The Corona crisis has signaled that sales work can progress more effectively. For companies, it is an opportunity to rethink their traditional way of doing business. In the classic sales structure, many potentials often remain untapped and/or too many resources are invested in uneconomical visits.
In a survey conducted by Deutschen Industrie- und Handelskammertag e.V. (DIHK), 77 percent of the approximately 8,500 companies surveyed stated that they expected a decline in sales in 2020 as a result of the coronavirus. In contrast, 5 percent expect an increase in sales (source: Statista).
Many companies are not yet aware how they can successfully benefit from AI technology. AI works with a strong reliability, which leads to a significant increase in sales and margin even after a short period of use – even in times of corona. In order to secure a secure starting position in the New Normal, companies should expand the use of AI.
Forecast of the expected turnover
What is the sales expectation of my customers? Customer Value Prediction was developed to determine the sales expectation for a certain period of time. The value of a customer (Customer Value) is derived from past transactions. Based on this information, the system is able to forecast the sales of a customer in the next period.
Forecast of the expected turnover of a visit
And what is the sales expectation for my next sales force visit in the following week? To answer this question, the general customer value determined in the first step is linked to the visit value. Sales and visits from the past serve as data input.
Using resources more potential-oriented
Consequently, it turns out whether a sales force visit in the next week is worthwhile at all. Visit Value Prediction often confirms that companies invest too many sales resources in customers with low sales expectations. This turns out to be uneconomical – but sales can counteract this by greatly reducing non-economical field sales force visits and substituting them with telesales, for example. At the same time, Customer Value – and Visit Value – Prediction frees up unprofitable sales resources, which in turn can be invested in high-potential existing customers, in the acquisition of new customers and in the reactivation of customers with high potential.