How Gen AI will change the B2B Sales
The Transition from 2023 to 2024 towards the FUTURE!
In the first half of 2023, terms like “efficiency” and “budget cuts” were frequently mentioned, marking the period as the year of efficiency.” During this time, companies worked hard to reduce costs, boost productivity, and reorganize their operations to stay competitive and afloat.
Now, returning to the basics of growth, companies are emphasizing flexible growth strategies that outlast mere cost-cutting and efficiency efforts. “Innovation” and “expansion” are at the core of this year’s objectives.
In Prophet’s study, the vast majority of companies highlighted GenAI as their main focus for expansion. It’s recognized as a key driver for both efficiency and sustainable long-term growth.
Embracing GenAI as a Strategic Growth
There’s an abundance of examples across different industries where companies have seamlessly integrated GenAI into their sales and customer journey, achieving remarkable success in the process.
CVS Health achieved a notable revenue increase of 11.9% by leveraging advanced analytics, machine learning, and process automation. These technologies helped predict customer needs accurately and offer personalized care services, exemplified by their ExtraCare loyalty experience. This initiative allows customers to access customized health and beauty products while selecting benefits tailored to their individual requirements. Similarly, MetLife employs advanced technologies to develop personalized insurance products, designed to address specific customer needs and risk profiles.
Furthermore, notable instances such as Microsoft’s introduction of Viva Sales underscore the significant strides made in leveraging generative AI technology. This innovative application aims to assist sales professionals and managers in crafting personalized customer emails, gaining insights into customers and prospects, and providing recommendations and reminders. Shortly thereafter, Salesforce also announced the release of Einstein GPT, further highlighting the growing adoption of AI technology in the sales domain.
Amidst today’s swiftly evolving technological landscape, sales stands on the verge of embracing generative AI, the sophisticated form of artificial intelligence pioneered by OpenAI (the company behind ChatGPT) and its competitors. AI-powered systems are poised to evolve into essential digital assistants for every salesperson and manager. However, many companies struggle to integrate GenAI across their entire sales force, often treating it merely as another technology accelerator rather than a genuine technology enabler.
Moreover, numerous companies face challenges in determining where and how to initiate their AI adoption journey.
So how to Programatically Leverage AI to Lead to Sales Growth
We chose to center our article on B2B sales due to the limited discourse surrounding the significant untapped potential of AI and Next Gen Sales within this domain. Throughout the article, we will furnish concrete examples and practical tools tailored to each stage of the B2B sales process.
The true potential unfolds when the entirety of the customer journey is meticulously mapped out and aligned with the appropriate tools for customization and refinement to meet company-specific requirements and contexts. This endeavor often demands specialized expertise that seamlessly bridges individuals, robust sales comprehension, and profound insights into AI capabilities rather than mere features.
- Lead Scoring: Various tools, such as XANT and Salesforce’s Einstein AI-powered CRM tool, facilitate lead scoring, predictive analytics, and personalized recommendations, thereby enhancing lead generation and conversion rates. Integration with platforms like Albacross, which tracks website visitors and offers insights into their behavior, enables businesses to identify more promising leads effectively.
- Lead Capturing: Leadfeeder identifies companies visiting your website and provides detailed company information and visitor behavior insights, empowering you to target potential leads more effectively.
- Reaching out and Nurturing: You can leverage the data captured from the aforementioned interactions, along with information from their LinkedIn profiles, and utilize tools like Copy.ai to personalize your approach, ultimately aiming for higher conversion rates.
- Lead Qualification: You can utilize various AI assistants to participate in meetings, take notes, and analyze the discussions, pinpointing any overlooked opportunities based on their comprehension of your business and its value proposition. Additionally, assistants like Fireflies.ai can assess the tone of the meeting content, indicating levels of positivity, negativity, and neutrality.
- Opportunity Qualification and Action Plan: A straightforward way to begin is by using ChatGPT to provide comprehensive details about your opportunity, including a table listing the individuals involved in the decision-making process, their roles, level of influence, and interest. With this information, ChatGPT can efficiently create a stakeholder heatmap, offering valuable insights into your opportunity. Additionally, it can assist salespeople in devising an action plan tailored to each stakeholder.
How HEED Could Help
With our strong business expertise and progressive approach to technology, including AI and GenAI, we offer integrated and practical end-to-end solutions. These solutions empower clients to revolutionize crucial aspects of their business, such as sales, marketing, and post-sales processes, by leveraging the power of AI, GenAI, and other cutting-edge technologies.
This could go all the way to applying :
- Conducting a maturity assessment
- Setting the Digital Vision
- Solid clear Strategy and Roadmap
- Designing, Developing, and Deploying the Right Tech
- Revamping the organization structure to capture the new capabilities
- Aiding People with New Mindset
- Harnessing the Power of Data
Brief About HEED
Heed is a boutique management consulting firm that has been awarded for the 2nd consecutive year by Consultancy-Me among the Top Consulting Firms when it comes to their niche specialization (Growth and Sales Transformation).
We are known for integrating science, people, and technology into Sales and Selling.
Our discipline of execution has helped our clients increase their revenues by an average of 17% within a 10 months period.
Latest Insights
Ensuring your business’ survival, let alone its development, has been no easy feat. It’s likely that many businesses like yours have had to make some tough decisions to stay afloat. As you look to the future, you’ll have many decisions to make regarding your business development. There’s no doubt that some of the major economic changes we’ve seen are here to stay. But there are changes that you can implement that will improve your bottom line and make the going more worthy.
One of the major strategies that have proven records of success in many industries is the land-and-expand sales model which aims to increase conversion rate and boost sales numbers. Keep reading as we dive into what land-and-expand can do for your business and how to adapt your processes to this model.
Companies are being forced to adjust their business models and adapt to the new market reality as a result of digital transformation. What’s remarkable about this is that the transformation isn’t driven by businesses, but rather it’s directed by the customer.
The internet gave customers access to relevant information at any time, anywhere, and in the format and device of their preference. Thus, the customer journey dictates different strategies for businesses to keep up with this new kind of “always-connected” customer. Businesses must embrace technology in order to provide an exceptional customer experience, that’s one perspective of the story.
Over the past decade, the evolution of customer purchasing behavior has significantly led to a growing preference for online shopping. Yet, most organizations could not complement their offline sales channels with the digital ones up until the pandemic hit in 2020, and organizations were left with no choice.
Account management-based companies have always valued the importance of client categorization and evaluation; however, determining the optimal way to do that remains evasive. Technology is overtaking the account management sales world; thus, more companies are relying on automating business processes. While the use of technology is no longer viewed as an accelerator, rather as a core component of business, it should not outweigh client centricity. Particularly in companies that rely on post-sales account managers to manage and nurture relationships with accounts – to retain and increase revenue from them. The objective then is to place client centricity at the center and create digital initiatives that facilitate this centricity.
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