AI for Saas Companies: 9 ways AI can grow your revenue in 2022
There are a number of ways in which AI can boost productivity & KPIs, from automating tasks to providing insights that can help you make better decisions. In this blog post, we'll explore how AI can help SaaS companies with the above goals, with a focus on three key departments: sales, marketing, and customer service.
Using AI to improve Sales
Generating more sales to generate the cash flow needed to grow is a priority for SaaS companies. And AI is bringing new capabilities to optimize your sales process to close more customers with your current team size.
#1 Use AI to prioritize the most valuable leads for your sales team
Sales teams are looking for ways to increase their productivity and close more deals. One way to do this is by using AI to prioritize the most valuable leads. By using AI to identify the hottest leads, sales teams can focus their efforts on the prospects that are most likely to convert. This can help increase close rates and boost productivity.
#2 Use AI to turn your CRM data into predictive analysis
In the past, business intelligence (BI) was all about analyzing historical data to help people make better decisions in the present. But with the advent of artificial intelligence (AI), predictive BI is now possible. By harnessing the power of AI, businesses can use their CRM data to anticipate future trends and make better decisions about product development, marketing, and sales.
#3 Use AI to reduce onboarding time for new employees
Training new team members on your technical products or solutions can take several months. Fast-track the onboarding process with an AI capable of finding and highlighting technical answers from your documentation beyond simple keywords - allowing your employees to deep search and find answers in seconds within your knowledge center, manuals, and other documentation from voice notes to drawings to training videos.
Using AI to improve Marketing
When it comes to marketing, companies want to increase their conversion rates. By using AI to analyze your customer data, you can develop models that can predict how likely a user is to buy a product, churn, or take some other action. In other words, AI can help you power your next marketing campaign to boost your most important KPIs.
#1 Use AI to increase conversion rate
In today's data-driven world, more and more companies are turning to AI to help them boost their conversion rates. As a SaaS company, you can leverage this technology to identify visitors or non-paying users that are likely to become paying customers. Marketing teams can use that valuable information to increase your website, app or platform conversion rates by:
- Triggering the sale earlier and displaying your form, paywall, or checkout as soon as the AI identifies the user as “likely to buy”.
- Personalizing the user experience with relevant content and offers to engage users “not likely to buy” into nurturing campaigns.
- Identifying non-relevant users that should be excluded from your sales & marketing campaigns to focus your budget and resources.
#2 Use AI for smarter user segmentation
AI-based segmentation enables marketers to get more specific with their targeting than the traditional filters. By using data to understand the interests of your target audience, you can create content, ads, and offers that are more likely to resonate with them and result in a conversion. Here are some areas where you can apply segmentation with AI:
- Ads audiences
- Nurturing campaigns
- Customer communications
- Email lists & newsletters
#3 Use AI to create personalized recommendations
AI-powered personalized recommendations are one of the most effective ways to increase conversion rates. Take into account a wide range of data points, including past purchase history, demographics, and even social media activity. Based on this data, AI can identify the products or services that each customer is most likely to be interested in.
Using AI to improve Customer Service
Resolve customer service issues faster by using AI to find answers to technical questions, and automate repetitive tasks.
#1 Use AI to resolve tickets faster
Find answers to complex support questions in real-time with a customer service AI system capable of understanding emails, documentation, images, videos, and past support cases. Similar to a powerful search engine, simply type a question to find the most relevant answers, and resolve support questions and tickets in a much more efficient way.
#2 Use AI to automate tasks
AI is the perfect technology to use to replace repetitive tasks executed by your team with smart automations that go beyond the simple rules-based systems based on “IF-THEN” heuristics. For example, many businesses use AI to handle redundant tasks such as refunds or cancellations.
#3 Use AI to power self-service support
Self-service support is a great way to save internal resources. Using AI, you can increase drastically the number of support questions answered via the knowledge center or via chat.
Many customer service teams use chatbots to handle simple inquiries. AI-powered chatbots can be programmed to understand natural language and respond to common questions.
source: Finance Digest
As Machine Learning and AI are getting more advanced and accessible, organizations able to integrate this technology within their departments to optimize resources and revenues will gain a serious competitive advantage.
The use cases introduced in this article can be implemented by a tech team without machine learning engineering using low-code AI solutions such as XOKind. Most of the examples used will take only a few minutes to prototype and a few weeks to be ready for production.
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