Is AI coming for your job in the near future? Almost certainly. However, debating the impending AI domination and takeover is blasé. It’s ultimately unimportant for business leaders trying to drive growth and revenue. The main focus now is Artificial Intelligence and its potential to transform how well we sell.
Looking at the sales world, AI is already making huge moves. From sales pipeline insights all the way to content recommendation, there’s a lot of areas that could benefit from an AI. One such area with untapped and significant opportunities (and arguably the biggest problem facing marketers) is the infamous “No Decision.” Forget the robotics shock and awe. Shifting customers from confusing complacency to determined, informed action is where things get interesting for salespeople.
How No Decision Kills Deals
If ever there was a sales purgatory, it would otherwise be known as “No Decision.” For business owners, it’s akin to sales limbo where buyers shift around aimlessly like suited zombies who don’t know whether they want brains or not. For the customer, it’s a safe haven when they’re crippled by the sheer abundance of options and shifting priorities. Simply put, it’s much easier for buyers to do nothing when faced with uncertainty.
According to research, over 22% of all deals come to a dead halt due to this type of thinking. Run that number along your forecasted opportunities and it could represent lost revenue in the millions. So, what can revive a sale after a “No Decision” deal homicide? Simple; introducing a sense of need and urgency.
How Urgency Revives Deals
Today’s sales leaders are confronting this No Decision phenomena by executing urgency driving programs. This powerful force has the ability to turn leads into buyers. Typically, it occurs in three steps that involve company purchase, prospect evaluation and company evaluation.
Ultimately, sales leadership must present a very compelling solution. One that convinces stakeholders that their investment will solve an urgent and companywide problem. When done right, this urgency creates a bias for immediate action where inertia may otherwise rule. Just one complication however. Manufactured urgency is like lab-grown diamonds – highly inferior to the real thing.
Can Genuine Urgency be Manufactured or Curated by Hand?
The short answer is yes. However, curating genuine urgency by hand is no simple feat. Think about it. We’ve all had a salesman try and convince us we need something we knew we didn’t. More often than not, these interactions end with no purchase. This shows how fragile fake urgency is. Even the simplest of objections can block a deal because the customer is always right (and ever in hurry).
Instead, sales reps need to organically develop urgency by attaching product benefits to existing initiatives. For instance, a buyer wishes to invest in CRM as opposed to automation software. A good rep will try and build urgency by showing the customer the benefits of buying both. Unfortunately, building authentic urgency is an uphill climb. It requires hours of hard work sifting through notes, analyzing loss calls, interviewing executives and many other tasks. But once you achieve this, it’s easy to create sales plays that align with already deciphered patterns.
Downsides? Well, a manual approach like this is essentially a guess and check strategy. It’s not proactive or adaptive. It will not scale with your business. A deep learning system on the other had could analyze oodles of quantitative data en masse.
How AI Helps Overcome “No Decisions”
Compared to traditional analysis methods, AI’s ability to transform data into actionable insight currently outperforms them all. It reveals customer needs, wants, and repetitive habits like never before.
Just like the above example of a manual approach, AI can also analyze urgency blockers. It achieves this by combing through qualitative data to identify patterns that would otherwise be invisible to reps. Unlike humans who are limited by time, AI easily crawls thousands of points in mere minutes. Pulling insights that will inform your strategy while uncovering areas that need improvement.
In our manual scenario, reps must make educated guesses on which actions will help buyers overcome no decision. AI on the other hand excels at finding hidden opportunities to act on. AI allows users to feed the deep learning system with a data set of no decision customer accounts. The system will then generate several effective urgency driving actions that can be correlated with wining approaches in the industry.
Once we’re able to set aside the sensationalism surrounding AI, we can start applying the tech to these and more real business challenges. The right AI can arm your sales team with guidance, content, and insight into customer behavior. All these combine to overcome “No Decision” by instilling an overwhelming sense of urgency. The secret here is to avoid grandiose predictions and instead focus on tangible impact. And of course getting your team to collaborate with the right tools.
There’s already plenty of studies around AI. Most of it shows that businesses which commit to getting their workforce to collaborate with AI have more chances long term viability and success. It’s highly likely they will survive upcoming AI disruptions across various industries.
Join the artificial intelligence bandwagon today with systems like Veloxy Engage and Veloxy Mobile which use AI to provide sales teams with relevant information for their next task depending on factors like where they are at the moment and the context of their current objective. What’s more, they can help businesses understand their customers better by keeping track of their activities and generating forecasts that will improve sales overall.