Emerging Trends in Sales Technology and Tools
Emerging sales technology and tools are designed to create efficient processes behind-the-scenes that do not turn away potential business clients. While they provide many possibilities, leaders should establish priorities instead of adopting them unthinkingly.
CRM analytics and reporting tools help facilitate communication, facilitate team management, and ensure data-backed decision-making. AI tools use customer data to drive conversations and enable cross-selling and upselling.
1. Big Data
Companies have increasingly turned to Big Data in their marketing and sales efforts, using customer relationship management (CRM) software, enhancements, predictive analytics, or sales automation tools, among others, in order to create more tailored marketing and sales efforts for customers. Omnichannel sales approaches combined with AI adoption has lead to data-driven selling that has revolutionized customer interactions and expectations alike.
Sales analytics systems utilize algorithms to provide insight into sales performance. They can either supplement existing CRMs or act as the system of record. An essential sales tool, these analytics systems can offer information about customer preferences, buying history and current activity – an AI chatbot can even support customers 24/7 by answering their inquiries and resolving issues, freeing up time for human reps to focus on higher value tasks.
Mobile sales apps allow salespeople to easily prospect, connect with leads and communicate with prospects while on the go. Video conferencing and virtual meeting technologies have become more widely used to meet customers’ and clients’ remote working requirements.
Augmented and Virtual Reality (AR/VR) technologies are also revolutionizing the landscape by providing immersive product demonstrations to help customers understand their needs better. Real estate agents may use AR to guide prospective homebuyers through virtual models of homes while manufacturers use VR so consumers can experience products as though they were there themselves.
2. Artificial Intelligence
Though it’s wise not to adopt all new technologies just because they look “cool”, sales leaders must be intentional about choosing AI tools with clear business value for sales growth activities. Doing this will allow them to spend less time on low-level tasks and put their energies towards revenue boosting activities.
AI can assist sales teams in better understanding customer needs, which helps them tailor messaging and outreach approaches accordingly. AI also can improve forecasting and analytics capabilities with more sophisticated insights and predictions.
AI can also assist sales reps by automating lower-level tasks, freeing them up for more strategic conversations with prospects. Chatbots are one such technology which enable prospects to ask questions and receive instant responses, improving response times while enriching the customer experience.
Augmented reality (AR) and virtual reality (VR) technologies are revolutionizing product demonstrations and increasing customer engagement. For instance, AR can enable customers to experience your products in their own environments for faster purchasing decisions and increased conversion rates.
Other uses for AI include automating sales quoting to reduce data entry and follow up requirements, and improving sales forecast accuracy. Machine learning algorithms have the ability to continuously learn and adapt over time, offering more advanced next steps recommendations than could ever be made by humans alone.
3. Machine Learning
Artificial Intelligence (AI) has quickly become the cornerstone of sales technology, offering many applications across various software. Examples include chatbots that can handle frequently asked questions and initial lead engagement; and automated lead scoring tools which identify and prioritize leads based on customer behavior and profile data.
Machine learning takes these tools a step further by analyzing user inputs and making improvements without human intervention. JPMorgan’s AI marketing tool was able to automatically optimize email campaigns by assessing previous efforts’ results and determining which types of content and language were most successful – for instance.
Sales teams use AI-powered chatbots such as Chorus to communicate with prospects and customers, offering insights, predictions, and recommendations regarding next steps. It recognizes context within conversations as well as natural language interpretation making it an invaluable asset when selling complex products or services.
AI’s applications in sales range from RFP response tools, which streamline and automate proposal creation using past performance data; to sales commission & compensation software providing real-time forecasting, optimizations, and recommendations. CRM systems equipped with AI are another popular application used to automate and streamline data collection and management processes.
4. Robotic Process Automation
Robotic Process Automation (RPA) is a software solution that automates repetitive, rule-based tasks to allow human workers to focus on more complex work. RPA uses pre-programmed algorithms known as bots to replicate manual processes within existing systems for significant cost savings and improved business results.
RPA bots operate within existing user interfaces by mimicking mouse clicks and copy-paste actions, similar to how mouse cursors behave. They can be programmed to perform any task requiring repetition or data entry – from filling out forms and creating reports, all the way up to connecting legacy systems.
Sales process automation frees up your team to focus on turning prospects into customers and closing deals, eliminating human errors caused by manual processes. RPA also enables you to easily create template-based reports and forecasts with regular delivery schedules for regular reports or forecasts.
RPA excels at working within workflows that experience fluctuations in volume, such as orders or returns. Attended bots can help streamline order fulfillment by validating information, importing and updating data and managing pick lists while unattended RPA with AI capabilities can handle more complex tasks, like rerouting purchase orders. RPA is an invaluable investment for any organization focused on sales; using RPA can improve customer service, increase bottom lines and stay compliant.
