Achieving Sales Mastery with AI
Today, we constantly hear that “sales are harder than ever before”. The question is – is this just a perception or reality?
To understand how much sales have changed and how managers can improve their teams’ sales performance, we spoke with globally recognized sales expert Jim Dickie, founder of Sales Mastery.
The truth is that research shows that this is, in fact, a reality. Jim explains that there have been a number of changes especially since coming out of the great recession.
“Quota attainment went from 63% in 2012 to 53.8% in 2018.”
“Research conducted on 18 different operational metrics such as the ability to carry out key account planning, market segmentation, needs analysis etc shows that from these metrics, 17 out of 18 are in fact down. Clearly, sales is getting harder. “
Jim tells us what is already being done with AI has either not worked or reached its full potential but at the same time there are still a great number of new capabilities out there that have never existed. Although AI has been out there for a long time, the attempts often, in a sense, were failures in the past. It is now, where things are actually starting to come together successfully.
Is AI being used effectively?
A case study for AI in sales gathered data from 420 companies. It showed that one third had implemented AI, another third were evaluating its use and the last third had no sort of interest in using AI at all.
The thing about this representation of data is that it does not reflect the true figures of the marketplace for AI. In reality, these numbers are in the low single digits.
Jim explains that he wanted to look deeper into these three different constituencies as to what has encouraged them (or hasn’t) to use AI.
“Clearly there’s a pony here. If you’re not looking at AI, you’re looking in the wrong direction.”
With CSO Insights, Jim worked on gathering data to understand what challenges sales teams are facing, why these problems exist and more importantly what to do about it. It begins by looking at the tasks each sales team do to find, win and keep business. This is done by gathering data annually from about 1000 businesses , where they are asked to rate their ability to do key account planning, need analysis etc. to configure their solution. This data quoted is across the salesforce.
One thing is that 80% of sales people think that they are above average but it is more so that 80% are not above average. With AI, we can find and pinpoint what is and isn’t working amongst sales teams and how to bring that number down; 80% of sales reps who are below average in their performance.
Continually rediscovering the sales process
People sometimes may find themselves staying in their comfort zone for sales processes. When it comes to using AI, it is important that teams continuously adapt to find out what works and then do more of it. What is not working is laziness or unwillingness to engage when prospecting or simply not finding the right stakeholders.
Jim emphasizes how important it is to stay on top of sales processes and constantly being ready to adapt to change. Speaking to a UK bank, they felt that they had a great sales process in place as part of the EU. Then, suddenly there came the brexit thought which meant no one would want to do business because of the idea of the UK not being part of the EU, even though it’s an English based bank. As a result, people are moving their banking relationships over to another continent. Then, Theresa May announces that if people are willing to put up with her brexit plan she would be willing to put up another referendum. If the vote happens again, but this time to stay, it would then mean retraining the entire salesforce because everything they were told about how to sell, not being part of the EU, now becomes useless.
It is essentially about constantly being able analyze and say where are the opportunities to achieve gain or remove pain in the process based on changes in the economy, the competitive landscape, the political environment and so on.
We live in a frail ecosystem. Small changes can have large ripple effects. AI is huge today and people are constantly speaking on it.
“Using AI can be a small change but has the ability to greatly increase productivity.”
With sales, the aim is to continually improve processes to achieve increases in productivity. This can sometimes take a while for it to sink in if what is being explained is too abstract. Therefore it is necessary to be specific on problem areas – for example, instead of taking 50, you start with 5 main problems of sales processes and teams.
More people need to think more strategically and look at the benefits of AI. Some financial services have the luxury of saying what is good for them right now, in the present time because they have been working on their sales enablement for the past 9 months and thinking strategically. What they need to be looking at is what they should look like in a years time.
About Jim Dickie
Jim began his career more than 30 years ago with IBM and Sterling Software before launching two successful software companies. His client work spans multiple industries and includes world-renowned companies: 3M, ADP, GE Capital, Cisco Systems, Corning, Fairchild Semiconductor, Harte Hanks, Federal Express, IBM, Accenture, VISA, HP, Barclays, Rockwell and Intel. He’s a contributing editor for CRM Magazine, CustomerThink and SoftwareMag.com, as well as a contributing author for the Harvard Business Review.
Jim is the author of The Chief Sales Officers Guide to CRM and Insights into High Tech Sales and Marketing, and he co-authored The Sales and Marketing Excellence Challenge and The Information Technology Challenge. He’s also served as an advisor to Baylor University’s Center for Professional Selling and as a lecturer at the University of Georgia’s Terry College of Business.