As a B2B sales manager, you understand the pressure of competing against e-commerce giants. In the current digital age, the success of your business largely depends on your ability to understand your customers better and predict their buying behaviour.
Take heart; you’re not alone. The solution lies in AI. Have you heard of ChatGPT? Here is where AI for B2B sales shines. Like automated sales analytics and predictive sales software, you can better understand your customers and make informed decisions based on data.
This article will explore three simple ways B2B sales can use ChatGPT for sales and predictive sales software. Let’s get started!
Can you use ChatGPT for B2B Sales?
Yes, you can. ChatGPT is an AI-based language model that can process and analyse large volumes of data. With its advanced natural language processing (NLP) capabilities, ChatGPT can extract meaningful insights from unstructured data. Similarly, AI can use structured data, as in in sales analytics and predictive sales solutions.
In November 2022, Microsoft poured $10bn into OpenAI, unleashing ChatGPT3. Trained on a vast array of data, this AI Software lets us easily engage in human-like conversations with a chatbot and commission articles. But the real kicker? It’s currently free, and within a week, it had already amassed 1m users. Two months later, it hit a record-breaking 100m, becoming the fastest-growing web application in history.
People from all corners of the globe were putting ChatGPT to the test, requesting essays, code, and even lyrics in the style of their favourite artists. And what they got back was nothing short of spectacular. Quoting lines from Terminator, they wondered if this was the beginning of the end for humanity.
Is ChatGPT also the Death of a Salesman?
What can ChatGPT do for Business?
As we sit here today, ChatGPT finds itself boxed in. You see, this fellow runs under what’s known as a closed-box model. When you throw a question its way, it doesn’t go gallivanting off into the wild blue yonder in search of the answer. Instead, it relies on a mammoth 175 billion data points it was trained on, chock-full of text gleaned from all over the internet. However, there is one catch. ChatGPT’s vast database only goes up until mid-2021.
Nonetheless, ChatGPT can help wholesalers in many ways, including:
1. Enriching CRM data: ChatGPT can extract valuable information from unstructured data sources, such as social media and customer reviews, and improve CRM data. Better CRM data can help businesses understand customer preferences, buying behaviour, and pain points.
2. Provide market research: ChatGPT can help B2B specialist wholesalers in Germany stay up to date with the latest market trends, consumer behaviours, and competitor analysis. ChatGPT can offer valuable insights into the industry, customer demands, and market opportunities.
3. Automating customer service: With ChatGPT, businesses can provide 24/7 customer service through chatbots. These chatbots can handle customer queries and supply instant responses, improving customer satisfaction and reducing the workload on sales teams.
ChatGPT can be a valuable tool for B2B specialist wholesalers in Germany looking to improve their operations, customer service, and CRM data. Let’s see an example of the latter.
3 Simple Ways B2B Sales Can Use ChatGPT to enrich CRM Data
Have you tried manually hitting a website, annual revenue, and headcount of a prospect into your CRM? It’s a task that demands time, patience, and an adept sense of intuition. Fear not, for here are three sure-fire ways to upgrade your CRM game with the help of ChatGPT.
• Look for Annual Revenues
One way to qualify customers based on possible selling potential is by looking at their annual revenues. With ChatGPT, you can extract this information from various sources, such as company websites and financial reports. By creating a table using the name of the customers and their annual revenues, you can segment your customers based on their potential buying power.
For example, suppose you have a customer with an annual revenue of €50 million. In that case, you can assume they have a higher potential for larger orders than a customer with a yearly revenue of €5 million. This information can help you prioritise your sales efforts and allocate resources accordingly. Or you can feed this information to your predictive sales software and let it do the heavy lifting.
• Look for Number of Employees
Another way to qualify customers is by looking at the number of employees. This information can help you understand the size of the customer’s business and their potential buying power. With ChatGPT, you can extract this information from various sources, such as LinkedIn and company websites.
For example, if you have a customer with 500 employees, you can assume they have a more significant purchase budget than a customer with 50. This information can help you tailor your sales efforts and offer customised solutions that meet their needs.
• Look for Websites
ChatGPT can extract valuable information to help you understand their business and buying behaviour by analysing customer websites. For example, if a customer’s website displays a particular product or service, you can assume they are more interested in that area. This information can help you tailor your sales efforts and offer customised solutions that meet their needs.
Creating a table using the name of the customers and their website addresses can help you keep track of this information and segment your customers accordingly.
How to use ChatGPT in B2B Sales? One Example.
ChatGPT works on prompts. You can, for example, create a table with just the name of your customers and fee ChatGPT the following instructions:
Please insert extra columns for the following companies’ annual revenues, the number of employees and the website. Make sure it is a table. Fill it. Keep the same order.
Below is my example for the websites only. I split the task and limited the number of customers to make it manageable.
Adjust your instructions or discuss with the algorithm to get the desired results. Regenerate the answer if you are unhappy with the results. Do you need to know what customers to use for the example? Ask ChatGPT!
CALCULATE NOW THE ROI OF QYMATIX PREDICTIVE SALES SOFTWARE
Why Start Using AI in B2B Sales?
Have you tried using ChatGPT with the example above? Long did it take to fill the table? In my case, ChatGPT took around 3 seconds. How long would it have taken me to perform the same task manually?
But wait a minute, have you checked the ELMER Dienstleistungs GmbH & Co. KG website? It is not https://www.elmergruppe.de/ but https://www.elmer.de/. In this case, ChatGPT made a mistake.
Ah, dear readers, ChatGPT struggles in the art of selling not due to a lack of innate charm or charisma. Nay, it is due to its inherent foolishness. Despite consuming vast swaths of the world wide web, ChatGPT needs a meaningful connection to the real world. It may know the rules of human language, but it lacks the grounding necessary to close a deal.
All AI Software makes mistakes. Errors belong to any prediction (the prediction that one or the other is the correct answer.) Does it mean ChatGPT is not intelligent? Does it mean AI do not bring value to your B2B sales processes? No, and No.
Intelligence, as it turns out, is not infallible. And intelligence in this case, is just artificial. We, humans, also make mistakes, and so do machines. But think back to a time before the internet. How did you carry out a task like finding information? You’d grab a book, or, more likely; you’d ask someone who knew the answer. Now, with the power of AI, we have access to a seemingly endless stream of information at our fingertips. Sure, it might not always be perfect, but it’s certainly faster than any human could ever hope to be.
And in today’s cutthroat business world, speed can be the difference between success and failure. Predictive Sales Software might sometimes be inaccurate, but it can provide valuable insights and help companies make data-driven decisions. So, feel free to embrace the power of AI – start today and stay ahead of the game.
I WANT PREDICTIVE ANALYTICS FOR B2B SALES.
Further Read:
James Bridle (2023): The stupidity of AI. Ed.: The Guardian
Jay Rayner (2023): Could a chatbot write my restaurant reviews? Ed.: The Guardian