martechoutlook

ML: Enhancing Sales and Improving ROI

By Marketing Tech Outlook | Tuesday, August 06, 2019

Machine LearningStreamlining the marketing mix by identifying sales tactics and programs revolutionizes marketing with machine learning.

FREMONT, CA: With Machine Learning (ML) continually proving to be the next big thing in technology space and the world at large, businesses are taking advantage of their ability to increase their activities in distinct respects. ML can be used to power the decision-making process of any company in a bid to help better company predictions. The following are some of the fields where ML algorithms can be used to help companies grow by helping to increase their revenues.

Forecasting

Sales executives often face an obstacle in attempting to predict where their teams' complete sales figures would land every quarter. With such a notable instrument, executives can now, with a high degree of precision, predict income for the next quarter. This capacity, in turn, enables a company to better manage its assets and inventory, primarily from the point of perspective of activities.

Price Optimization

It is a complicated situation to identify the discount to offer to the client. To ensure a high probability of winning, ML algorithms can provide the ideal discount rate for a proposition. It does so by concentrating on particular characteristics of any previous agreement that has either been lost or earned. Some of these components, among many others, could be several rivals and compliance with product specifications.

Lead Scoring

A salesperson with a wealth of skilled prospective clients must make daily or hourly choices about where they need to concentrate their attention when concluding agreements to achieve their quarterly or monthly targets. Most of this method is based on incomplete data and intestinal instinct. However, an ML algorithm can compile the social media posting of a customer, historical data as well as the customer interaction history of a salesperson including text messages in an attempt to rank the leads or possibilities available based on their probability of effectively concluding a deal.

ML will undoubtedly transform marketing and sales into a larger, better, and dominant company strategy that is driven by data. Marketing automation apps are now able to tailor content and resources that move possibilities forward by combining analytics, personalization, and ML.

Weekly Brief

New Editions