AI use cases in sales optimization

The authors of this article, Filip Tichý (Partner at Grant Thornton Slovakia) and Jakub Chudík (Co-Founder at Assetario), take you through the world of artificial intelligence in the AI Breakfast series. This article was written without the use of AI.

In the fast-paced world of sales, Artificial Intelligence (AI) is turbocharging the way businesses optimize their sales processes. From lead generation to closing deals, AI provides innovative solutions that enhance efficiency, accuracy, and customer satisfaction. Also - with endless possibility to scale. Thousands or millions of sales leads? Almost the same for our AI salesman! Here's an introduction to some of the most impactful AI use cases in the area of sales optimization. AI in sales (especially situations with high volumes of customers or prospects) are just huge:

Lead Generation: AI can generate and test numerous text and image variants to determine which resonate best with specific audiences, leading to more effective and targeted marketing efforts.

For example - A real estate company used AI to create and test various ad campaigns on social media platforms. By analyzing the performance data, the AI identified the most effective ad variants.

Sales Pitch Refinement: Sales professionals can use AI to refine their pitches, role-playing as customers based on collected feedback to prepare for real-world scenarios.

For example - A pharmaceutical sales representative practiced their pitch with an AI that simulated different types of doctors. This practice led to a more tailored approach and an increase in successful sales presentations.

These use cases demonstrate the transformative potential of AI in sales optimization, enabling businesses to stay ahead in a competitive market.

Process Improvements: Sales teams can use AI to transcribe and understand all conversations (online, via phone, in person, or via texts/emails) to inform their decision-making and improve efficiency.

For example, a SaaS business monitored and analyzed all their customer conversations to clearly understand which prospects are likely to convert, which need more follow-up (and what kind of information to share), and which should not be focused on anymore. This leads to a more effective and motivated sales team. Moreover, qualitative and quantitative insights can be used for coaching the sales team or brought back to the product team as product feedback or feature suggestions.

Pricing Strategy: By defining various pricing options and grouping users based on their characteristics, AI can determine the optimal price for each group, maximizing revenue and customer acquisition.

For example, an online retailer implemented AI to adjust prices dynamically based on user cookies, past behavior, and market trends.

Negotiation & Closing: AI can handle multiple rounds of negotiation with clients, gathering essential information about their goals and deal-breakers, thereby streamlining the sales cycle.

For example -  A software company deployed an AI assistant to conduct preliminary negotiations with clients. The AI gathered key information and preferences, which helped the sales team close deals

Legal Review: AI accelerates the contract negotiation process by quickly identifying red-line issues and alerting users to any critical clauses, reducing the need for extensive legal consultations.

For example - A multinational corporation utilized AI to streamline its contract review process. The AI system flagged potential issues and suggested alternative clauses, cutting down the contract negotiation time.

Customer Success Management: AI continuously monitors customer satisfaction, identifying risks and opportunities, and allowing human agents to focus on high-priority clients.

For example - A SaaS provider used AI to monitor customer engagement and satisfaction. The AI identified at-risk accounts, enabling the customer success team to proactively address concerns and reduce churn.

Various AI use cases will in the near future revolutionize the way how companies do sales. In the sales situations with a lot of data, large scales and online environment, AI salesman will be the best hire a company can dream of.