If you cannot sell a product or service effectively, its unique selling feature and quality will fade into the background. In order to unlock revenue growth opportunities, you need to stay at the top of the minds of existing and potential customers.
This is where you need smarter and innovative solutions.
From robotics to machine learning, there are various new technologies in the market as of now. Thus, it comes as no surprise that artificial intelligence (AI) has transformed the landscape in the field of operations, finance, marketing, and even revenue generation.
The Harvard Business Review was also quite surprised by the unprecedented success of AI and research into its applications. The result revealed that a more than 50% rise in leads was recorded by companies using this technology. Shocking and interesting? Yes!
So, if you are here to learn more about AI and how it can open your business up to new revenue growth opportunities, you have come to the right place.
What Is So Special About AI?
If you are even remotely aware of what is going on around you, you already know that AI exists everywhere. From Netflix to Siri, this technology is an important part of our lives.
But what is AI exactly?
Artificial intelligence is a term often used to describe a bunch of technologies. This includes deep learning as well as machine learning. But the best part about this technology is that it is capable of learning things on its own.
AI has the ability to automate a number of processes, all without the need for humans to intervene. But you do not just want to automate, do you? You are searching for ways to optimize and increase your revenue.
Well, AI can help you no matter what your goal. It can analyze big data, run pattern recognition, or conduct predictive analysis, all for the benefit of your business. As long as you are aware of the best ways to leverage AI, you can easily achieve your goal.
Does AI Have Sales Potential?
A simple Google search will tell you about the many companies that have used AI to boost revenue and expand their business operations. Salesforce revealed that high-performing organizations tend to use AI to maximize their sales potential, which is not surprising at all.
When used to the best of its abilities, AI can help you forecast sales, optimize cost and pricing, and take away the guesswork of business to a significant extent.
But how exactly can you use AI to unlock revenue growth opportunities? Underneath are some ways that you can explore.
How Can You Pull Artificial Intelligence to Lift Your Revenue?
1. Real-Time Price Optimization
The field of data science moves at a quick pace, especially given the advancements in AI these days. So, if you want to stay on top of the game in your field, you will need to turn toward real-time pricing optimization.
This includes AI searching for blind spots in your pricing, deal size decisions, and discounts. You cannot take these decisions efficiently, even if you have a whole spreadsheet of data.
However, with machine learning and AI in the bank, pricing managers can assess whether their current discounts correlate with deal size. Consequently, it will also pick out outliers, which could be a result of negotiation from the customer.
Tools To Use
- Salesforce Einstein is a great tool that uses an optimized algorithm to help you figure out the right purchase price for your target market.
2. Targeting And Retargeting Advertisements
When it comes to marketing or sales, you cannot simply use the philosophy of ‘one size fits all’ in order to sell to the masses. To successfully generate leads that convert, you need to not only target your advertisements but retarget them to accommodate the changing customer landscape.
Lucky for you, AI can aid in analyzing large amounts of complex data to offer insights into your customers. It can also optimize campaigns in a way that helps serve ads to the target market.
Tools To Use
- AdRoll is well-known for assessing the data collected from customers and retargeting ads to focus on their preferences for certain products.
3. Predictive Analytics
As the name suggests, AI is capable of helping you predict the change in customer behavior and patterns. Predictive analytics is a great way to assess the preferences of your end user in the future and create propensity models.
A great way to unlock new revenue growth opportunities is to use these models, created by machine learning and cognitive computing, to establish a probability. This tells you how likely a particular customer is to purchase your product or service if offered bundle pricing, targeted by email campaigns, or any kind of call-to-action.
Propensity models can turn out to be quite effective for you, especially if you are hoping to reduce the churn of customers that you get and retain them. It is also an efficient way to predict the preferences of consumers in the future.
Tools To Use
- IBM Watson Analytics is a platform dedicated to the analysis of data. Much like Google Analytics, it leverages machine learning to help businesses make informed decisions regarding future customer trends.
4. Automated Lead Generation
The backbone of any business, regardless of its growth stage and size, is the need to generate leads and ensure that they convert. Leads are crucial to support sales and allow you to unlock newer opportunities.
What is normally a resource-intensive and time-consuming process can now be automated with the help of AI. Thus, you can generate leads for your business and save up on resources and cost in the long run.
Tools To Use
- Rev can come in handy when you are hoping to build a list of prospects that make up your target market. With the help of AI, it can further aid in prioritizing these people when running campaigns or analyses.
- Leadfeeder implements machine learning to distinguish prospects from all visitors by analyzing their behavior. However, it is mainly used by B2B businesses.
Chatbots are the quickest and most efficient way to answer the queries of customers. This leads to greater customer satisfaction, all thanks to AI and its automated chat support.
Consequently, satisfied customers can be retained for a long time and aid you in unlocking other revenue growth opportunities.
Tools To Use
- Intercom offers you AI-powered support for the purpose of customer service.
- LivePerson is also another chatbot that is powered by AI. It can respond to customer queries on behalf of the business and direct them to relevant personnel or departments.
6. Sentiment Analysis
With the help of AI, you can run a sentiment analysis and check how your customers feel about your business.
The way to do this is through emotion AI or opinion mining. It is a process of implementing natural language processing (NLP) or machine learning to pick out subjective information that is present within the text data collected from customers.
Thus, you can assess the feedback offered by the end users, which will help you target the exact sentiment they hold towards your brand or product.
Tools To Use
- Brandwatch analyzes the feedback collected from customers for this purpose and tells you the sentiment or place you hold in their minds or hearts.
- Hootsuite Insights is especially beneficial when it comes to providing insights into social media conversations. In addition, AI uses these conversations to determine the sentiment of the end user.
The Final Word
Regardless of the size of your business or the stage of growth you are at, artificial intelligence (AI) can revolutionize how your business operates and expands. By using deep learning or machine learning, you can accomplish more than you could even imagine a couple of years ago.
From chatbots to virtual assistants, AI can bring the world to your feet. You can not only increase efficiencies, but improve customer experiences and unlock revenue growth opportunities.
All you need to do is identify the areas of your sales strategy that will benefit the most from the implementation of AI and invest in it. Then what? Well, you just sit back, and watch AI work its magic, requiring only occasional input from you.