The Artificial Intelligence (AI) industry is growing at a very quick pace, with an expected value reaching $ 60 billion by 2025. In fact, predictions say that AI will be in every software product by 2020 only. Today’s general crowd is almost familiar with AI in the guise of personal assistants like Alexa and Siri. When you are reading this article you must be aware that online customer service basically starts with chatbots. Most of them will have used these navigation apps and must be aware of how the future may include self-driving cars.
What does AI in the B2B Industry Mean?
AI is apparently on the rise now. And like most of the industries, B2B will be influenced by its emergence. Eventually, AI seems to be personalizing the customer experience and perk up all sales channels. This helps in maximizing customer potential when aiding salespeople in their efforts to achieve leads.
Here are some of the best ways businesses in B2B can bring AI in use
Better Customer Interaction
When you understand your client’s desires and preferences you are able to satisfy them in a more efficient way. This also helps you in enticing them to return for additional purchases. Basically, the customer connection is nurtured by some professional salespeople who have got the talent to connect. Nevertheless, even a large quantity of salespeople may present a challenge for large businesses with diverse and extensive customer bases. In fact, a very experienced salesperson is not likely to cope equally well with all the demographics.
AI makes it easier for the customer relations while making use of data relevant to the past browsing history and purchasing habits within the B2B business website. This essentially offers a next-generation form of the customer engagement. And this also opens up a diverse range of expansion and cross-selling opportunities. This is mainly through chatbots. Potential consumers also interact directly with AI throughout in order to answer any question they may have got.
Although AI will play a very key role in customer interaction of the business future, salespeople will simply remain integral. They will work with AI, ultimately helping them in delivering the most realistic and timely information related to a customer lead. This will also provide market-aligned contextual analytics as well as price guidance. In general, AI will play a vital role in the future consumer interactions with the B2B industry, both as an aid to salespeople and solo communicator.
Better Data Handling
There are a lot of businesses in the B2B industry that might have grown extremely over these decades. Their scale has become complex and massive. But they still make use of traditional methods and are not rapid in upgrading the technology. One of the key reasons for the unwillingness to upgrade is the transfer of data from earlier generations to the current one. The data can be exclusively important and may have the compatibility issues with the current technology.
Traditionally, a chief data scientist can put in efforts to transfer data from the various generation of technology. However, AI is expected to come up as a more practical driver of such a change. This is mainly true as data scientists may be deficient in the business context rather than their data-driven expertise. Though current AI is not too much developed to aid with data transference on its very own, future AI will probably integrate the process integration, data assets, executive support, change management, incentive accountability, and alignment. These are such elements that will help in using and transferring data existing both in store from earlier generations and the current one.
Tracking and Search Versatility
There are a lot of consumers who are familiar with a simple search function that may be completely textual. Developments in text-to-speech and multimedia searches can actually help customers in finding what they are seeking for more instantly. Together with AI support, customers will never feel the requirement to leave a site that does not offer what they need.
Text-to-speech search is already one of the biggest norms on personal assistant AI functionality like Alexa and Siri. These voice assistants can actually help in enhancing the perceived human likeness of nudge public formality and AI towards embracing it.
The voice-driven AI technology will increase in sophistication only in the upcoming years – something that B2B industry is likely to embrace. The AI applications can be implemented by the Business to Business companies for more accuracy in the search methods. They may combine together the traditional text-driven methods with even advanced options like an image and text-to-speech recognition. This will be pushed by AI that keeps in mind every user’s search preferences upon every visit.
Adding on to these beneficial uses of AI in the Business to Business industry, B2B companies may use it to help with a lot of complex functions. B2B companies may use AI in order to track physical inventory with the automated stock marketing assisting well to save a good amount of time. It may inform you automatically when inventory is quite low or the product is not moving in any sense, which may leave an impact on the decision to hold the sale or cut the price.
Improved Personalization and Channel Growth
AI can actually help in transferring, handling and analyzing the data. Thus it makes sense that AI-driven intelligence will interact with e-commerce platforms to deliver even more personalized experiences than ever, tailored to each consumer.
With AI, both sales representative and customer will get an intelligent guidance when they navigate their functions- be it making some purchase or helping a consumer fulfill their needs.
The AI developments are making customer-specific personalization more pragmatic than ever. This helps in improving the sale channel effectiveness. It is actually making strides in implementation across every type of sales channels. It is making use of related data to polish efficient direct marketing strategies and sales outsourcing. And chatbots are contributing a great deal in guiding consumers through B2B services and products.
AI accompanies both customer preferences: the wish for self-service and the requirement to be guided by some expert at times. For the first one, AI will help in delivering a personalized experience while prioritizing the items that align well with the buying history. The very obvious use of this is in making this reordering thing even more seamless. Taking into consideration that reordering is more pivotal in the B2B industry and this can also improve the brand loyalty, AI can actually help sales growth in making big strides. An AI-guided chatbot will be there on the call throughout to answer any particular inquiries or questions.
How is AI influencing B2B sales?
Since AI is doing such a great job in B2B sales and marketing, it has influenced this marketing strategy to a great extent. So here are five key areas where B2B sale is highly influenced by AI.
Quantity and Quality Leads
According to some recent studies, the company’s use that use AI for sales were once able to perk up their leads by 50%. It helps the sales teams in increasing the lead quality together with lead quantity. There is a possibility as AI has the keen potential of identifying the best targets for inbound as well as outbound marketing initiatives. The friction between sales and marketing teams has been longstanding, but with the assistance of AI- a very large chunk of it can be eradicated.
Most of the time, a salesperson go through repetitive and boring tasks like responding to emails, cold calling and so. However, when you enter AI the tasks it comes to a reduction point automatically. According to a research performed on this, 40% of time spent on menial tasks can be literally automated while adopting the current technologies that AI has got to offer. A business can simply bring in AI into CRM databases, sales force automation software, other B2B applications and many other crippling tasks which may be eliminated for good. AI can simply free sales professionals from such monotonous tasks and the positive outcomes of this method are really influential.
Strong Analytical Skills
Now that it has occupied such a major space in the industry and will be the key player in near future, its replacement cannot be thought of. The AI is in fact technology of the present and future which will propel sales professionals in order to level up their game. It is simply going to be an augmentation for sales teams as it is aiding the professionals to commit to their jobs better mainly with the use of data science and analytics.
Improving lead generation has been the main focus of AI, but this marks just a scratch on the surface for business to business organizations. The AI-driven solutions can be a real blessing throughout this marketing sales lifestyle, bringing on plenty of data into actionable insights. The caliber of artificial intelligence to examine the aspects automatically may help B2B marketers in making informed decisions while improving efficiencies like never before. Sales software simply do everything right from scheduling meetings to writing emails in order to recognize the sales behavior which closes more leads ultimately.
Providing Relevant Insights to the Sales Team
Marketing automation has got some limits. For instance: only a particular sales representative can close the deal. AI helps the marketing teams by permitting them to offer their colleagues with precious insights about prospects which happen throughout the sales cycle. The sales colleagues can actually be offered all the information about organizational and industry dynamics, recognition of key prospects and key decision makers. Such a valuable communication between sales reps and marketing teams is a positive outlook as sales reps may tackle such information and may come up with the actionable insights.
With this, it becomes important to know how Artificial Intelligence can be applied in B2B marketing
With the onset of the fourth industrial revolution, with the technological advancements and innovations, it has forced the industries and the businesses to reinvent and review their processes in order to avoid being obsolete. Though this has caused a very massive disruption, the concluding opportunities are worth it.
One of the latest developments is the increased use of AI in B2B marketing applications. Although digital marketing professionals have already started exploring the advantages of machine-learning algorithms, the chances for implementing AI in B2B marketing still need to be exhausted. Some key areas that still need to be discovered are predictive analysis, the blockchain, lead scoring and propensity modeling.
Here’s a glance how artificial intelligence can be applied to all these specific areas.
Big data is of course not about fetching insight into the behavioral patterns of already existing or potential consumers; rather it involves the use of these insights so as to personalize the marketing strategies. Earlier marketers had to cut short their marketing efforts in order to appeal to a particular demographic or sector, but with the arrival of technology, they can simply target business entities on a case-by-case basis. This allows increased personalization of the services and products taking part in the conversion rates. This also helps in improving customer experience as prospective clients are displayed marketing messages that have been designed in a way that it offers viable solutions to their particular needs.
One of the latest standards developed for use in the B2B industry is blockchain. Most of the supply chains include the buyer, the logistics provider, and seller. The entire information flow between these entities is basically one way through XML-based or EDI messages. Every party maintains its very own perspective of the information flow, and through this use of mechanisms like acknowledgment documents, they try to synchronize information flow among the supply chain. However real synchronization hardly exists as there is some complex riles for every type of reconciliation and exception taking care information being one way or to the point.
Blockchain for B2B marketers can also be seen as a type of distributed ledger which delivers an auditable and safe record of events. This works well for better visibility of the information flow in supply chain networks. These offer different parties to view different information, which may be stored in an immutable data store. Ever since individual parties are unable to doctor the entire data, there are a lot of parties that coordinate on the digital marketing campaign and may reconcile third party data which may be obtained from the blockchain with first-party data being tracked.
Blockchain at the same time address data privacy compliance, data security, data ownership, and attribution. Even though the marketing industry is in its attribution and security, it is balanced to disturb the status quo. When completely integrated and developed within already existing systems, blockchain may enable marketers to reach out to the clients within the requirement for agencies and go-betweens.
Away from the cultivation of businesses and existing clients who may want to improve and retain their position in the marketplace should constantly generate and score new leads. If incorporated properly, machine-learning algorithms allow marketers to recognize leads with the greatest probability of conversion. In such an area, AI can be simply linked to exact search tool which goes through the raw information in order to find respective leads that convert well. This is specifically beneficial for the teams which are primarily concerned with account-based marketing as it helps them to recognize the hot prospects while prioritizing the promising results.
The application of propensity modeling in the fields related to the forecasting of behavioral patterns of potential and existing customers is referred to as predictive analysis. This gives actual estimates on the probability of achieving a specific outcome. This gives an accurate prediction of the price range where consumers are most likely to convert; the customers who will make repeat purchases and even more.
Regardless of how you choose or not to control visual AI tools, your prime focus as a brand needs to be on specializing and improving the customer experience while helping you to make internal teams even agiler in the way they align communication and collaborate. The capabilities with visual AI are starting to emerge, which makes it important to understand how this can be used as a proper tool and improve the internal processes. And if it comes to a customer – facing tool permit you more power over exclusive shopping experience.