Sales forecasting will never be a perfect science and, amid COVID-19 uncertainties, it has become increasingly difficult to make predictions. In the current scenario, all kinds of business organizations are battling upheavals to get back to normalcy. Forget about achieving the growth targets for the last quarter. The pandemic disrupted sales in an unprecedented way. The sales departments are in a panic-stricken situation to make decisions quickly while trying to be accurately accurate.
Precise sales forecasting helps a company make decisions regarding budget, marketing, investments, headcount, and others. And before making these decisions, accurate input is essential. As always, technology is paving the way to come out of trouble, this time with AI-driven sales forecasting. Despite all the variables, Artificial Intelligence (AI) can help make critical business decisions.
Need of the hour is AI-driven sales forecasting
1. Modern approach: A lot of marketing strategies have been automized in the recent past, particularly in digital marketing industry. The user-reaction-response model automation conversion rate has not been very encouraging in distressing times like now. In such a situation, sales leaders should be equipped with the latest technologies to get comprehensive insights into user and market behavior.
2. Flawed traditional methods: Incorporating AI-driven sales forecasting is slowly becoming an inseparable part of the decision-making process. AI can help in finding flaws in traditional forecasting methods. It can sift through volumes of real-time and historic data and identify the most profitable sales leads. It has turned out to be an unstoppable force in heightening the accuracy of sales forecasting.
3. Improved closing rates: Many times the sales team makes decisions based on impulses or inaccurate data. Now the chances of these leads converting into clients are considerably low. Artificial intelligence can provide insights for product champions as well as individuals with less visible profiles. Once you have identified the customer persona, closing a lead becomes easier.
4. Maximized customer lifetime value: Your existing customer base is a definite source of revenue. While attaining a new customer is lucrative, it can also be a costly affair for your business. AI helps the sales team to quickly identify market dynamics. By quickly analyzing purchase patterns, AI-powered sales forecasting tools can make personalized recommendations to your customers. These tools are the most sustainable method to effectively meet your customers’ needs and boost revenue.
5. Customer retention rates: Artificial Intelligence aids you in understanding customer behavior, pain points, preferences, and a host of other sentiments. By analyzing such data, you can improve your strategies and give the sales team the insight to make informed decisions, which in turn increases retention rates.
AI-driven sales forecasting advantages
1. Aims at addressing the lacuna gap in the processes and strengthening data-driven decision-making.
2. Addressing the bottlenecks while accurately assessing the market conditions and sales departments’ performance leaves a huge impact on the revenue.
3. An accurate forecasting solution not only uses machine learning and artificial intelligence but also helps to automate the sales processes accurately.
4. Real-time sale data can be made best use by the analytics team.
5. It boosts data quality and gives the most viable predictions for each of your customer segments.
Like every other sector, marketing is also going through massive changes due to technological advancements. And these changes are fast-paced. But this does not mean that all hope is lost for a salesperson. An ideal B2B salesperson will likely enhance their knowledge and efficiently use AI sales forecasting tools to make better decisions. AI is simply eliminating human guesswork with data-driven suggestions to close deals. To know more about digital marketing trends, visit Resolute B2B blog now!