Wondering why some businesses enjoy sales success in competitive markets? They’re using advanced technologies like generative AI!
Research shows that businesses that use AI in sales see significant benefits, like:
- 50% increase in leads
- 60% reduction in costs
- 70% decrease in call time
This cutting-edge technology automates repetitive tasks, giving teams more time for strategic activities. It helps sales teams in many ways like,
- Writing effective pitches based on past success
- Improving sales predictions
- Offering real-time guidance during calls
Interested in how generative AI boosts sales? Keep reading!
In this blog post, we’ll explore practical ways to use generative AI for sales success
What is Generative AI?
Generative AI, short for Generative Adversarial Networks (GANs), is a subset of artificial intelligence (AI) that focuses on creating new content or data based on existing patterns and examples.
Unlike traditional AI models that are designed for specific tasks like classification or prediction, generative AI aims to generate novel outputs that resemble human-created data.
Here’s a much simpler explanation from IBM:
“Generative AI refers to deep-learning models that can generate high-quality text, images, and other content based on the data they were trained on.”
Related: AI in Sales 101: Unveiling Tools and Best Practices to Transform Your Sales Strategy
How Does It Work?
Generative AI consists of two neural networks—the generator and the discriminator—that work in tandem. The generator generates new data, while the discriminator evaluates whether the generated data is real or fake.
This iterative process helps improve the generator’s ability to create realistic and diverse outputs, making generative AI valuable for creative applications like image generation, text synthesis, and more.
Example
One example of generative AI is OpenAI’s GPT models, such as GPT-4. These models have been trained on large amounts of data and can produce text that resembles human writing when given prompts. Their flexibility allows them to be used for various tasks like content creation, analytics, and even generating code. This shows the wide range of possibilities offered by generative AI technology.
Related: 15 Best AI Sales Tools & Software [2024]
Role of Generative AI in Sales
According to McKinsey, around 75% of the advantages of using Generative AI are seen in four main areas:
- Customer operations
- Marketing and sales
- Software engineering
- Research and development (R&D)
Let’s focus on the role of generative AI in sales:
As we know, sales involve a lot of interactions and transactions that create a large amount of data, like audio from phone calls, text from emails, and video from meetings.
Generative AI is designed to work with this kind of data, which makes up about 90% of business data. The ever-changing nature of sales gives generative AI many chances to analyze, understand, connect, and personalize information for better sales outcomes.
Here are some facts showing the use of generative AI for sales:
- About 70% of companies using AI in their operations say it has increased their marketing and sales revenue.
- McKinsey found that the number of companies using AI has increased since 2017, with around 50% to 60% using it now.
- Salesforce found that 33% of salespeople use or plan to use Generative AI, compared to 51% of marketers.
- In the next five years, Gartner predicts that 60% of sellers’ tasks will be done by generative AI, a big jump from less than 5% in 2023.
- Twilio created RFP Genie, a tool that uses generative AI (like OpenAI’s GPT-4) to create responses by scanning files for relevant information in a Request for Proposal (RFP).
- Google expects its AI RFP tool to save its sales team tens of thousands of hours each year.
- 61% of sales experts believe technology will improve customer service and help them sell more.
According to HubSpot’s survey of over 1,350 sales leaders:
- 74% use AI or automation tools in some way.
- 60% say AI and automation are important for their sales strategy.
- 69% believe AI and automation are useful for finding potential customers.
Related: How to Use AI For Sales Training – Tools and Best Practices
Benefits of Using Generative AI for Sales
Among those using Generative AI for sales:
- 84% say it speeds up customer interactions and boosts sales.
- 90% mention it helps serve customers more quickly.
Here are some more benefits of using generative AI in sales:
- Improved Lead Generation: Generative AI for sales can analyze customer data to identify potential leads more accurately, leading to a higher conversion rate.
- Personalized Customer Interactions: By generating tailored content and messages based on customer preferences, sales teams can enhance engagement and build stronger relationships.
- Efficient Sales Processes: Automating repetitive tasks like drafting emails or generating proposals saves time, allowing sales reps to focus on high-value activities.
- Enhanced Sales Forecasting: Generative AI for sales can analyze historical sales data and market trends to provide more accurate sales forecasts, aiding in strategic decision-making.
- Cost Reduction: By streamlining processes and improving efficiency, Generative AI helps reduce operational costs associated with sales activities.
- Real-time Sales Support: AI-powered tools can provide real-time guidance to sales reps during customer interactions, improving performance and closing rates.
- Competitive Edge: Leveraging advanced AI technologies gives businesses a competitive advantage by enabling data-driven insights and smarter sales strategies.
Related: Sales Rules of Engagement 101: Your Ultimate Guide to Navigating Sales Success
Generative AI Use Cases in Sales
According to a HubSpot survey, the top uses of Generative AI in sales are,
- Content generation (18%)
- Reaching out to potential prospects (16%)
- Analyzing data and research (16%)
Here are the 14 practical uses of generative AI for sales. We have categorized the use cases into content generation, task automation and data analysis.
Let’s see how generative AI will change sales.
Content Generation
1. Personalized Email Writing
Generative AI tools help sales teams create personalized emails efficiently. These tools use CRM data, like customer names and past interactions, to craft emails tailored to individual needs and interests.
Additionally, they gather information from sources like LinkedIn or company websites to identify common connections or shared experiences with outbound leads. Using this data, AI tools generate emails that help establish rapport with new prospects.
Sales representatives access these tools through a chat interface within their email system. The tools suggest responses for each email and allow users to input specific requests, such as drafting a cold sales email about a new product for a particular contact. Users can then edit the generated draft as needed.
2. Writing Effective Sales Pitches
Generative AI for sales can also assist in creating effective sales pitches by generating tailored content based on customer data and market insights. Sales teams can use AI tools to craft compelling pitches that resonate with specific audiences, incorporating personalized messaging and persuasive language.
This technology enables sales representatives to deliver more impactful presentations that address customer needs and preferences, ultimately increasing the effectiveness of their sales efforts.
Related: 10 Best Meeting Recording Software to Consider in 2024
3. Designing Sales Proposal Slides
Generative AI tools assist sales teams in creating visually appealing presentation slides. These tools are valuable because not all sales representatives have design expertise.
Using natural language, sales reps can instruct the generative AI tool to create slide decks and other visual content. For instance, a sales rep could request: “Generate a sales proposal for a B2B tech company.”
The tool would then produce a set of slides containing essential sales elements like an “about us” section, charts, and customer testimonials. The sales rep can then customize the slide deck with specific company information.
4. Improving Sales Chatbots
Generative AI for sales can improve customer-facing chatbots by enhancing their ability to process natural language. Many organizations have used sales chatbots on their websites to interact with customers, answer questions about products, and gather information. However, these chatbots often feel scripted and robotic.
Generative AI’s advanced capabilities allow chatbots to understand complex queries and respond in a more human-like way. This makes the chatbots more helpful and engaging compared to earlier versions.
Related: 11 Effective Ways To Improve Sales Conversations & Drive More Revenue
Task Automation
5. Lead Research
Generative AI tools assist sales reps in researching leads within their CRM systems. For example, a sales representative at a technology startup in San Francisco could ask the AI tool to generate a list of top software development firms in the Bay Area.
The tool would compile detailed profiles of these companies, including services offered, key contacts, and office locations. The sales rep could then choose to import this information directly into the CRM system for future outreach and relationship building.
6. Proposal Generation
Generative AI can assist sales teams in creating proposals by generating customized content based on customer preferences and business insights. For example, a sales representative could prompt the AI tool with specific details about a client’s needs, such as industry, project scope, and desired outcomes.
The AI tool could then generate a comprehensive proposal document containing relevant information, pricing details, and value propositions tailored to the client’s requirements. This streamlines the proposal creation process and ensures consistency and accuracy in presenting sales offers to potential customers.
7. Contact Management
Generative AI for sales can streamline CRM data entry for sales reps, saving time in large enterprises with complex sales processes. Sales reps can use natural language prompts to input contact information more efficiently.
For example, typing “schedule a demo with Acme Corporation for next Tuesday at 10 AM” would automatically add a calendar event and update the CRM with the details of the scheduled demo, including contact information and meeting notes.
8. Interaction Summaries
Generative AI can summarize recorded interactions from calls, emails, and video chats, helping sales reps review important details easily. These tools automatically add interaction highlights as notes in the CRM system, saving time for sales reps.
Data Analysis and Research
9. Lead Scoring
Sales teams often manage hundreds or thousands of leads based on organization size. Generative AI tools for sales swiftly analyze vast customer data to improve lead scoring and guide sales reps on which prospects to prioritize.
To score leads accurately, these tools analyze various customer data points:
- Demographics (e.g., age, gender)
- Website interactions
- Firmographics (e.g., company size, industry)
- Purchase history
- Job title
- Social media engagement
Generative AI for sales synthesizes this data to assign scores to each lead. Scores are updated in real time as new information is processed, aiding sales reps in focusing on the most promising prospects.
10. Real-time Sales Coaching
Generative AI tools can provide real-time coaching to sales reps by analyzing their interactions, such as emails, live chats, and video conferences. To enable this coaching, organizations customize their AI tools by feeding them large amounts of past sales interaction data.
For example, if a customer inquires about pricing, the AI tool can generate a cue card with effective responses based on successful past interactions. This assists sales reps in addressing customer inquiries confidently and accurately.
Moreover, Generative AI for sales can help identify other ineffective behaviors, such as overselling during initial discussions. By analyzing sales history, the AI can highlight patterns that lead to unsuccessful outcomes. This feedback empowers sales reps to refine their approach by emphasizing understanding customer needs before pitching product features.
Related: Complete Guide to Sales Battlecards – What Are They and How to Use Them?
11. Accurate Forecasting
Every department in an organization relies on sales forecasts for resource planning, whether monthly, quarterly, or annually. Generative AI’s capability to analyze large volumes of unstructured data, such as sales interactions, can significantly improve forecast accuracy.
For example, if a sales forecast predicts a surge in demand for a specific product line, the organization may ramp up inventory and allocate resources to meet anticipated customer needs. However, inaccurate forecasts could result in excess inventory or shortages, impacting profitability and customer satisfaction.
Generative AI tools analyze historical sales data, market trends, and customer preferences to predict demand more accurately.
12. Sales Analytics
Generative AI revolutionizes sales analytics by offering critical insights for informed decision-making and strategy refinement. It analyzes sales data to uncover patterns, trends, and key performance indicators, utilizing machine learning to predict future sales performance.
Moreover, AI provides prescriptive analytics by offering actionable recommendations to enhance sales outcomes. Real-time analytics, sentiment analysis, pipeline assessment, and sales rep performance evaluation are among the areas where generative AI can empower sales teams with valuable insights.
Related: Sales Analytics 101: Definition, Tools and Metrics
13. Sentiment Analysis
Generative AI for sales can evaluate customer feedback, reviews, and social media comments to assess sentiment and uncover potential insights. This enables sales teams to address customer concerns, leverage positive feedback, and refine sales messaging to better connect with their target audience.
14. Improve Reporting System
Effective sales managers strive to identify salespeople who may need additional support to meet their goals. They can leverage AI tools to analyze their team’s recent sales data. These tools detect individuals experiencing a decline in performance.
Subsequently, the manager uses the AI tool to create personalized reports for each affected employee. These reports highlight individual strengths and weaknesses, along with recommendations for enhancing performance.
Related: 10 Best Sales Intelligence Software For 2024
Best Generative AI Tools for Sales
Data shows that tools that automate tasks are most popular among sales professionals (35%), followed by Generative AI for writing content or messages (31%).
Here are the 5 best generative AI tools for sales success.
1. Goodmeetings
Source: Goodmeetings
Goodmeetings is a cutting-edge AI platform designed to boost sales productivity. It automates tedious tasks like meeting transcriptions and action item tracking, allowing sales teams to focus on closing deals faster.
With features like call recording, real-time insights, and deep CRM integration, Goodmeetings enhances every aspect of sales interactions. It’s trusted by leading firms globally, offering human-like summaries, AI-generated key moments, and advanced analytics for refining sales strategies.
Key Features
- AI-driven meeting transcriptions
- AI-generated moments, summaries, and action items
- Real-time meeting performance insights
- Deep CRM integration
- Call recording and analytics
- Multi-language support
- Customized reporting dashboards
- Screenshare and sentiment analytics
- Meetings playlist (2 years of storage)
- Conversational intelligence
- Complete customer profiles with name, role, and interaction history
- Automatically capture responses to custom discovery questions for lead qualification
- AI-based nudges and battlecards for sales reps
- Live, incognito human coaching
- Highlight important moments from calls and meetings
- Basic sharing & collaboration
- Slack & email notifications
Pricing
- Professional: $50 per month (billed annually)
- Business: $75 per month (billed annually)
You can try using Goodmeetings for free with a 7-day trial offer (no credit card is required). You can also book a free demo to see how the tool works and helps you with sales.
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Enjoy Sales Success With Goodmeetings!
Related: Getting Started with the Goodmeetings Notetaker
2. OpenAI’s GPT-4
Source: OpenAI
GPT-4 by OpenAI is an advanced language model that generates human-like text based on provided prompts. It excels in various applications like crafting personalized sales emails, generating marketing content, and powering chatbots for customer support.
Key Features
- State-of-the-art language model
- Generates coherent and contextually relevant text
- Used for personalized sales emails, marketing copy, and virtual assistants
- Understands a wide range of contexts
- Provides real-time information
- Can create content in different styles and tones
- Help to summarize and analyze sales data
Pricing
- ChatGPT 3.5: Free Version
- ChatGPT 4: $20 per month
Related: ChatGPT for Sales: 10 Ways to Boost Your Sales Revenue Using ChatGPT
3. Salesforce Einstein GPT
Source: Salesforce
Salesforce Einstein GPT is a powerful tool integrated into Salesforce’s Sales Cloud packages, catering to large enterprises. It enhances productivity by generating sales tasks, automating lead scoring, and transcribing sales call highlights. The tool leverages OpenAI’s ChatGPT to compose emails and offers dynamic content generation through the Marketing Cloud.
Key Features
- Integrated with Salesforce Sales Cloud
- Automates lead scoring and sales task generation
- Composes emails and transcribes sales call highlights
- Generates dynamic, personalized marketing content
- Conversation intelligence and sales engagement
Pricing
- Starter Suite: $25 per month (billed annually)
- Professional: $80 per month (billed annually)
- Enterprise: $165 per month (billed annually)
- Unlimited: $330 per month (billed annually)
- Einstein 1 Sales: $500 per month (billed annually)
Related: Gong Alternatives: Gong Competitors You Must Consider in 2024
4. Regie.ai
Source: Regie.ai
Regie.ai is a versatile AI tool designed for small-to-medium businesses, startups, and individuals. It offers free and paid plans, starting at $89 per month. The tool integrates with popular platforms like Gmail, Outlook, and LinkedIn for writing sales emails efficiently.
Key Features
- Automatically prospect and book meetings
- Contact and account sourcing with CRM sync
- Task prioritization powered by intent data
- Relevant content generation
- Free Google Chrome extension
Pricing
- Contact sales for pricing information
Related: A Complete Guide to Sales Call Reporting: Tips, Templates & Tools
5. Conversica
Source: Conversica
Conversica is an AI-powered virtual assistant designed for sales and marketing teams. It engages with leads, qualifies prospects, and nurtures customer relationships using natural language processing and machine learning. Integrate Conversica with your CRM or email system, configure its behavior and engagement strategies, and monitor its conversations for accuracy and performance optimization.
Key Features
- Engages with leads and prospects through personalized email conversations
- Automates lead follow-up and qualification processes
- Schedules meetings and provides real-time notifications to sales teams
- Helps with lead sorting
- CRM integration
Pricing
Pricing details are available on request
Related: What is Sales Acceleration? – Tools and Tactics Included
Generative AI Wins and Limitations
Generative AI technologies are transforming industries by improving creativity, personalization, and automation. However, there are important challenges to consider for using these technologies effectively and responsibly.
Wins of Generative AI
- Enhanced Creativity: Generative AI can produce novel and imaginative content, including text, images, and music, expanding creative possibilities.
- Personalization: AI can customize content and recommendations based on individual preferences, enhancing user experiences and engagement.
- Automation: Generative AI automates repetitive tasks like content generation and data analysis, freeing up human resources for higher-value activities.
- Improved Decision-Making: AI-driven insights from vast datasets enable better decision-making, optimizing strategies and resource allocation.
- Predictive Capabilities: AI’s predictive algorithms forecast trends and outcomes, aiding in proactive planning and risk mitigation.
Limitations of Generative AI
- Ethical Concerns: AI may perpetuate biases present in training data, leading to unfair outcomes and discrimination.
- Quality Control: Generated content may lack consistency and accuracy, requiring human oversight for validation.
- Resource Intensiveness: Training and maintaining AI models demand significant computational power and data storage.
- Security Risks: AI systems are vulnerable to malicious attacks and data breaches, posing cybersecurity threats.
- Complexity: Implementing AI requires specialized expertise and resources, limiting accessibility for smaller organizations.
Related: Mastering Sales Demos: The Ultimate Guide to Winning & Closing More Deals
Wrapping Up
Generative AI is transforming sales by making processes more personalized, efficient, and insightful. It automates tasks like lead generation, content creation, and sales forecasting, improving customer interactions and boosting sales outcomes.
Discover how Goodmeetings can enhance your sales team’s performance. Book a demo today and see the impact of AI on your revenue growth!
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