According to some expert consulting firms, sales times could be reduced by 40%. This is based on the claim that many sales-related activities could be performed by a robot, as well as on the fact that all the information about clients received by customer sales consultants is already highly processed.
What can AI do today to improve sales?
Machine Learning, Deep Learning, Cloud Computing, Smart Data and chatbots are some of the areas of data science that are capable of generating added value for both the companies that implement them and those that develop them. These will be the companies of the future, especially if we consider that today’s extremely competitive environment compels them to evolve, be more efficient, reduce their operational costs and improve the quality of their customer services.
Companies are not the only ones that have evolved: people have too. New functions for technology have emerged: the majority uses it to connect, communicate, and work with other people. Phone calls are no longer the main channel of communication – they have been replaced by social media or instant messaging.
Nowadays, few companies are capable of attending to their several contact channels and capturing feedback from their clients efficiently and in real-time. Even fewer are able to establish relations between different channels and consolidate the information they receive into a single client file.
These new digital challenges demand appropriate answers, both in a cultural and a technological sense. Some of the main points that need to be addressed are:
- Improve employee productivity.
- Increase efficiency in conversations with external and internal clients.
- Take charge of sales and post-sales in order to improve client experience and satisfaction.
Wholemeaning decided to take on these problems and developed tools that aim to provide solutions that have a direct impact on clients, team members, and companies.
We want to change the world by improving relations between companies and clients, helping them to build good communications and establish mutual empathy.
How do we do it?
Our AI motor emulates the human reading process (syntax, semantics, pragmatics(, which allows it to monitor and read different contact channels. Based on the classification of conversations, we turn client feedback into revenue for companies.
We generate insights by extracting relevant information, and we stimulate actions – and measure their impact – in our quest to generate value.
One of the most important and least monitored channels is email.
- 65% of communications between a company and its clients are conducted via emails to consultants.
- This service is evaluated negatively by 80% of clients, because consultants often fail to answer their emails.
- Only 40% of business opportunities contained in emails are addressed by consultants.
- 45% of email interactions require client insistence.
- 35% of complaints are interpreted as requirements.
- 50% of account closures are initiated via email.
Some of the problems we have identified
- Sales managers lack the capacity to measure the amount of revenue they lose – and the expenses they incur – by not knowing what goes on in their team members’ emails.
- Sales consultants lack a set of criteria to define important and priority issues.
- There’s a lack of clarity over how the workload is distributed and whether it is distributed evenly.
- Finally, it’s unclear if the answers to clients’ demands are effective.
What’s the solution?
We have created a plugin that allows users to automatically prioritize sent and received emails according to their companies’ sales strategies.
It also delivers indicators to team leaders, so that they can adequately manage their team members, and find out about their interactions with clients through Dashboards, Reports, Alerts, and Analytic Platforms.
This contributes to increasing sales by identifying commercial opportunities early; reducing complaints and potential churn by detecting dissatisfaction at an early stage; and improving client experience and satisfaction by raising the percentage of addressed emails and shortening response time.
Finally, our results speak for themselves:
- Consultants’ response times are shortened by 95%.
- Client insistence is reduced by 90%.
- Response to sales opportunities increases by 95%. As a result, deal closure rates increase by 15% on average.
- Client satisfaction improves by 35%.