Increase Revenue By Leveraging AI Technologies: Part 1
You are a small brick and motor business. You are good at what you do. You know how to build things but trying to figure out ways to increase revenue on a shoe-string budget. Have you considered using AI tools to address your challenges? For many, it might seem that a company needed to a behemoth like Amazon or Google to leverage and harness the power of AI. In the past, that might have been true as deployment of such tools were costly to implement. However, with the advancements of technology today, AI can be used by all types of businesses no matter their size, solve specific industry and functional discipline problems and what’s important, it is affordable. In this article, we will help you understand how using AI technologies can impact your sales numbers yielding higher revenue and profit margins.
Before diving into addressing how AI technologies can increase revenue, it’s important to define first what Revenue and AI is and how it applies to the health of a business. This will bring clarity within the context of this article.
In simple terms, revenue optimization is not only about improving earnings from your sales but the sum of your income. It’s taking actionable steps to increase your profits margins and the Return Of Investments (ROI). Artificial intelligence (AI) also called Machine Intelligence (MI) leverages computers and machines that aims to emulate the modality, problem-solving and decisions making capabilities like that of a human.
Now that we defined the two, we like to set the preface and breakdown how a business can deploy AI technologies to increase their revenue. This can we done through the use of AI in;
- Sales
- Marketing
- Digital Marketing
This article explains harnessing AI within the functional discipline of Sales.
AI Sales
Find Customers
By using AI sales tools or agents, a business can find customers who are seeking to buy their products and services specific to their industry. In addition, it enables a business to gain in depth knowledge about each customer, their background, personas, and characteristics.
We are not talking about leads or Marketing Qualified Leads (MQL) though this inherently are one of attributes of what AI can also do as well.
360 Degree Customer View
A business may have information about their customers in their CRM or ERP systems. However, this information is static and can be myopic. Customers are not static but dynamic and a business needs to have real-time up to date information of their customers and user journey to make insightful data-driven decisions. Having a 360 view of your customers is imperative and a AI system can make this possible.
Predictive Customer Profitability
Based on a business transaction records, an AI system using RFM (Recency, Frequency and Monetary Value) score-based times series and other neural network based models can measure and predict a customer profitability. By doing so a business can segment and create target cohort email marketing campaigns with each customer based on the models inferences.
Predicting Customer Propensity
Customer propensity is understanding the behavior of a customer. It’s a model approach to predict the likelihood of explorers, visitors, leads, and customers are going to purchase a product or service. By doing so a business can only get customer acuity can but increase their Conversion Rate Optimization (CRO).
Prospecting Intelligence
Buy harnessing the power of AI, a B2B and B2C entity can find customers anywhere on the www with a high degree of efficacy. Imagine a system running 24/7 prospecting the web finding customers. That’s the power of AI which aids in maximizing sales and acquire your Total Addressable Market (TAM).
Recommendation Engine
After all the customer data is collected processed and analyzed, it can be arduous to then make the right decision that will yield an optimal result. An AI- powered self -learning engine does not only predicts but prescribes what you must do and focus on. It’s constantly learning and computing millions of data points in order to provide the best recommendation. This decision support system takes the guess out of the equation. It helps a business make smart sales driven decisions.
Increase sales productivity and efficiency
With the above features, attributes and capabilities of a AI sales system, a business will see their an increase in efficiency and productivity while lowering SG&A costs. This accounts for more savings amounting to higher profit margins.
In summary an AI sales system or Customer Growth System can;
- Significantly increase sales
- Prioritize customer focus
- Understand and Influence customer behavior
- Gain 360-degree Customer intelligence
- Increase sales productivity and reduce Costs
- Increase ROI
Our goal help you understand how AI can help a business in many business facets. We encourage you to explore our site to learn more.
