McKinsey research suggests that about a fifth of existing sales-team capabilities could be automated with the power of generative AI.
Generative artificial intelligence (AI) solutions are essential to accelerate business operations in the digital-first world. This technology enables data-driven insights by analyzing vast amounts of customer data, allowing businesses to understand customer behavior, preferences, and market trends specific to the APAC region. Many C-suite leaders and marketers are adjusting to this new landscape.
McKinsey Research Findings
McKinsey research suggests that about a fifth of existing sales-team capabilities could be automated with the power of generative AI. The majority of commercial leaders surveyed anticipate utilizing generative AI solutions “often” in the next two years.
In addition, more than 20 percent of tech funding goes to AI-related technologies, with the most effective companies deploying advanced sales tech, enabling hyper-personalization, and building hybrid teams.
Advanced sales tech can leverage data analytics and AI for sales teams to deliver tailored experiences and solutions to individual customers. It also facilitates the building of hybrid teams by providing virtual collaboration tools and enabling the integration of AI-powered assistants. By harnessing these technologies, organizations can enhance sales effectiveness, improve customer satisfaction, and drive business growth in today’s dynamic and digitally-driven sales landscape.
McKinsey research also demonstrates that players investing in AI have a 3 to 15 percent revenue increase and a 10 to 20 percent sales ROI. The six actions companies can implement to chart AI transformation, according to McKinsey, include the following:
- Conducting a generative AI audit of commercial activities
- Forming a commercial generative AI taskforce
- Identifying low-hanging fruit in the customer journey
- Launching a generative AI experiment
- Training sales team on generative AI basics for experimentation
- Establishing generative AI guidelines for your sales team
Generative AI can assist sales teams by automating repetitive tasks, generating personalized sales content, and improving overall productivity. With generative AI, sales teams can streamline lead qualification, create tailored marketing materials, and provide quick and accurate responses to customer queries. This technology enhances the efficiency of sales processes and enables sales representatives to focus on building relationships and closing deals.
The State of AI Marketing And Sales In APAC
The states of AI marketing and sales in APAC can be influenced by a wide array of factors, including the following:
AI And Customer Experience
AI enhances sales and customer experience by leveraging its data analysis, personalization, and automation capabilities. There’s a direct relationship between AI and building positive customer experience. AI analyzes vast amounts of customer data through advanced algorithms to uncover patterns, preferences, and trends, enabling APAC companies to tailor their sales and marketing strategies more effectively.
But what’s the state of AI in APAC in terms of enhancing customer experience through sales and marketing efforts? AI marketing in the Asia Pacific (APAC) has two sides of the coin when improving customer experience. Statista reported that 35 percent of respondents expected AI to improve the consumer experience in India. On the other hand, 31 percent of surveyed consumers in New Zealand said that AI wouldn’t improve the consumer experience.
While consumers have a keen knowledge of what artificial intelligence can do for them in terms of obtaining prompt, accurate information for their queries, privacy and copyright concerns matter to them. Hence, many consumers are still doubting if AI can truly provide them with unquestionable data sources.
AI And Machine Learning
AI and machine learning can optimize campaign performance by automatically identifying trends, optimizing ad placements, and adjusting targeting parameters in real-time. By embracing AI and machine learning, APAC marketers can enhance their marketing campaigns’ effectiveness and efficiency, leading to increased customer engagement, conversions, and, ultimately, business growth.
In the AI/ML Annual Research Report 2022, only 45 percent of Singapore IT leaders understand the impact of AI and ML on boosting marketing effectiveness. But many leaders recognize the value of AI and ML for creating a more personalized customer experience, according to Sandeep Bhargava, the Managing Director of Rackspace Technology — with 77 percent of respondents saying these technologies have helped them improve customer relationship management.
Conversational AI Marketing
Conversational marketing emphasizes real-time, interactive conversations between businesses and customers to build meaningful connections and drive engagement. It leverages various communication channels like chatbots and social media to enable personalized and interactive experiences. By fostering real-time conversations, APAC companies can gather valuable insights, nurture leads, and guide customers through their buying journey.
APAC marketers can now implement conversational AI marketing with the help of Gupshup. According to Beerud Sheth, the CEO and Co-founder of Gupshup, conversational AI enables APAC marketers to promote brands better, wherein consumers feel like texting a friend, and businesses build stronger brand affinity and more repeat purchases.
Sheth said that marketers use conversational AI to interact with consumers at scale via video, voice, and text. AI-enabled bots learn from customer interactions, gather feedback, map out user likes and dislikes, and use contextual clues to deliver a personalized brand experience.
Conversational AI promises next-level personalized brand experiences, transforming how brands position their products and services to their target audiences. As a result, APAC marketers are more confident in implementing marketing campaigns based on consumer responses and preferences, eliminating guesswork.
AI And Metaverse
The relationship between AI and the metaverse in terms of marketing lies in AI’s ability to enhance and personalize marketing experiences within the metaverse. AI can analyze vast amounts of data generated in the metaverse to understand user behavior, preferences, and trends. This technology enables APAC marketers to deliver targeted and tailored advertising campaigns. Furthermore, AI-powered virtual assistants and chatbots provide interactive and personalized customer support within the metaverse, enhancing engagement and customer satisfaction.
Rebecca Smith, Chief Marketing Officer, Ciena, said AI and metaverse could accelerate and elevate marketing strategies. She explained that AI helps uncover target customers’ thoughts, behaviours, organizations they interact with, places they visit, and emotions. AI generates key customer insights that brands can harness strategically.
Ultimately, AI revolutionizes APAC marketing and sales by optimizing processes, personalizing interactions, improving customer satisfaction, and driving business growth. APAC marketers should embrace AI to empower them to leverage data-driven insights and automation. That way, they can create and implement highly targeted and personalized marketing strategies, driving better results and customer experiences in the dynamic APAC market landscape.