March 18, 2020
Artificial intelligence (AI) is powerful technology that looks to revolutionize a range of industries in the years to come. Coupled with machine learning, AI isn’t just about predicting stocks or facilitating client chats but can create better lead generation and sales as well.
The scope of AI is almost limitless. Companies around the world are using AI to look at food supply problems and beat humans at games. The application of this technology also hits closer to home with the use of Apple’s Siri. Apart from these, the financial sector is looking to AI to not only create better portfolios for clients, but to better adapt to market trends as well.
As a company that sells products or solutions, there is always a need to bring in more sales. You may want to hire more staff, or simply shift additional stock. Either way, that process comes from better lead generation and conversion rates. And, AI is just the technology to help you out.
Here are a few ways in which AI is being used for lead generation.
Previously, businesses would be required to create customer profiles from past purchasing data and customer relationship software (CRM). These profiles would then be used as a template when targeting new customers in order to obtain better leads. Unfortunately, the method is archaic and doesn’t account for shifts in current trends. It also holds the problem of not accurately portraying the current consumer or business purchasing mindset.
The motorcycle company, Harley-Davidson, implemented AI in a New York branch as a test. Over the first weekend, the branch sold 15 motorbikes, which was more than twice the best sales weekend the store ever had.
The system was able to generate relevant customer information in real-time. This revealed that the store’s potential customer base was much larger than originally thought. It was also able to isolate customers who were more likely to purchase a product than those just enquiring about them.
An overlooked use for AI is across social media campaigns. While Facebook, Instagram, and Twitter are able to give valuable analytical data on adverts, they aren’t always as useful as they could be. With AI, the technology is able to assess which specific parts of an advert are more effective, and not just an advert as a whole.
In the case of the previous example, Harley-Davidson could use AI to figure out that adverts with the call to action “call” did significantly better than those with “buy”. It’s a less intimidating word, which leaves open an action that doesn’t force the potential client to act on impulse.
Whether you’re a fully-fledged online store, or just have a website for informational purposes, AI is a must for you. Not only can the system field easy questions that will otherwise take up valuable time, such as a stock query, but can assess the customer as well. When speaking to an AI chat bot, clients will be asked a series of questions, which will help generate a client profile. If the person matches the right criteria, they will be passed onto an agent.
These are just a few of the ways in which AI can have a positive impact on lead generation. For a more in-depth look at how it can assist with B2B sales, have a look at our article on B2B marketing and lead generation. It talks about marketing, sales, and predictive data.