pipeline must never start or end with the salesperson. With new-age technology, salespeople will track deals according to customer’s actions. As a result, we will see better results when the sales pipeline is inclined towards the customer.
There are many sales tools available today. Unfortunately, companies may fall for the vast possibilities they offer and deviate from the core business needs. Instead, leaders must determine the key areas of focus and what solutions will help them achieve them.
Draup is a sales intelligence platform that automates and augments much of the sales processes. It can help salespeople to boost lead volume, quality, and close rates.
With Draup, your team can map out each stage of the sales process, identify areas with gaps and inefficiencies, recommend and verify which technology works as intended, and assist in regularly evaluating existing processes to look for additional or replacement technology.
It takes a sales-tech pulse to ensure your core operations remain productive and efficient.