Machine learning and artificial intelligence (AI) helps in improving business operations and enhances business scalability. Surfing the net, checking online weather reports, use of automatic speech recognition, and driving a car using GPS navigation are some of the benefits of machine learning that have already become a part of our daily lives.

The term ‘machine learning & artificial intelligence’ refers to enabling computers with the ability to draw observations from the collected data; you do not need explicit programming for this process.

Machine learning helps pull out the meaningful information from the raw data; it is an excellent technique of solving complex-data-rich business problems that are not resolved by the traditional approaches like human judgment or software engineering. Giants like Google and Amazon are investing in these technologies to see how big a role they’re going to play in our future lives both professionally and personally.

Increase Sales and Achieve Marketing Goals:

We can use AI algorithms and machine learning for predicting which product a customer would like to buy. The details can be extracted like customer profile such as customer activity, recent purchases, as well as personal details. Businesses can map this information to predict the likelihood of customer response to a specific product/service. Machine learning will help businesses to win, retain, and serve customers better than other industry players.

Marketing AI & Machine Learning Statistics:

• When AI is present, 49% of consumers are willing to shop more frequently while 34% will spend more money.

• Netflix saved $1 billion in 2017 by using machine learning to make personalized recommendations

• 83% of early AI adopters have already achieved substantial (30%) or moderate (53%) economic benefits

• By 2020, 30% of companies worldwide will be using AI in at least one of their sales processes

• With machine learning, Amazon has reduced the time between users clicking the buy button and their items being shipped to just 15 minutes on average – a 225% reduction. 

Businesses should gain predictive powers in three key areas to improve sales to 10x:

1. Behavioral Targeting & Product Recommendations: Start recommending the right product to the right user at the right time using our ML Intelligent Engine. 

2. Cross-sell & Up-sell: Start selling more using ML & AI algorithms and increase your basket size.

3. Price Optimization: Understanding what discount, if any, to give a customer is always a tricky situation. You always want to win the deal, but at the same time you don’t want to leave money on the table. An AI algorithm could tell you what the best beneficial discount rate should be for a proposal to ensure that you’re most likely to win the deal by looking at specific trends of each past deal that was won or lost.

Machine Learning for B2B

A recent survey found that 73% of top B2B businesses say AI is an essential or high priority for sales and marketing teams to boost sales.

You can also utilize AI and machine learning to streamline the sales processes. Sales teams  can use the algorithms to prioritize accounts that need more attention, which products see a seasonal fluctuation, and complementary products and services to offer.

When a customer is researching products online, they expect relevant results quickly. AI and machine learning can speed up the process by anticipating results and analyzing previous purchases and search history. 

As a customer browses and places orders, a machine learning algorithm learns trends and insights about the customer.  It’s then able to recommended products, complementary parts, and suggested services.

Tremendous opportunity lies ahead for B2B to apply machine-learning techniques in order to discover valuable insights that will improve their decision-making processes. 

Conclusion:

Big and small companies are using AI in all kinds of innovative ways to boost their sales and achieve marketing objectives. Have you ever searched Netflix to watch a movie?, AI (a recommendation algorithm) was used in your decision about what to watch.  Have you ever shopped on Amazon?, your decision about what to buy was also predicted or influenced by AI (via an association algorithm).  Have you ever ordered an Uber?, AI (a location algorithm) is used to have a car in your vicinity to serve you quickly.  Have you ever had a thought about a product or a vacation?, and it seemed to suddenly pop up on your search page or in your email inbox, I can assure you that it is because of the AI (a classification algorithm) monitoring your online activity.

These same types of AI algorithms can be used to power any company’s decision-making process, helping you make better business predictions and generate actionable insights that will help the sales teams to close more deals, more often.