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AI revenue development compass
If you believe that AI is limited to just ChatGPT, think again. There is so much more to AI than meets the eye. While ChatGPT is a widely known and easily accessible form of AI, it was only released to the public in November of 2022. Therefore, it is unlikely that generative AI played a significant role in the results of that year.
Companies that have fully embraced AI are already surpassing their competitors in terms of earnings. How are they achieving this? They utilize an AI compass to navigate through various applications and methods. Since early adopters are obtaining share licenses, they have the advantage when it comes to what lies ahead.
Early AI adopters advantage:
- create new business units or other sources of revenue (23%)
- increase revenue from the core business (27%)
- increase value of current AI offerings (30%)
Your organization can also strive for these different directions where AI can guarantee more revenue:
Identify market niches:
AI can support the growth of your business by identifying demographics and consumer preferences, allowing you to uncover untapped market opportunities. For instance, Frito-Lay used AI to discover that one out of six residents in Frisco, Texas had an ethnic Indian background.
Support adoption:
AI can help you improve your products and services, as well as increase your market share, by analyzing customer sentiment. AI-driven customer service platforms like IrisAgent and Intercom utilize advanced language models to identify product bugs, pain points, and customer desires from support tickets. This provides product managers with real-time and clear feedback on how to enhance products and meet market demand.
Generate innovative products:
Artificial Intelligence (AI) has the remarkable ability to create entirely new products, opening up new avenues for revenue. Take, for instance, the pharmaceutical industry, where AI has played a crucial role in the discovery and design of INS018_055, a groundbreaking drug for pulmonary fibrosis. Hong Kong-based InSilico Medicine utilized AI exclusively to develop this drug during clinical trials. However, the potential of AI extends far beyond the pharmaceutical realm. It is now being employed to design and revamp products across various industries, from industrial components to golf clubs.
Moreover, AI can even analyze internet trends using large language models to identify market demands and suggest innovative products tailored to your specific industry.
Enhance pricing strategies:
According to Forrester, we can expect generative AI to grow by 36% annually until 2030. This means it could soon make up over half of the AI software market.
Salesforce highlights that 61% of sales professionals believe that generative AI will enhance customer service and sales efficiency. Among those already using it, 84% report increased sales through accelerated and enhanced customer interactions.
How to use AI for sales?
As AI technology keeps getting better, it’s super important to take advantage of its benefits. When it comes to sales, AI can make things way more efficient by automating tasks and giving you a complete view of your sales pipeline. Plus, with real-time AI alerts, you’ll always be in the loop about any changes and can respond right away. And let’s not forget about AI-guided selling, which helps your sales team keep making progress. All of these perks can really boost your sales revenue.
Recent research shows that companies investing in AI are seeing a revenue increase of 3% to 15%, and a return on investment in sales of 10% to 20%.
If you’re just starting out with AI in sales, it’s a good idea to figure out your business goals and what you want to achieve with your AI investment. Then, check out the different AI sales tools on the market. Take your time to go through each option and see if it lines up with your goals before making a decision. This way, you can make sure that your AI integration meets your specific business needs and has the impact you’re looking for on your sales process.
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