What if you could better understand your customers and what drives them? Machine learning offers the data small businesses need to better serve other businesses. Current information allows you to meet client expectations the minute they realize they have a particular pain point and seek a solution.
Machine learning is impacting business to business (B2B) operations in deep and lasting ways. You can tap into the power of big data to be on the cutting edge of whatever service you offer.
How Is Artificial Intelligence Used in B2B Companies?
The United States Chamber of Commerce looked at the ways machine learning and artificial intelligence (AI) are evolving to help business owners. Around 97% of business leaders think the future looks like machines and humans working together to improve outcomes. Already, machines help with content generation, recruiting new hires and customer relations.
What are some of the ways machine learning helps grow B2B Businesses?
1. Find Excellent Leads
One of the most powerful aspects of machine learning is the ability for computers to figure out who matches your customer profile best. Small B2B companies may not have the sales staff to go after every single lead that comes their way.
Sorting through all the noise and finding only those companies that are a good match for what you offer isn’t easy. However, a machine can provide the data you need to make the best guess possible about who will buy your product or service. Reach out to top leads first and you may have more closing sales.
2. Improve Analytics
Big data analytics provides an opportunity to combine data with AI and machine learning apps. You’ll gain better labor optimization, sending your attention to the clients who need it the most. The more accurate your analytics are, the better you’ll be able to create marketing campaigns to reach your target audience.
It would take months to comb through all the data available on your potential customers and past sales. With machine learning, you can spit out reports in mere seconds and have some predictions on what your next move should be to gain the highest success rate possible.
3. Enhance Sales Forecasts
Sales forecasts help B2B companies plan how much money to invest in certain areas in the coming year. Whether you throw more money at a particular social media platform, take out ads or use pay-per-click campaigns, you want to ensure you’ll get the most for your spending.
You also will know whether you should hire that new employee or hold off because the sales aren’t yet there to support another worker. Machine learning gives you the most accurate forecasts possible to help you make the best decisions about big moves in your company.
4. Engage Customers
You can use machine learning and AI chatbots to stay in touch with those who visit your site and have questions. Pre-program common answers and let the machine hold a conversation with those only mildly interested in your product. However, if someone shows they have higher interest in what you offer, you can always shuffle them over to a live agent.
Response rates show adding a chatbot to your website might improve engagement as much as 90%, once common questions are identified and plugged into the system.
Spot Problems Before They Arise
Machines are able to watch for patterns. They can spot minor issues before they become big problems. Imagine a competitor offers something you don’t and you begin losing clients here and there. Wouldn’t you rather AI notify your leaders about the losses so you can take steps to fix the issue before it impacts your revenue?
There are many ways in which machine learning impacts B2B businesses. The capabilities of computers should increase in the future, as programmers teach machines to understand how the human brain works.
Eleanor is editor of Designerly Magazine. Eleanor was the creative director and occasional blog writer at a prominent digital marketing agency before becoming her own boss in 2018. She lives in Philadelphia with her husband and dog, Bear.
