Let’s face it: we’re accustomed to instant gratification in the Internet Age. With the expansion of technology, Amazon order confirmations arrive in email inboxes instantaneously, while hungry customers track the location of their much-awaited pizza delivery each step of the way.
Instant gratification is a sign of the times!
Likewise, if you want to run a sustainable, profitable business in 2019, then digitization is not only useful– it’s necessary. And it’s easier than you think.
Did you know that 30 percent of tasks involved in over half of all jobs could be automated using technology that exists right now?
According to McKinsey & Company, a global management consultancy firm, this number will grow even higher as technology develops–which is great news for your business, your employees and your profits.
And no, we’re not talking about robots coming to take over your job (although some pretty cool robots exist). From automatic “Abandoned Cart!” emails to payroll and employee onboarding, automation is already a mainstay of modern organizations.
So, looking for inspiration? Here’s just a few of the amazing ways to automate your business.
Artificial intelligence is taking over the world–and it should be taking over your daily processes. Machine- and deep-learning AI provides a cost-effective solution for both carrying out mundane day-to-day tasks and engaging with customers.
For example, AI-powered bots are revolutionizing customer service abilities by providing 24/7 assistance for regular inquiries and troubleshooting.
Meanwhile, SiriusDecisions, an industry analyst firm, found that sales reps spend only about one-quarter of their entire work week actually selling to customers. The rest of the time–approximately 27 hours each week–is spent on administrative tasks like data entry.
These duties tend to consume a lot of time and energy. Instead, by automating the process, employees could spend their time closing deals and making connections to new leads and investors.
Customer and Employee Relations
At its core, CRM, or customer relationship management, includes all the technologies and strategies involved in these relationships, like email marketing, telephone calls, mail and social media marketing
If it sounds like a lot — well, that’s because it is. Manually logging all customer data (accurately) throughout the sales funnel is time-consuming and subject to human error. It’s also nearly impossible to maintain communications with every single lead. In those cases, both the business and the customer suffer.
Thanks to automated email responses, data collection and communications, these problems are a relic of the past. According to a study by Enterprise Apps Today, over 60 percent of respondents believe that automation boosts customer experience. Digitization not only eases business processes, but it improves B2C ( business-to-consumer) relationships, too.
Hackers and cybersecurity threats are growing more complex and common every day. Automating your data security systems with AI machine learning can provide a base level of protection while freeing up IT professionals to focus on progressing your business’ systems or confronting only the most complex of threats.
According to McKinsey, digitizing data-heavy processes within businesses can cut costs by up to 90 percent. You can automate everything from employee and customer onboarding, legacy-system integration, data migration and far more.
Although the initial implementation of automation can take time, effort and money, the payoff is well worth the investment.
Where Should You Start?
To figure out where to start digitizing your business, there are a few questions you should be asking yourself, like: what would improve my customer’s experience and, how can I better communicate with customers?
Further questions such as: which tasks can I automate to save time and cut costs; and finally, how you can ease the daily tasks of your employees in order to better utilize their skills (productivity) are also important points to consider.
Whether you begin with cybersecurity, automating payroll and onboarding, or equipping your site with AI-powered technology, digitizing your small business will lead to happier employees, satisfied customers and a profitable structure for the future.
We are living in exciting and innovative times with futuristic technology literally at our fingertips. But for the longest time, small to medium-sized businesses were not serviced by the latest tech trends enterprises have been able to benefit from.
That is, until now. This piece explores these technology trends and how they will impact business in 2018 and beyond.
So, what kind of things can this ‘smart’ tech do? Just 4 months ago, an AI machine managed to complete a University level math exam 12 times faster than it normally takes the average human.
How? Through the art of machine learning; where computers learn and adapt through the experience without explicitly being programmed.
Furthermore, Facebook made headlines earlier this year when their chatbots created their own language. Some ‘fake news’ stories claim that the engineer’s pulled the plugin a panic as they were getting too smart.
However, the truth is that for Facebook’s purposes the chatbots needed to stick to English rather than developing their own shorthand. Their machine learning chatbots did nevertheless, create their own language outside their explicit programming.
This evolving area of computer science is the future for service businesses, and it’s already affecting the way we live and work today. In fact, research firm Markets and Markets estimates that the machine learning market will grow from $1.41 billion in 2017 to $8.81 billion by 2022!
So buckle up because these technology trends will affect every part of your business, from marketing to operations all the way through to payroll and here’s how.
Marketing Gets Smarter with AI and Machine Learning
AI and Social Media Marketing
In April 2017, CRM software provider, Salesforce conducted a study of marketing leaders worldwide, and the results were mind-blowing. Respondents said they expect to see improvements in efficiency and advancements in personalization over the next five years.
More than 60 percent of marketers envision leveraging AI to create dynamic landing pages, websites, programmatic advertising and media buying.
With behavioural targeting methods, AI will be able to locate and start the nurture process. For example, a marketing stack that employs AI algorithms might learn that a specific buyer who checks into LinkedIn on Monday mornings has recently started looking for a new CRM tool.
The software can then suggest (or even create) targeted posts to be published on the days and times that they’ll see them.
Currently, savvy marketers that are using social listening as way to nurture leads don’t have the necessary enhancement of AI. This is, however, time-consuming, manual and not in real-time.
So how do you start to get ready for this type of future content marketing distribution?
Firstly, you will need to have your buyer personas (using the consumer black box theory ) well defined. Taking a solid look at your CRM will give you tons of hints for content that will get qualified leads to respond.
By taking a step back and analyzing your channel’s content (like emails, phone calls and social media messages) you will start to get the right kind of insights. The ones that will prompt a lead to take the next step into the second phase of your sales funnel.
For instance, a C-Suite executive might respond best to data-driven whitepapers and infographics to peak their interests, whereas a fellow marketer might be more suited for an interactive case-study or video.
The only way to get these kinds of insights is to do a deep dive into your CRM platform and conduct a thorough review of customer details – using semantic analysis to understand the level of buying intent behind the words your qualified prospects use.
Hot tip: Starting to run your analysis now and developing strong personas will be key to implementing AI algorithms to your social media in 2018 and beyond.
Marketing and Machine Learning
Put simply, machine learning is about understanding data and statistics. It’s a technical process where computer algorithms find patterns in data, then predict probable outcomes. An example is when your email determines whether a particular message is spam or not depending on words in the subject line, links included in the message, or patterns identified in a list of recipients.
It’s the perfect example of how machine learning can be applied in marketing to optimize for successful campaigns.
Businesses can also use machine learning to up-sell the right product, to the right customer, at the right time. In 2018, marketers will continue to rely on machine learning to understand open rates when it comes to email. This way, you know exactly when to send your next campaign to increase click-through rates and ROI.
The next big thing? It might sound small but ticket tagging and re-routing can be a massive expense for small businesses – costs that can be saved with machine learning.
Having a sales inquiry automatically end up with the sales team, or a complaint end up instantly in the customer service department’s queue, is going to save companies a lot of time and money, and this is all being made possible with modern technology.
Here’s what else to expect in 2018:
E-Commerce Reaches New Heights
You’ve been shopping for a new pair sunglasses on Amazon, then before you know it, your Facebook feed is filled with multiple eyewear ads and related trends for summer.
This is machine learning.
In fact, this example of analyzing data based on a user’s purchase history or online shopping behaviour is the future for e-commerce.
Retail companies are also tracking what ads or images you’re most likely to stop scrolling on, in order to target you with specific content. For example, if you always click on ads that contain happy women and some text, then a machine will log this as preferred content so that you are only targeted with ads that fit this description.
Machines can also track what time of day you are most active on Facebook, Instagram, Twitter and/or Pinterest, in order to present these ads to you at an optimal buying time.
Then when it’s time to purchase, machine learning is applied to reduce the risk of credit fraud in small businesses.
How? Machines learn from historical datasets that contain fraudulent transactions and can identify patterns that represent a typical fraudulent transaction.
Similar to the way spam emails are detected and deterred. Machine learning will start to affect other parts of your business funnel as well, just take a look at the rise of Chatbots.
There was a time in which chatbots were only thought of as manmade pests on the Internet. Through machine learning, they are getting smarter and businesses are embracing them en mass.
In 2018 and beyond, chatbots will play a key role in the future of customer service. Why? Chatbots can help achieve a faster customer service resolution, as well as provide quick histories of each customer for impeccable customer service.
There are some key benefits that chatbots have over solely human interactions:
Giving 24/7 customer service: The great things about machines? They don’t sleep! Coupled with the fact that chatbots are getting sophisticated enough to recognize human emotions such as anger, confusion, fear and joy. So should a chatbot encounter negative sentiments from the customer, they can seamlessly transfer to a human to take over and finish assisting the customer.
The era of being ‘on hold’ is gone: A huge barrier to providing excellence in customer service is long wait times. How many times have you tried to get customer service from Comcast (or any TV/Internet provider) and you are getting progressively more frustrated with the wait times? This can all be eliminated with chatbots!
Quick access to customer data makes service more personal:One thing that humans will never be better at than chatbots is quickly digesting customer data and history to provide context to customer questions.
Chatbots excel at collecting customer data from support interactions. They can serve as virtual assistants that can feed customer data to your customer service officers so they have a full history of each account quickly.
The final trend we’ll explore is Automation and how it affects businesses today.
Automation now and beyond 2018
Though Machine Learning and AI are hot topics in the tech world, it is not to a point that small to medium size businesses can leverage it in the immediate future. But there is still hope for them with automation.
Powered by the Cloud, this type of technology has already revolutionized Marketing and Sales workflows and interactions but it is also starting to touch the various other parts of a business. For example:
Once you win an important sale, you’ve got to deliver the product or service you’ve promised to the client. What does that process look like for most businesses now? You all will have a kick-off meeting and hope to cover all the promises that marketing and sales have given to your client.
However, with the use of operations automation and a powerful CRM, you will be able to read the interactions and see all the various touch points a client had with your company before that kick off call even happens.
This will give your service businesses a head start in providing great client relations and managing expectations. This category of SaaS products is called Service Operations Automation, or ServOps for short.
If there is one data-entry heavy department it would be Accounting. The problem is that as humans, we are fallible and much slower at data entry than a machine. Innovations with bank feeds, rules-based categorization and integrated payments have dramatically reduced the workload of clerical and bookkeeping staff.
This gives business owners more timely access to accurate financial information for their businesses.
Research, done by Xero, (a popular financial software provider) suggests that by 2020, automation will be commonplace in accounting. A significant number of finance professionals will be using the next level of analytical tools to help them add value to business models across the globe.
Finally, the Cloud and Automation have come to the Payroll and Human Resources sector. These important areas of a business too often suffer because small businesses aren’t big enough to afford a full-time HR department.
What’s the alternative? Having only part-time efforts of founders and principals which can often lead to serious risk to the business.
With new automation technology, compliance is automated by platforms. The effort of keeping time-off approvals in sync with PTO balances and payslips becomes a thing of the past.
In the near future, we will see the rise of great technology, powered by the Cloud, Automation, AI and Machine Learning.
This truly is the start of the Golden Age of Information Technology and it is time for businesses to take a hard look at their organizations and find ways to start integrating these tech trends.
This is a slightly shortened re-blog from a marketing post on Tenfold.com *
*This post was guest-authored by Tara Callinan and Jenneva Vargas from Accelo
The ‘great’ art of selling is about earning and keeping your client’s trust. In business or commerce, there is nothing greater than the feeling of completing that successful sale.
By successful, we refer the whole process: from convincing the customer that your product or service will meet his/her long or short-term needs. This is after listening carefully to their requirements through thorough discovery. The client is then able to the payment without hassles and take timely delivery of the goods.
Finally, the customer acknowledging and thanking you for it with the hopes of coming back should be the most rewarding part of the sale. That coupled with your commission of course!
A successful sale is a step-by-step process and must have all the above elements.
Anything short of that is paramount to a quick-fix or even a scam. It is only lazy salespeople (taking shortcuts) that give the trade a bad reputation.
Granted, not all of your sales interactions will turn out to be complete success. Some elements of the above process could be stymied by aspects out of your control. For instance, the client’s lack of funds, suppliers’ delivery delays or a faulty product can mess up a good sales cycle.
A true story
Some of the most successful sales are even conducted by faceless agents. Once, while based in Johannesburg, we sold a product (that was mass produced in China) and had it delivered from New York to Cape Town via air-freight.
This was based on a demand (order) that was placed on a then operational website. The actual sales were brokered via correspondence by email and phone.
Luckily, the product (and delivery) quality was good enough not to warrant a face-to-face visit, though in those days having Skype for Business would have been a great resource to at least give ‘a face’ to the sales rep.
They were, however, willing to deal with the agent several times without having met them personally based on the quality of the (medical) product. This was in addition to the vote of confidence and guarantees provided throughout the intensive sales interactions.
This little anecdote proves that it doesn’t matter what you sell, if the product is of good quality, and meets all (compliance) requirements including the recent GDPR law – the sale actually becomes the easy part.
You will, however, still require a little bit (and the right kind) of presentation skills to position the product/service adequately enough to execute the sale.
There is no real art to selling – we all do it all the time without realizing it. From the time we apply to a kindergarten or high school, to university and finally to all the jobs in our working career.
Reinforce the brand
As salespeople, we must present ourselves (our unique skills and character) and persuade a ‘buyer’ to take us on. This is also something no automated sales agent or Chatbot can do and is an area that Artificial Intelligence (AI) will not beat us on.
And just like a brand, everything we do is intended to enhance our value and the more we beef-up our brand (with educational, mentorship and technical qualifications). The better our brand, the more demand for your offering.
But back to selling. We sell people ideas: something as simple as convincing your mate to meet at the pub after work or your girls to join you for a weekend spa takes skilful persuasion. And even more so if they had other plans or options.
That is essentially what sales is about – persuading a buyer to choose your product or service over that of others using tools such as the consumer black box.
Such persuasion obviously can be genuine or fraudulent. Those salespeople trained by their leader Jordan Belfort as illustrated in the 2013 Wolf of Wall Street movie are a testimony. The revealed how persuasion can be used effectively when capitalizing on with an inherent human trade – greed.
Being truthful, however, (even if it means letting go of a sale) will determine whether you get repeat customers. This is something most successful salespeople make use of to boost their conversion rates and pipelines.
Debunqed.com likes to follow unconventional salespeople who use unorthodox but effective methods. These are not necessarily the textbook style of selling but will help to inspire you to address the potential client’s needs honestly.
Such ‘on the ground’ learning is done with the help of a mentor. Shadowing one or two mentors that are passionate about what they do can rub off a few skills that can supplement traditional sales theory.
Sales is a skill best learned on the ground and you will hardly find an institution offering it as an elective course.
Such revenue-multiplying potential that repeat-customers can provide for your sales portfolio or pipeline beats getting a quick-fix by conning people no matter how big the ‘score’ is.
What you should be doing as a salesman is gaining your customers’ trust whilst solving their problem.
A trusting customer will always look you up for more purchases.
If you operate in an industry where you have multiple products or one that needs to be renewed – you earn revenue for life!