1. More Accurate Lead Scoring
Sales prospecting is more precise with AI. Social selling produces more inbound queries for information, yet it is difficult to figure out which of those prospects are ready to make a buying decision.
With predictive analytics, you can assimilate data such as corporate background, demographics, and more to create well-defined consumer profiles. Using comparative consumer profiles already stored in the database, it’s easier to make correlations and identify the qualities that point to a likely sale.
More importantly, you can use analytics to anticipate when to close sales. Analytics can uncover customer need as it relates to your product or service and even create a likely timeline to a final close. The more accurate the predictive profile, the higher the close rate.
2. Guiding Sales Prospects
Personalization has become a crucial piece of the consumer’s sales journey and predictive analytics can assist in triggering responses to queries. By applying machine learning, specific steps can be programmed to automate lead nurturing and qualification, providing a customized experience and also handle objections until the sales rep is prepared to step in.
Predictive analytics can likewise be used to oversee progress and assist with recognizing when the prospect is ready to purchase. How you approach a prospect is as significant as knowing when, and data gathering and analytics can improve sales pitches, showing which subject lines and topics work best.
Analytics can also help create the right sales offer based on business size, budget, and need.
3. Reducing Churn and Upselling
It's common knowledge that the cost of retaining a current customer is negligible compared to of the cost of acquiring a new one. More organizations are restructuring to exploit recurring revenue, thus customer retention and expansion is paramount. Predictive analytics can give you a great insight into customer satisfaction.
For instance, it can show if the customer is underutilizing your service, having issues with support, or looking for new features. Tracking activity can reveal when you may be on the verge of losing customers.
You can likewise create predictive models to distinguish which clients are prepared to buy more. How they use a product or service, or activity such as seeking out more data sheets, blog entries, and website videos could be an indicator that they need additional products.