The world is becoming a smaller place as you are reading this blog.
By smaller, I mean everything you can see and use is getting increasingly interconnected – with every passing hour, and the realm of sales has also been influenced by it.
What used to be a mundane sales process, has now turn out to be an interactive, engaging and stimulating one, with the implementation of machine learning and data science in sales.
With the onset of machine learning, getting a good grasp on client behavior has become a simple and a far less cumbersome job. Thereby, this has led to drive desired sales results and bring in more business more efficiently and effectively.
However, just incorporating machine learning and data science in the sales process will not do wonders, especially in a highly competitive world, where salespeople and managers have to deal with impending deadlines, time crunch, and a continuous strive to rake in more sales deals.
As a result, there is a burning need to discover the best ways to use machine learning and big data and make the sales process highly successful.
- Better Understand Changing Customer Dynamics
With machine learning, what you get almost instantaneously is access to better understanding of clients, based on their interests, area and scope of work, and business ambitions. Thereby, you can help your clients develop accurate campaigns that will resonate with targeted customers, and also allow for proper distribution. An MIT Sloan Management Review divulged in 2016 states that 76% of enterprises with $500 million in sales are targeting sales growth with the help of machine learning. This paves way to up-sell and cross-sell by making use of Omnichannel selling strategies.
- Enhancing Performance Management
The same MIT study has also revealed that 38% of the enterprise has credited machine learning for improvements in sales performance metrics. No sales manager wants his team to lag behind in their endeavour to convert more leads from prospects, or bringing in more deals. To aid in their effort to measure and analyze sales reps’ performance along with results, data science has the potential to play a huge part. Once a sales or business manager can identify reps’ shortcomings, machine learning can reduce the problems and help them to achieve their targets. Also, it opens the door to real insights on the performance of each rep, based on which managers can tailor their coaching strategy, and remove all the roadblocks to convert an increasing number of leads.
- Greatly Boosting Forecasting and Lead Scoring
With the initiation of big data and analytics, measuring returns from individual leads can be order of the day. This will come handy to save big bucks for your brand by concentrating on those leads which are seemingly more promising. Automatically, your chances of closing a deal will also receive a huge boost, as you will be able to designate sales reps whose skill sets matches the requirements of particular sales leads and in a way, help them build greater rapport for your company. Data science can also be able to figure out the exact day and time on which you converted more leads. This information is almost priceless for you to increase your sales conversion rates.
- Amplify New Product Sales
If you are worried as a brand manager on how your new product/service will fare, you can be rest assured that they will do great if you implement machine learning and data science in your business model. After employing big data, several European banks are increasing new product sales by 10% while reducing churn 20%, states a McKinsey research. A handsome number of banks are replacing traditional statistical modelling techniques with machine learning. This reflects on the true might of machine learning, and how it can take businesses to an all time high.
What are your thoughts on machine learning and data science in the world of sales? Do they open up new opportunities and horizons? Let us know in the comments below.