Focus on your core business
Artificial Intelligence (AI) tools are particularly effective for your core business. Companies have a lot of information on existing customers, and AI can crunch that data for you. According to a McKinsey report, 80 percent of the value creation achieved by successful growth companies comes from their core business—namely, generating new revenue from existing customers.
Selling to existing customers
Todd Daubenberger, CRO at White Cup, says selling to existing customers costs less than finding new ones. AI-powered platforms help by giving teams smart suggestions based on order history. With the right tools, companies can boost revenue by 10% to 30%. (“Eight Upselling and Cross-Selling Strategies That Drive Sales Growth,” distributionstrategy.com)
How AI strengthens your core
A sales rep’s job involves juggling multiple tasks. A recent report by the Distribution Strategy Group explained how AI is providing data that helps reps keep all the balls in the air.
The Distribution Strategy Group reported: “Distributors are catching on. Recent research shows that 78% of survey distributors plan to use data and analytics to guide their decision-making and sales strategies. Many are also leaning into CRMs and AI-powered tools to help their reps work smarter, not harder. In seconds, AI can surface a long-time customer whose orders are slipping, signaling a churn risk. It can also reveal a high-potential prospect that’s gone quiet and needs a follow-up or a growing account with untapped opportunities in new product categories.”
Work smarter
Growing your core business is essential to success. Lastly, make sure you have the AI tools to allow your sales team to work smarter, not harder.
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