Today’s guest blog is written by SpringML. SpringML provides predictive analytics and sales forecasting applications that apply machine learning to today’s most pressing sales problems. Sales leaders get the insights they need to close more deals and drive business growth.
You’re a sales leader who manages a team of busy sales professionals who often do not have time to learn new technology or change up current processes. Being the proactive manager that you are, you put together a presentation that explains how machine learning will help your sales professionals make more money and be much more efficient. If there is one thing that gets busy sales professionals to buy into using new technology, it is the prospect of making more money.
What Is Machine Learning?
Machine learning allows computers to learn without having to be explicitly programmed to do a task. It uses artificial intelligence (AI) to create algorithms that change after being introduced to new data.
Machine learning can be supervised or unsupervised. With supervised learning, a person trains the algorithm to categorize new data based on known categories. In the case of sales, the algorithm may be fed data about leads that have already converted to show the algorithm what a converted lead may look like. Once the algorithm has been trained, it can be used to find leads that will likely convert. If you don’t have categorized data, then unsupervised learning allows the algorithm to try and categorize data on its own.
Machine Learning in Sales
A machine learning sales system can compile all of your company’s data about its customers using both internal systems like CRM, finance, marketing automation, and external data from industry trends, and events. This creates a qualified sales list without wasting time on outbound marketing calls, and it can also predict which types of products your customers would need.
Sales professionals spend 80 percent of their time qualifying leads and making outbound calls. A machine learning sales system not only qualifies the leads, it will also prioritize them and help your sales professionals create a sales funnel that will deliver more revenue. A good machine learning system takes the information from your company’s existing sales management software and turns that information into qualified sales leads.
Machine learning supports sales teams in four areas:
- Improve Sales Forecasting: Supplement judgement with machine learning to get a more efficient, reliable forecast of your organization’s key sales measures.
- Close More Deals: Understand and predict the likelihood of winning opportunities so managers can prioritize deals and proactively coach their teams.
- Optimize Team Performance: Manage how deals are progressing within a specific period. Real-time views enable reps and managers to establish plans to move opportunities along even faster.
- Plan For Growth: Leverage advanced trending capabilities to identify deal patterns, review previous pipelines, drill into sources of closed business, and highlight areas of risk.
The Evolving Sales Department
The new AI-based sales systems will create profitable and qualified customer lists for sales professionals. Your sales professionals will know when to follow up with existing customers, and what kinds of products to pitch. You will be able to successfully maintain that balance between retaining clients and bringing in new clients that helps your business grow.
As a sales manager, your job will change as well. The days of sales professionals making decisions based on intuition and experience are waning due to machine learning data. Your job will be to provide that new data the system needs to adjust itself and help your sales professionals utilize it properly.
Machine learning will never replace a sales team. People will always want to buy from people, and your sales team will always need humans to close sales. But with machine learning on your side, the efficiency and revenue of your sales team will skyrocket.
In the end, success is the ultimate goal of any sales group, and machine learning provides the tools needed to reach that goal.
If you have any questions about gearing your sales team up with machine learning models to improve sales, reach out to SpringML for an assessment of your current predictive and forecasting models.