The term "big data" has become a buzzword for sales teams across nearly every industry over the past few years. Companies have collected vast amounts of data from leads and transactions which no single person would ever be able to process. According to an MIT Sloan Management Review survey of companies earning 500M+ in sales, at least 40% of companies are using machine learning tools to increase performance. From providing insights on leads to recommending current customers new products, machine learning can revolutionize the sales industry in several ways.
According to Salesforce's Adam Lawson, customer experience is the most important variable separating successful and unsuccessful sales teams. ML will allow for significant improvements to customer experience — with the ability to proactively follow up with leads, customize the user’s experience and answer questions via chat (called chatbots), every customer will have an experience tailored to their preferences and needs.
Within the last few year, advanced lead scoring has become an extremely popular tool for sales teams. Lead scoring, which uses ML, looks at collected data on prospects, such as their budget, size, past sales, and interaction with marketing emails then formulates a score which will project interest and the likelihood of a sale. This process reduces the number of dead leads and focuses a sales team on converting strong leads to clients.
In the retail industry, you may have noticed the text “other customers purchased” or “you may also be interested in,” followed by a list of similar or complementary products. These suggestions are thanks to ML, which allows supporting a consumer-centric approach, through the analysis of sales patterns, purchase histories, and data consumption. Companies like Amazon, Spotify, and Netflix are already employing this solution to suggest additional content for customers. As this technology becomes more readily available, smaller retailers and SaaS companies will begin to follow suit.
In the sales industry, ML can streamline the entire consumer relationship from the first point of contact to customer support. As machine learning continues to improve both sales teams' and customers' experiences, its influence over the sales industry will only increase over the next few years.
Want to keep your sales high even after the holiday buying boom is over? Contact us at ELEKS. We’ll make sure your team is equipped with the machine learning tools your company needs to get ahead.
The breadth of knowledge and understanding that ELEKS has within its walls allows us to leverage that expertise to make superior deliverables for our customers. When you work with ELEKS, you are working with the top 1% of the aptitude and engineering excellence of the whole country.
Right from the start, we really liked ELEKS’ commitment and engagement. They came to us with their best people to try to understand our context, our business idea, and developed the first prototype with us. They were very professional and very customer oriented. I think, without ELEKS it probably would not have been possible to have such a successful product in such a short period of time.
ELEKS has been involved in the development of a number of our consumer-facing websites and mobile applications that allow our customers to easily track their shipments, get the information they need as well as stay in touch with us. We’ve appreciated the level of ELEKS’ expertise, responsiveness and attention to details.