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Month: August 2019

How are AI and data-driven campaigns changing sales and marketing?

How are AI and data-driven campaigns changing sales and marketing? image

AI is already having a major impact for sales and marketing teams, especially when it comes to lead generation, but as the technology progresses, there will be even more advantages to the reach it can make in the future.

Think of sales and marketing campaigns in a traditional sense and you may well dream up the heady days of billboard advertising or the golden age of television advertising. In short, these days are gone.

In a modern sales and marketing environment, rather than the art of advertising, there is now a science to marketing and as a result, sales. This change in the way sales and marketing teams are operating has also given rise to a more considered, results-driven approach.

Rather than approaching a marketing campaign or sales drive with a vague goal in mind, these days you are more likely to kick off a campaign with figures in mind both in terms of previous proof and predictable results. This trend is by no means new, but the advent of a more resilient and functional level of artificial intelligence (AI) has meant data is now more useful than ever before.

Profiling and evolving data

The hallmarks of a solid marketing campaign now involve data and building up an image of the end-user. The ways in which a typical customer profile is created has however changed from simply positing an A, B and C type.

Sales reps can spend hours trawling through LinkedIn and clicking through company websites. Through creating buyer personas, AI can speed up this process, making lead generation faster and easier. A buyer persona is a semi-fictional representation of your ideal customer, based on real data. AI can take the data, analyse it at speed, and continually update the persona in real-time. This makes sure your buyer personas stay relevant over time.

Now, multiple levels of detail can be drilled down into and more specific, dynamic profiles can be set out. The way data is managed, updated, and in effect, cleansed also means businesses wanting to ensure they are pitching, engaging with, and marketing to the right individuals has more chance of reaching the right people than ever before. Dynamic data systems, which can be updated in real-time and often automated, are making the difference between leads remaining prospects or becoming valued clients.

Improving internal teams

As well as prospecting and nurturing client relationships through AI, B2B sales managers can use the same kind of technology to supervise their own internal team’s performance. A recent study by InsideSales.com found that six out of ten respondents (61%) saw the value of adopting AI to streamline day-to-day processes, of which this is just one.

This kind of streamlining can be done by assessing revenue pipeline, seeing which salespeople are likely to hit certain quotas, getting a snapshot of which deals stand a good chance of being closed – all are easy with AI.

The value for managers is in being able to identify high-performing salespeople and accounts that are likely to be successful, meaning that they can refocus energy and resources to those parts of their business. This not only improves sales processes and pipeline management but also lends beneficial processes to HR departments and those monitoring team performance and allows for adjustments to be made to ensure a smoother way of working.

Freeing up time

AI is already having a major impact for sales and marketing teams, especially when it comes to lead generation, but as the technology progresses, there will be even more advantages to the reach it can make in the future.

The cumulative effect of applying AI and big data solutions is in freeing up time for human workers. While machines take over the mundane, repetitive, and analytical tasks that consume so much of our time, we are free to think more creatively and work more effectively.

A good example for B2B companies is the traditional sales rep. If AI can manage the 22% of a day spent searching for prospects or performing administrative task, then that’s a sizable chunk of his time that he can now be used to engage with clients and close more deals.

Advantages of AI in aftercare

It’s not just the sales and marketing process that is set to benefit from some degree of AI or data treatment, after all, a sale does not just end once a customer is on board as a client or has purchased a product.

This is one area where a lot of businesses are already using AI to improve their processes. The more common use of chatbots is enabling 24/7 customer support, talking with and guiding customers at all times of the day. AI can also gather data from customer interactions and provide valuable insight and analytics.

By providing a smoother and more convenient customer service experience, AI will further help to heighten customer happiness. This will inevitably keep retention rates steady and gives marketing teams plenty of material to work with through satisfied customer testimonials and referrals.

The future, therefore, isn’t one of robots taking over and replacing all human interaction and workplace responsibilities, rather the considered assistance that comes with properly-managed data and AI systems. There is a future out there to grab immediately, it’s knowing how it is applied that will place the early adopters front and centre.


This article was originally posted on – https://www.information-age.com/ai-and-data-driven-campaigns-changing-sales-and-marketing-123484156/

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AI’s Role in Driving the Sales Experience

AI sales process

Much has been made of AI’s role in serving customers, and AI-supported smart devices have invaded homes everywhere — Amazon’s Alexa was even used to order millions more Alexas as Christmas presents in 2017. Artificial intelligence is embedding itself in our technology-obsessed culture, but not every industry has taken advantage of AI’s utility.

Adam Honig and his co-founders at Spiro saw an opening to use AI to drive the sales experience. Businesses utilize CRMs to compile and track the data needed to support ongoing sales efforts and pinpoint new sales opportunities. But Honig, the CEO of Spiro, says that many companies aren’t getting the data they need from these platforms — they aren’t used correctly, fully, or consistently, meaning the information these sales teams are working from is skewed.

Spiro is an AI-driven CRM, complete with a conversational email interface, or an email bot, that utilizes existing data — from salespeople’s calendars, emails, and more — to lay out a schedule or to-do list for a salesperson and anticipate next moves. The AI function can process existing information more quickly than humans poring over spreadsheets can, empowering the CRM to predict how many follow-ups it may take — and what format will be most effective — to close a deal.

But that’s not where Spiro sees AI’s intersection with the sales experience ending.

How a People-Driven Industry Benefits From AI

It’s well-known that AI can process data better than humans can — a Massachusetts Institute of Technology startup’s software developed stronger predictive models than the majority of its human competitors did, and some predict that AI will be better than us at everything by 2060. But even then, there are limits: Eleni Vasilaki of the University of Sheffield says there’s “little evidence that AI with human-like versatility will appear any time soon.”

That’s what confounds many: How could an industry fueled by personal relationships, charisma, and camaraderie be driven by AI? Sales is surely a people-driven arena, but it’s already focused on tracking metrics and moving the needle by predicting human behavior. Honig and his co-founders realized, through their CRM work with more than 3,000 companies, that the problem lies in the data being gathered.

“To say that salespeople hate CRM is an understatement; most consider it a soul-sucking beast of burden that doesn’t add any value to their sales life,” Honig says. “We knew that salespeople desperately needed a CRM that would help them make more money, not give them more work. When I saw the movie ‘Her,’ I realized that the new AI technologies that were emerging would be perfect to automate non-sales tasks so they could focus on selling.”

Is This the End of Sales as We Know It?

Beyond increasing productivity and efficiency, automation can relieve salespeople from manual tasks, freeing them up for more high-level strategic efforts. Though many predict that AI will lead to mass unemployment as human beings are relieved of their duties, AI is designed to elevate the skill sets needed in each industry so complex, nuanced problems with big implications are solved by humans who will have to absorb those outcomes.

That’s why Honig believes AI will augment, not replace, salespeople. “In some ways, AI is already replacing salespeople at a fast pace,” he says. “Amazon.com’s AI algorithms make specific purchase recommendations and provide a high level of service that’s hard for retail salespeople to match.”

What that means is that to compete, salespeople selling to businesses have to be prepared to embrace solutions that make them more effective with customers. “In practice, this means using AI solutions to do things that technology can do better, like entering data, and let them focus on the things that people do better, like building rapport and really understanding the needs of a customer,” Honig explains.

The Productive Path Forward

The biggest benefit AI may offer to the sales process is its data-gathering capabilities. Whereas some salespeople operate from instinct or their “gut feeling” about a customer and his needs, sales is often now held to the same standard and expectation of ROI as most marketers and advertisers. Without numbers, it’s hard to maintain a budget, commission, or even a permanent position.

Despite this need for hard data, many sales departments track information haphazardly, failing to record final contract numbers in a database or neglecting to indicate how many touchpoints a lead went through before finding his way to the bottom of the sales funnel. That lack of information may not impact that specific sales process, but it can alter an entire team’s goals and predictions. AI-driven platforms like Spiro can grab the data where it’s buried and build their own reports, adding a layer of analysis and interpretation for human reviewers. Honig says Spiro’s reports have been shown to contain eight times more data than regular CRM reports, underscoring the power of AI.

The other side of AI’s productivity can be seen in its ability to look at an overview of a person’s behavior, add context, and predict future actions. “Imagine if your CRM could advise you who you should call and follow up with to drive all your leads and deals forward,” Honig says. “That’s what we do. Spiro uses a machine learning algorithm that was trained by more than 15,000 salespeople to identify the best times for follow-up, the best email templates to be used, and the best contacts to focus on.”

Thanks to these insights, Spiro’s customers have indicated they reach up to 47 percent more prospects each week. A big factor in reaching more customers is having the AI predict which prospects won’t close so salespeople can focus on others. Human hope makes it hard for sales professionals to shut down a potential source of income when they can’t see where the road ends.

“Artificial intelligence will do more and more for salespeople,” Honig says. “Beyond advising them who to call and follow up with, it will automatically identify similar prospects and suggest that salespeople call them. It will listen in on sales calls and provide real-time feedback to help make the pitch even better. It will learn from emails, calendar appointments, and phone calls to craft specific proposals based on what’s already happened.”

In other words, Honig predicts AI will become salespeople’s constant companion, designed to help them make more money. Sales may be a people-driven industry, but AI is on a path to ensure it values data as much as instincts.

 


This article was originally posted on – https://readwrite.com/2018/03/07/ais-role-driving-sales-experience/

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10 Early Warning Signals that it’s Time to Consider Working with a B2B Data Partner

b2b data analyst holding ipad

Content engagement rates dipping, website bounce rates rising and connection rates declining are all early warning signs that something isn’t working in your outbound marketing and lead generation efforts, and it’s time to take a deeper look at your data and your data provider, writes, Jeff Kostermans, Vice President of Demand Generation,  LeadGenius.

Missed sales targets, stagnant opportunities, declining MQLs ?

Sure—those are all clear signs that something isn’t connecting with your target audience. But dig a little deeper and you will reveal problems you can troubleshoot before they impact the pipeline and lower-than-expected revenue.  See if you recognize any of these —and take action to improve your outbound marketing and lead generation efforts before it’s too late.

1. Content engagement rates are dipping

Engagement happens when your content is presented to the right people at the right time.  Personalization is a big part of this, but so is targeting and timing.  Regardless of the marketing channel (email, phone, direct mail, social, PPC etc) tailoring content to the “right” people is key.  To boost content engagement, ensure you are acting on the right data points and signals.

2. Website visitor bounce rates are rising

When too many of your website visitors are checking out one page and then going elsewhere, your content could be the issue.  But it’s more likely that you are attracting the wrong personas to your website.  Revisit your ICP (ideal customer profile) and see if it aligns to the contacts you are reaching out to and driving to your website.

Also Read: It’s Time to Spring Clean Your Data: Get Started with These 3 Steps

3. Connection rates are declining

Consider tracking “connection rates” as an intermediate stage between SAL (sales accepted lead) and SQL (sales qualified lead).  Defined as positive bi-directional communication between the rep and prospect, connection rates are a good early indicator of data quality.  When connection rates decrease there are many things to look at including individual rep performance, but data quality should be at the top of the list.  Does the sales team have accurate phone numbers?  Is the data for other channels accurate?

4. Internal teams are spending too much time researching

When connection rates are declining, take a look at the calling and emailing metrics of your inside sales team or customer success team.  Speak with the team members and understand why they may be spending way too much time researching or validating data before reaching out.  Consider working with a firm that specializes in sourcing the actionable and difficult-to-source data points at scale so that callers can focus on what they do best.

5. Sales stage conversion timeframes are not getting shorter

Velocity or progression through sales stages can be accelerated when data is accurate and swiftly acted on.  Take a look at new data entering your CRM or marketing automation solution.  Is it being acted on quickly and correctly or does it tend to languish?  Is there a bias towards not acting on it from the sales team?

If so, find out why.

Also Read: How to Select a B2B Data Provider

6. More prospects are already very familiar with your competitors

You have to assume your direct competitors are doing all they can to reach the same target audience. When fresh and accurate data enters your CRM and is not acted on, it’s time to look at process and measurement improvements that help you foster prospect relationships faster than the competition.   A consultative B2B data partner that actually implements a data strategy vs selling a bucket of data can help you quickly get coverage within target accounts so you can shape the buying criteria before your competition does.

7. Expansion into new regions/countries is slowing

Before opening an office in a new region or country, companies often place reps in those locations to prime the territory.  Firms needing to rapidly expand into new regions provide new territory builders with a sustainable data strategy built on a comprehensive ICP and TAM analysis that reveals a realistic plan for success.   It’s quite common to hire a data service overseas and underestimate the management load required to keep it productive over the long haul.   As hands-on management of data projects wanes, so do results, which is another sign to consider working with a B2B data provider specialized in penetrating foreign markets with language-tailored technology and speaking skills.

8. Intent signals are not being acted on

Intent signals have risen in popularity recently.  Now there are plenty of signals that intent vendors collect that “could” indicate real interest – but ask any B2B salesperson if content interest is enough and you’ll hear that interest needs to be accompanied with fit and opportunity.  To avoid false positives, intent signals from third-party content categories must be strengthened with direct engagement and data or changing attribute signals.  As sales teams’ enthusiasm for acting on intent signals slips, it’s time to work with a B2B data provider that acts on signals that are strong enough to justify and trigger custom data curation workflows and human data validation.

Also Read: Five Steps to Ensure a Successful ABM Campaign

9. The funnel is becoming less predictable

If your lead projection numbers are consistently off target (either positively or negatively), it’s time to pinpoint why. The same applies to your CPL (cost per lead) or better yet your cost per opportunity.  Investing more into demand generation or boosting sales headcount should not be done without a close re-examination of your data gaps.  A consultative B2B data provider should work with you in the planning stages of campaigns vs simply as a provider of data before campaigns launch.  You’ll know you are working with a strategic partner when they proactively understand your goals, seek to uncover and fill your data gaps, and partners with you to put measurement in place that reveals the early warning signals.

10. Your data provider only calls to renew your subscription

It’s clearly a sign to consider working with a strategic data partner when your current data provider is calling only because they know your budget cycles, not because they have new insights, strategies, or best practices. Expect your data partner to meet regularly with you to review progress, help you measure the performance of your data, and explore new data points and processes that give you a sustained competitive advantage.

There’s so much that needs to go right in order to drive a strong performing B2B funnel.  The investment in product, positioning, content, sales talent etc. should not be compromised with poor data.  If just one or two of these early warning signs pop onto your radar, data may not necessarily be the culprit.  But if you see more early warning signals impacting your funnel, it may be time to work with strategic B2B data provider.


This article was originally posted on – https://www.martechadvisor.com/articles/marketing-analytics/10-early-warning-signals-that-its-time-to-consider-working-with-a-b2b-data-partner/

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The Top B2B Influencer Marketing Trends for 2020 [Infographic]

While there are some who think the expression “influencer” is an expired term, the role of influence on B2B buying decisions is irrefutable.

According to the World Federation of Advertisers, 65% of multinational brands will increase their influencer marketing spending within the next 12 months – and there’s good reason for increased confidence. The 2019 Content Preferences Survey from Demand Gen shows that 95% of respondents favor credible content from industry influencers as a top preference – a 30% increase compared year over year.

Not only is influencer marketing one of the fastest growing areas in marketing, it’s also one of the disciplines where B2B brands are seeing trend-setting marketing performance.

For companies operating in the B2B space, here are seven influencer marketing trends worth digging in to for marketing strategy in 2020 and beyond:


This article was originally posted on – https://www.socialmediatoday.com/news/the-top-b2b-influencer-marketing-trends-for-2020-infographic/557644/

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Five Ways To Use AI In Marketing Today

laptop with marketing displayed

Recently I was asked, “As an agency, how are you using AI within your marketing?” And honestly, the question gave me pause. I know we are using AI, but could not answer exactly how. Since it was (and is) a really valid question, I wanted to have a really good answer the next time someone asks.

Artificial intelligence (AI) boils down to a relatively simple concept: using machines to process data and automate repetitive tasks. And in my experience, AI also helps with seamless integrations that have been overlooked and taken for granted.

While AI, by definition, seems quite simple, the execution and process are not. Developing a program that can mimic the human brain, solve problems and apply reasoning is actually quite complex. We are lucky enough today that there are multiple box-like solutions that we can apply to our challenges without the demand to design and develop them.

Today, I’d like to open the discussion to five internal applications for AI that you may not have integrated into your practice yet. Based on our own agency’s experience with them, I believe that each of these, while simple to integrate, also streamlines workflow, reduces errors, cuts costs and delivers better insights.

1. Sales Predictions: Our sales team relies heavily on a CRM system to house information on clients, prospects and sales history. To date, much of this has been a library of information with search functionality. However, we are seeing systems such as Salesforce, Active Campaign and many more, beginning to incorporate predictive analytics (AI) into their services. We can now search our database for most engaged leads and prospects most likely to close, along with other key indicators. This seemingly logical information has allowed our team to focus their time and energy on yielding improvements in the close-rate percentages as well as shortening the time-to-close ratio.

2. Ad Bids: Google is leading the way in AI development, testing and integration (alongside Facebook, Amazon, Microsoft and Apple). If you are executing a paid ad campaign with Google’s search pages, you are likely using its artificial intelligence technology. Called Smart Bidding, the platform will test, monitor and adjust your Google Ads bid strategy with the intent of improving the quality and return on investment (ROI) of your ad campaign. In our experience, this is still new and needs consistent human oversight (it does not always work the way it should). However, as machine learning goes, we know it will gain intelligence and improve on the structure quickly.

3. Dynamic Ads: Use predictive analytics to serve the most relevant online ad to your prospective customers, and your ad buys will become exponentially more successful. For us, this means providing Google a list of landing pages we would like to use in an ad campaign. The program will then scan the pages and identify critical phrases and keywords for each page. Those are then injected into the paid search marketing campaign when an individual uses a search for a related product or service. Often, when dynamic ads are incorporated into a campaign, we realize a three-to-four-point increase in ad engagement.

4. Improved Internal Processes (And Fewer Errors): This is where the automated processes portion of AI has impacted our firm. We have automated our proposal tracking, follow-up and reporting processes between our software used to generate proposals and our CRM software. Additionally, we have implemented email marketing automation within our business development processes to send and personalize emails delivered, depending on the interactions by the recipient and the content they view within our website. We have also been successful in reducing staff time in campaign reporting, and have virtually eliminated errors in our client reports. Through linking the various ad platforms we use monthly (e.g., Google, social platforms, programmatic platforms and others), campaign data is shared directly with our reporting dashboard, providing real-time access to the data for our team and our clients. Combined, these have made our firm more responsive to our clients (building loyalty).

5. Chatbots: Chatbots allow brands to have conversations and answer inquiries, even when the office is closed. Our use of this technology is fairly limited at this time, but really, the opportunities are endless. Recently, I had a client testing this technology at live events to share updates and answer questions from attendees (e.g., Where is the closest bathroom?). Facebook Messenger has been testing and improving chatbots through its platform for a few years now and have gotten pretty good at carrying on a conversation without the challenges of 24/7 staffing.

I could keep going — there are many more potential applications for incorporating AI into your organization. Have you started testing any of these uses? What else have you tried that have been successful for your business?


This article was originally posted on – https://www.forbes.com/sites/forbesagencycouncil/2019/06/14/five-ways-to-use-ai-in-marketing-today/#c25fb90292a4

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