There is no doubt that the Artificial Intelligence (AI) industry is helping banks and businesses increase their net revenue, boost close rates, lead volume, and overall performance. But AI has a great impact on the sales and marketing industry. The role of AI in sales involves providing personalized customer engagement, seamless transactions, and more.
AI in marketing and sales automates and augments most of the sales tasks and processes, allowing salespeople to concentrate and focus on many complex and crucial tasks, which tremendously cuts down costs and increases the net revenue. Hence, AI adoption in sales is growing faster than any other technology or service. As a result, many high-performing sales teams have adopted AI in their systems to deliver better results.
AI application in sales has impacted how banks and businesses interact with their customers, a salesperson’s influence on marketing and sales, and how they are paid, such as their sales compensation. But before that, let us see how AI is transforming sales.
How can AI increase sales?
AI drives successful, seamless, and continuous customer engagement across multiple channels through an omnichannel presence. AI helps determine the right lead and prospect worth converting into a customer, saving them the time and effort of a salesperson to reach potential customers and deal with them.
Automated agents such as a sales assistant follow up on potential prospects and lead, routing them to the right sales channel. This prevents agents from wasting their time chasing unideal leads and wait until they realize if they are the right fit.
How AI impacts sales compensation?
AI in sales operations impacts sales compensation in the following four ways:
1. Pay level
Many believe that AI will drive the requirement of fewer salespeople by replacing most of their tasks. If this happens, it will reduce the demand and requirement of salespeople and reduce their pay level as well.
But the reality is, with AI adoption, salespeople are becoming more and more sophisticated, with a requirement to possess more advanced and technological skills. Therefore, with an increase in skills set, a salesperson’s pay level will also get an upward trajectory.
2. Plan metrics
AI in sales is not meant to replace salespeople altogether. Rather, they ease up the sales process and supplement the success of a salesperson. Companies and banks today are increasingly motivating salespeople to accept AI’s suggestions and recommendations. As AI provides robust, accurate, and personalized service, it increases the adoption and necessity of AI for sales in businesses.
3. Quota setting
AI has tremendously enhanced the ability of businesses to forecast results precisely and quickly. This helps companies monitor trends, launch quotas in time, and diagnose the quota health post-launch. In addition, it also significantly improves and enhances accuracy by navigating through any difficulties effectively.
4. Plan design
Apart from guiding and assisting a salesperson with the best way to sell, AI also motivates them in the best possible way. Salespeople are usually motivated in four ways: control, excellence, affiliation, and reward and recognition. Based on a salesperson’s profile and optimized plan, AI determines and figures out an ideal motivator for them. This design significantly impacts the salesperson’s or an agent’s performance and overall sales growth.
With a rise in more advanced algorithms and enhanced computing capabilities, AI will continue to transform and enhance the sales and sales compensation process. Organizations are actively incorporating AI for sales and marketing and to enhance customer experience.
To improve your business’s sales and customer service, you need to find personalized and intelligent AI solutions for banks from reliable vendors. You can check out the products and services from interface.ai for your business, which can help you find intuitive solutions on every banking channel.