Personal Selling Presentation
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Nov 24, 2024
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Personal Selling Presentation
In recent years, AI (Artificial intelligence) has been advancing rapidly thanks to the availability of large amounts of data, powerful computing resources, and innovative algorithms. Enabling it to transform the way salespeople sell and the way customers buy. AI can enhance salespeople's productivity, efficiency, and customer relationships by automating repetitive tasks, improving sales effectiveness, and providing faster, personalized service, thus acting as a powerful ally despite sales being a complex and dynamic process that involves identifying, engaging, and converting prospects into customers. Companies must possess a comprehensive understanding of their products, markets, customers, and competitors, as well as effective communication, trust building, and value delivery, making AI more suitable for the task. How can AI help salespeople overcome these challenges and sell more effectively?
Ways in which AI is already used to facilitate the selling of products and services
AI can help salespeople with tasks such as lead generation, qualification, prioritization, engagement, forecasting, and closing.
AI can also use machine learning and data mining to analyze customer behavior and feedback and optimize sales strategies and tactics.
Comment: AI can use natural language processing and sentiment analysis to understand customer needs and preferences and provide relevant and personalized recommendations. How AI can be used to do more
AI can enable salespeople to deliver more value and satisfaction to customers and achieve higher sales performance and growth.
Comment: AI can use conversational AI and chatbots to interact with customers in real-
time and provide them with timely and accurate information and assistance.
AI can use predictive analytics and prescriptive analytics to anticipate customer demand and churn and offer optimal pricing and discounts.
AI can use social selling and influencer marketing to leverage social media and online platforms to reach and influence more potential customers.
AI performance optimization
Some best practices and tips for AI performance optimization upon a successful adoption:
Aligning AI initiatives with business goals and metrics and measuring the impact and return on investment of AI solutions.
Ensuring data quality and security and complying with ethical and legal standards and regulations.
Investing in technology readiness and infrastructure and choosing the right AI tools and vendors for their specific needs and challenges.
Developing skills and capabilities and providing training and support for salespeople and other stakeholders to use AI effectively and efficiently.
Self-assessment tool to help salesperson start or improve their AI-for-sales journeys
AI Maturity Model for Sales is one of the self-assessment tools that can help sales leaders
evaluate their current state of AI adoption and identify areas for improvement. Its various stages include:
Stage 1: Ad hoc.
Stage 2: Opportunistic.
Stage 3: Systematic.
Stage 4: Optimized.
The self-assessment tool is a questionnaire that assesses sales leaders' AI adoption and performance in areas like data, technology, skills, culture, and business. It provides a score, feedback report, and recommendations for improvement, along with resources and references to help leaders learn and take action.
Comment Sales leaders in Stage 1 lack awareness of AI's benefits, rely on manual methods, have low data quality, and lack a clear strategy for AI implementation. Sales leaders in Stage 2 are aware of AI's benefits, use essential tools, have moderate data quality, and have a vision and strategy for AI. Sales leaders in Stage 3 are adept at utilizing AI for various tasks, utilizing advanced tools, maintaining high data quality, and implementing a clear strategy. Sales leaders in
Stage 4 are fully aware of AI's benefits, using innovative tools, excellent data quality, and a dynamic AI strategy for efficient tasks.
Ways companies should use AI for sales
Companies should use AI for sales because it can help them improve their sales performance, efficiency, and customer satisfaction.
AI can help companies adapt to the changing buying processes of customers, who are more informed, empowered, and demanding than ever before
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AI can help sales representatives save time and focus on selling by automating repetitive and tedious tasks, such as data entry, lead generation, email outreach, follow-up, scheduling, and reporting.
AI can help companies increase their sales revenue and profitability by providing insights
and predictions based on data analysis.
Has AI been proven to increase productivity? There are growing competitive risks of not adopting AI tools.
Enhancing human capabilities and augmenting human intelligence. AI can help humans perform tasks faster, more accurately, and more creatively.
Automating repetitive and routine tasks. AI can free up human time and resources
by taking over mundane and low-value activities.
Driving innovation and growth. AI can enable new products, services, and business models that create value and generate revenue.
How Ai is heightening customer engagement
AI is used to understand potential risks for non-customers and for current customers who are not yet using the platform. This helps to identify the best prospects and tailor the marketing messages accordingly.
AI gives salespeople targeted recommendations about which firms in their territories they should proactively contact and why. This helps to increase the conversion rate and reduce the sales cycle.
AI is also used to enhance the customer experience by providing personalized and
relevant content, offers, and support. AI can also predict customer behavior and preferences and anticipate their needs and expectations.
AI can also improve customer retention and loyalty by creating a feedback loop that collects and analyzes customer data and uses it to improve products and services. AI can also help to resolve customer issues and complaints faster and more effectively.
The Sales Success Matrix
A sales matrix is
a tool that salespeople use to organize and track their sales activities. It helps them keep track of their prospects, leads, clients, and deals. It allows them to monitor their success over time and identify any patterns or trends in their sales process. The tool is based on two factors:
Fit focuses on how well your AI solution matches the needs and goals of your prospect.
Interest focuses on how engaged and motivated your prospect is to adopt your AI solution. The Sales Success Matrix-A consists of two parts:
1.
Relationship level
The matrix maps out five types of relationships that selling organizations can have with customers, ranging from transactional to strategic. The five relationships are:
Transactional vendor: The selling organization provides a standard product or service at a competitive price, with little or no differentiation or customization. The customer views the seller as one of many interchangeable options, and the relationship is based on convenience and availability.
Preferred supplier: The selling organization offers a reliable product or service with some added value, such as quality, delivery, or warranty. The customer recognizes the seller as a preferred option, and the relationship is based on satisfaction and loyalty.
Solution consultant: The selling organization provides a customized solution that addresses a specific customer problem or needs. The customer sees the seller as a problem-solver and a source of expertise, and the relationship is based on trust and collaboration.
Strategic collaborator: The selling organization partners with the customer to co-
create value and achieve mutual goals. The customer views the seller as a strategic ally and a long-term partner, and the relationship is based on commitment and interdependence.
Trusted co-creator: The selling organization and the customer jointly innovate and
develop new products, services, or markets. The customer considers the seller to be an integral part of their business and a co-owner of their success, and the relationship is based on shared vision and co-creation.
AI can be useful with all five types of relationships but in different ways.
i.
AI can help transactional vendors automate and optimize their sales processes, reduce costs, and increase efficiency.
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ii.
AI can help preferred suppliers enhance their customer service, personalize their offerings, and increase retention. iii.
AI can help solution consultants analyze customer data, identify customer needs, and generate tailored solutions. iv.
AI can help strategic collaborators communicate and coordinate with customers, share insights and feedback, and align their objectives and actions. v.
AI can help trusted co-creators generate and test new ideas, prototype and launch new products and explore and enter new markets.
2.
Process level
The matrix also depicts five levels of process maturity that selling organizations can have, ranging from ad hoc to customized. The five levels are:
Ad hoc process: The selling organization has no formal or consistent sales process
and relies on individual salespeople's skills and intuition. The customer experience is unpredictable and inconsistent, and the sales performance is variable
and unmeasurable.
Informal process: The selling organization has some basic guidelines and best practices for sales, but they are not enforced or standardized. The customer experience is somewhat reliable and satisfactory, and the sales performance is somewhat stable and trackable.
Formal process: The selling organization has a defined and documented sales process and follows it rigorously and uniformly. The customer experience is consistent and professional, and the sales performance is predictable and manageable.
Agile process: The selling organization has a flexible and adaptive sales process and adjusts it according to changing customer needs and market conditions. The customer experience is responsive and dynamic, and the sales performance is resilient and scalable.
Customized process: The selling organization has a tailored and personalized sales process and customizes it for each customer segment or account. The customer experience is unique, and the sales performance is optimal and differentiated.
AI tools can improve performance across the spectrum of process maturity but in different ways. i.
AI tools can help ad hoc processes become more structured and organized by providing sales automation, guidance, and analytics.
ii.
AI tools can help informal processes become more formal and standardized by providing sales training, coaching, and certification. iii.
AI tools can help formal processes become more agile and adaptive by providing sales intelligence, forecasting, and optimization. iv.
AI tools can help agile processes become more customized and personalized by providing sales segmentation, targeting, and recommendation. v.
AI tools can help customized processes become more innovative and creative by providing sales ideation, experimentation, and innovation.
Three questions:
1.
Have you ever tried to use AI to increase productivity? Was it effective or not?
2.
How do you incorporate AI into your sales follow-up and feedback process? How does AI help you to improve your customer relationships and retention?
3.
What are some of the AI tools or platforms that you use to enhance your sales skills and performance? How do they help you to communicate effectively with your prospects and customers?
References Bennett, M. (2023, May 25). The future of AI: What to expect in the next 5 Years
. Enterprise AI. https://www.techtarget.com/searchEnterpriseAI/tip/The-future-of-AI-What-to-expect-in-
the-next-5-years Dickie, J., Groysberg, B., Shapiro, B. P., & Trailer, B. (2022, October 17). Can ai really help you sell?
. Harvard Business Review. https://hbr.org/2022/11/can-ai-really-help-you-sell Solaro, A. (2022, December 1). The Pros and cons of Artificial Intelligence
. Forbes. https://www.forbes.com/sites/qai/2022/12/01/the-pros-and-cons-of-artificial-intelligence/?
sh=5dd52be44703
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