Artificial Intelligence is poised to be the next wave of digital transformation. The time to explore AI implementation has come for every business leader. At this point, developing an AI roadmap should be a top priority for most enterprises. B2B organizations are no exception to this trend. AI is penetrating the B2B market as well.
In fact, 80% of B2B marketing executives believe that artificial intelligence will revolutionize the industry by 2020.
As AI moves deeper into mainstream enterprise, it is important to understand its significant and imminent impact on everything from business strategy, business operations to customer delivery.
Image source: Smart Insights
Why Artificial Intelligence Matters To B2B Organizations
The customer buying cycle for B2B is significantly longer and more complex than B2C. To address each requirement of clients, B2B companies must put concentrated efforts to understand the buyer persona.
Be it end users or corporate clients, each individual leaves behind plethora of information through their online activities. Whether they search online, visit websites, or purchase online, large volume of data showing such as these needs to be analyzed to understand the user mindset, demographics and their behavior.
According to Salesforce’s Connected Customer report, by 2020, 57% of business buyers will depend on companies to anticipate their needs and if they don’t, they will have no problem switching brands.
When investing manual efforts in understanding the buyer, businesses often miss crucial insight as data collected can be inaccurate, mismanaged or found redundant – resulting in loss of sales and customer experience.
Hence, B2B marketers need an accurate method to do precise interpretation of data. AI is one such tactical approach that every B2B marketer should adopt. It helps in evaluating valuable data insights, quickly responding to decision-makers, resulting in enhanced user experience.
Importance of AI In B2B organizations
Artificial intelligence (AI) technology promises to solve complex problems of B2B organizations that no humans could legitimately solve earlier. AI can help businesses increase sales, accelerate lead conversion, optimize content delivery, and improve customer experience.
AI can help B2B companies gain a steady advantage and encourage exponential growth. While many companies are still exploring AI solutions, several top organizations are already thriving with AI.
For instance, AI controls everything at LinkedIn, from the right job recommendation, providing relevant content to their members, helping sales person predict the leads responsiveness, to helping a recruiter find new talent pools.
VP of Artificial Intelligence at LinkedIn says that AI is like oxygen at LinkedIn. They observed several benefits from deploying just one AI system. Some of them are:
- 30% increase in job applications
- 45% growth in InMail response rate
- 10-20% improvement in article recommendations in the feed
“Artificial Intelligence will transform every industry across both B2B and B2C sectors, including retail, healthcare, legal, manufacturing, and automotive. It is not a matter of if AI will transform your industry—it is only a matter of when”. —Ronald van Loon
Here are some of the major ways Artificial Intelligence are facilitating operations for B2B companies.
B2B lead generation is a laborious manual process. It can take hundreds of hours of manpower to search potential clients, categorize them based on requirements and find contact information. In this aspect, Machine Learning can help collecting large volume of data while organizing unstructured data to determine a good prospect. This information is vital for effective marketing campaigns.
Predictive Analysis Efforts
We already see this in the B2C landscape. Customized ads and suggestions are visible in search results and social media feeds. B2B companies are also leveraging predictive analysis to offer customized range of services or products based on their user purchase history.
There is much more opportunity for upselling as well as sustaining collaboration with the rise of AI in B2B companies
Artificial Intelligence help B2B organizations to enhance customer experience during each stage of customer lifecycle. Predictive analysis, Ad targeting and Re-targeting, can convert an indecisive consumer or customer who does not prefer to purchase the second time into a repeat buyer.
Chatbots improve the customer buying process. Customers can easily get answers to their questions when browsing online. Marketing automation can target lapsed customers to turn them into loyal customers and keeps them buying from a single brand.
Search and Tracking
AI driven technology like text-to-speech and image recognition helps consumers find what they are seeking more quickly. It remembers each user’s search preference upon each succeeding visit.
In addition to this, B2B industries can also use AI to track vehicle movement, and physical inventory with automated stock monitoring. It informs automatically when inventory is too low, or the product is not shipped.
It’s high time for B2B companies to adopt AI to capitalize on the lifetime value of their customer relationships. In order to survive and thrive in a cut-throat competition, get in touch with our AI experts at Cygnet on +1-609-245-0971 or email us on firstname.lastname@example.org.