AI for SMEs: Artificial Intelligence to Improve Sales

Artificial Intelligence (AI) is transforming everything, from how companies engage with their customers to managing the talent of their employees. Optimizing their operations, and developing new digital products and services. Numerous studies show that corporations betting more decisively on AI will lead their sector in the next decade. We start a series of four articles in which we talk about AI for SMEs. Today, Artificial Intelligence improves sales.

AI is increasingly present in our daily lives. For example, “Siri”, Apple’s voice assistant, or Netflix movie and series recommendations adapted to each user are two good examples of how AI is already present in our daily lives.

In the future, it is possible that every process, product or job will be redefined through AI. But what exactly are we speaking about when we refer to Artificial Intelligence? How useful is it in business? And above all, does it kind sense to apply AI to SMEs?

What is Artificial Intelligence?

AI is a mix of advanced analytics and automation that can replace or complement human decisions using a series of algorithms. It can make decisions with a high percentage of success. Almost 96% when the person has an average of 66% in their portion of success. Its possibilities are endless, adapting to any program that makes a computer perform a task that a human being is use to doing.

Artificial Intelligence for SMEs

Although large companies are betting the most on this technology, small businesses such as shops and restaurants have also begun to use it. If there is data that can be know in real-time. The speed of decision-making could play a vital role and using AI could make a big difference.

When deciding if it is worth implementing AI in a small or medium business, it is necessary to analyze if there are constantly repeated tasks and thus know if using AI makes sense. It should remember that AI can have different levels. From a straightforward AI that programs a machine to perform the same task to a more sophisticated AI. Which can resemble human Intelligence and does not require much programming as it is capable of learning. By herself.

There are a wide variety of AI implementation tools on the market, some of which only require a slight adaptation and others that are much more complex.

Experts recommend that the company set a business objective before implementing an Artificial Intelligence program in an SME. What do I want to achieve with this technology? It can be, for example, getting more profit from customers or reducing stock or costs, but the ideas have to be evident initially. We should also not forget that AI needs data. And the company must have data previously obtained automate so that the algorithms can learn based on said information. If the SME does not have that data flow, Artificial Intelligence cannot work.

Artificial Intelligence to Improve Sales

Uses of Artificial Intelligence to improve sales

Currently, many applications of Artificial Intelligence allow an increase in the sales of products or services. Next, we will explain some of its most important uses:

1. Knowledge of the client

Artificial Intelligence is the best technology to put the order in any SME’s vast amount of customer data. When the volume of data is large enough. The results are surprising, as repetitive patterns can be detect that we would not be able to observe otherwise. The key is to have as much historical data as possible since predictions are base on processing that data and identifying any signals that reveal the cause of a customer’s behaviour: their last visit to our website. Their purchase history or factors personal, such as the time you have or the name of your favourite football team.

A better knowledge of the client helps us anticipate their needs. Offering them just what they need at all times and avoiding sending them any information that is not relevant to them.

2. Sales predictions

If we can anticipate the needs of our customers, we can make better sales predictions. Artificial Intelligence improves sales because it uses more efficient models base on historical data from the past to work in the future.

The next step is the prescription of strategies to sell more. Artificial Intelligence makes recommendations on how to deal more based on predictions, that is, how you will achieve better results based on data analysis.

3. Spot new leads

Artificial Intelligence can detect customer segments that are not traditional in a given company. For example, customers who are vegan, Asian or like sports cars. These segments would have remained invisible with conventional analytics, which is why AI discovers many opportunities in new markets.

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4. The personalization of the sale

The available data allows Artificial Intelligence to customize the offer based on the customer’s needs. Since we know what a customer will need, we can help them make the purchase. Thus, increasing customer satisfaction, better sales, and greater loyalty are achieve. The customer feels it is better to advise at the time of purchase.

Recommendation patterns. Such as those use by streaming platforms to highlight the most suitable content for each user based on their views, are proving to be very efficient in SMEs. Being another essential application of Intelligence manufactured today.

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5. Sales assistants with Artificial Intelligence

Another of the most widespread uses of Artificial Intelligence to improve sales today is to rely on virtual assistants or chatbots. Which replicate or increase what a commercial agent could do. It is starting to be used in all business sectors, especially when working with complex products where AI can help customers understand the product and make a better purchase decisions.  A technology that is proficient in dialogue with the user, understanding what they need and providing recommendations. It is a process that emulates a human conversation and is done in writing through a chatbot in which messages or photos are exchange.

Behind this technology is the Artificial Intelligence that recognizes the natural language of the client, determines what the user wants when he asks a question and understands the best answer he can give. If necessary. The AI ​​can often close the entire sales process or put the customer in contact with a commercial agent if the consumer prefers. AI ensures that the customer is well inform in the pre-sale cycle.

Another positive factor detected with chatbots is that when people talk to machines, they tend to express themselves more freely. And above all, they do not feel compelled to continue a conversation when they stop being interested in what is an offer to them.

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6. Virtual vendors with a lot of “feeling.”

The so-called virtual assistants are an Artificial Intelligence technology to improve sales that is highly specialized in each business. They are capable of improving the attention of a natural person since they can even adapt to the personality of their interlocutor. If they are taking to the recommendation platforms, there is an impact of improvement in sales and loyalty, which is a consequence of introducing emotion into communication.

Talking about you is not the same as talking about you or using a male or female voice. The emotional layer in machine-person relationships is base on identifying communication parameters, phrases, specific words, messages, etc. They connect better with each person, adapting the commercial message according to their character.