Lead Prioritization With AI for Sales Team
October 23, 2020 5 min. read
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Increase the likelihood of connecting with qualified prospects by 120%, get 75% wider sales opportunities, and close 50% more deals in a few months without generating new prospects. Magic? Nope, this is how AI lead prioritization fuels your sales funnel.
Imagine you have a vast number of leads… is it a sales rep’s dream or a disaster? The answer almost entirely depends on conversion – if conversion rates are low, it doesn’t matter how many prospects you’ve collected, since most of them won’t purchase.
In striving to generate more leads, sales teams put a majority of their effort into reaching out to as many prospects as possible, while also spending dozens of hours on routine administrative work and filling out their CRMs. Nevertheless, all of these efforts and time do not guarantee high conversion and revenue, instead of leading to overload, burn out, and low total performance rates.
What’s the issue?
Among all the prospects generated, only a portion will purchase. Figuring out what leads are more likely to convert to opportunities has been a real challenge. For years, sales reps have been relying on intuition and insufficient information, trying to guess which type of potential client is likely to convert the most.
The odds of targeting ready-to-buy leads tend to be low, since salespeople tend to either focus on instinct-based opportunities or spread efforts equally across all prospects. As a result, salespeople get ineffectively overloaded and focus on the wrong opportunities. The whole process just turns into a game of trying to catch up to the quota, while dreaming about more qualified leads.
As a result, companies miss extensive opportunities and experience unsatisfactory sales team performance, untapped pipelines, and low conversion and revenue. Frequently, businesses lose the potential to bring in millions without even realizing it.
Is there a solution?
Some companies prefer to hire more sales managers, others put resources into mastering their sales strategies. While both measures may positively affect companies’ performance, they do not resolve the challenges described above.
The only solution to increase conversion and prevent sales reps from doing useless work is prioritizing leads. Today, managing a large number of potential customers and focusing on high-conversion prospects goes beyond manual work. In order to save sales teams’ efforts and time and ensure high conversion and revenue, all while coping with B2B competition, companies need to use the power of Artificial Intelligence to prioritize their leads.
What’s the point?
While people rely on their intuition and superficial information, AI makes decisions based on real-time data and the history of salespeople’s interactions with customers. These algorithms compile a whole range of relevant data: prospects’ info (ex: industry, funding, company size), engagement rates (ex: opened emails, website visits, content downloads), the validity of contact details, leads’ activity in social media, etc. By analyzing these data points – from geographic to demographic to behavioral – AI ranks leads, stressing their value and propensity of purchasing a service or product. In other words, AI makes recommendations to sales professionals along these lines: “Psst, this particular lead is 99.9% likely to convert. Don’t wait any longer, go for this one!”
What opportunities do sales teams get?
With the help of AI lead prioritization, companies enable their sales teams to achieve higher efficiency.
Focusing on high-conversion qualified leads
Getting statistically justified hints on what leads are more likely to convert, sales professionals can focus their efforts on those high probability contacts and reach out to them while they are warm and ready to purchase. On the contrary, the lowest-ranked prospects can be given less attention and can be contacted later on since the odds that they will convert are insignificant. Thus, sales reps do not misallocate effort.
Resurfacing older leads
Frequently, sales teams do not get the most out of their pipeline. Usually, they prefer to generate new leads and focus on targeting them over trying to convert the old ones. As a result, they may miss countless opportunities to get more sales closed. AI analyzes all the leads in a CRM, ranking the high converting ones and letting salespeople revive promising old prospects and expand their revenue.
Due to lead prioritization and the AI’s recommendations, it gets easier to understand how many interactions (emails, calls, voicemails, etc.) are needed to close a specific deal and to determine a sales cadence that will work for a particular prospect.
Minimizing routine work
Spending time on typing information into CRMs and doing administrative work distracts sales teams from much more valuable tasks. By prioritizing leads with the help of AI, one gets extensive information on potential customers and can start working on it immediately.
What are the outcomes?
Lead prioritization with AI helps sales reps have higher odds of optimizing their outreach, target high-converting qualified prospects, and save effort on reaching out to the low-converting ones. Additionally, numerous manual tasks get automated, saving sales professionals valuable time, allowing them to focus on essential tasks, and getting ahead of their quotas. As a result, sales teams don’t miss opportunities and become more efficient, allowing companies to multiply their revenue.
It’s all about priorities! And AI.
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