AI & ML Led Analytics shorten the path to customer conversion significantly – this area is already advancing rapidly. (Representative image)By Snehashish Bhattacharjee
In 2020, it was the pandemic that exceeded our knowledge. The pathogen hit economies, slowed growth, and affected almost every aspect of life as it crawled continents. Let’s hope that in 2021 it will be the realizations that will surpass Covid-19.
An important sales promotion lesson companies learned was that today’s market requires a whole new way of thinking. To stay away from the trillion dollar economic wrecks and surf the shockwave requires a reactive and agile sales strategy.
Snehashish BhattacharjeeThis is how I see the next phase of sales evolve as we get out of this pandemic economic turmoil with their business plans.
Digital as an important sales tool – The pandemic kicked off sales plans for 2020, and companies have seen digital become a mandate for electives. The period has shifted revenue conversion from physical locations to digital platforms. When planning the sale in 2021, there was more confidence in mobile marketing, website marketing, etc. Businesses shouldn’t be shy and quickly pursue the introduction and execution of digital or technology-based sales. The transition to a customer-centric digital strategy requires systems, processes and content.
Additionally, in times of social distancing, content will be the best sales tool. Therefore, companies have to break away from traditional content practices in order to be successful with modern B2B marketing. It will be the key to getting businesses into the digital landscape that needs to be planned for multiple scenarios, omni-channel direction and data collection. Businesses need to get their messages across using a laser-focused personalization approach to reach their target audience.
Another key to success in 2021 will be the rapid introduction of the Martech and Omni-Channel approach. Companies must invest preventively in data-based sales intelligence and outreach processes, e.g. For example, webinars can become an effective tool for customer outreach strategies. Instead of using webinars as a stand-alone platform to generate target groups, it is used as an important medium to achieve and then capture mind share.
AI Enabled Sales Analytics: We’ve seen some smarter companies using AI and analytics. In the next normal, however, these technologies will turn out to be an existential business need and not just useful functions. AI and analytics will be an excellent prerequisite for productive and empathetic sales calls.
AI & ML Led Analytics shorten the path to customer conversion significantly – this area is already advancing rapidly. In the days ahead, AI will guide messaging strategy and help companies build the momentum that the gateway to cross-sell opportunities offers. Businesses will vie for the ability to match sales teams to the ideal customers and coordinate a full sales process with dynamic demand generation experiences.
Also Read: Purpose-Driven Marketing – The New Age Business Mantra
Intelligent database as a customer acquisition tool: The database is seen as a differentiator rather than a raw material. Organizations will focus on cleaner databases to support their outreach programs and drive conversion. Investments and options will be offered in all segments of organizations in this area in 2021. Data as an essential condition for survival helps organizations to:
– Use intelligent, contactable data to reach the next new customer
– Define and acquire ideal customer profiles (ICP).
– Improve the conversion rate by analyzing the database before using it with similar profiles.
Companies equipped with intelligent database management systems can resolve customer connection gaps more efficiently. Sales analytics in conjunction with IDBMS and ML will result in better and faster options for customer acquisition. NexGen Sales Intelligence will bridge the execution gap between ABM programs and conversions.
Virtual audit & sales: The virtual audit and sales were nothing new, it was already there. However, Covid-19 only worked as a force multiplier as it disrupted traditional supply chains and slapped retailers on the back. The 6 year retail modernization took place in just 6 months as most retailers understand that customers will no longer wait for brands to lag.
Smart retailers and many OEMs responded with reinforcements and deployed virtual sales and testing platforms. Depending on the extent of the disruption, the pandemics will be triggered in the next few years – virtual testing and sales platforms could become an important investment area for retail, B2C and focused B2B organizations.
Training of employees in relation to new processes will increasingly take place via virtual platforms. Labor-intensive retail audit operations can be virtualized with last-mile connectivity and technology integration. These platforms or solutions will evolve from a requirement that is good to have to one that is imperative in the current pandemic afflicted world. Retailers can use their space intelligently and optimize the supply chain to achieve tangible business benefits.
The story of 2020 is over. However, if we go back in time and review 2020 within the framework of the teachings, we see that it contains important lessons for sales success for 2021. While many companies frolicked in the Covid-19 blizzard, some increased profits many times over.
The current market trends are rapid and the error rate is lower. In the future, companies that switch to digital channels and adopt account-based marketing will survive the difficult times. You need intelligent sales orchestration and micro-oriented campaigns supported by AI, ML and IDBMS dashboard functions. Closely coordinated sales and marketing activities are a mandate to improve sales talks at every point of contact and to close pipeline opportunities.
-The author is the CEO and co-founder of Denave. The views expressed are personal.