Business development is a core revenue-generating apparatus of any sales-driven business, but it can also be extremely time-consuming. By leveraging new technologies such as business process automation, an organization can successfully improve the business development team’s level of responsiveness and agility. This, in turn, will pull clients or customers in the door more efficiently and at a lower cost per acquisition. This benefits the firm making the sale, and the client or customer enjoys a smoother experience.
Learning how to use AI in business development is the key to getting the most out of your biz dev team. In this guide, we’ll cover some of the most common problems that organizations can solve using AI and machine learning technology.
Problem
Description
Solution
Slow Data Collection
Manually inputting data from credit or service applications is time-consuming and can add friction to the sales process.
AI and machine learning tools can automatically capture data from applications or contact forms and update client profiles on a CRM.
Poor Lead Classification and Prioritization
Most CRMs require manual organization and lead classification, making it more difficult and time-consuming to prioritize the leads that are the most likely to close.
AI platforms can automatically index and classify client profiles to ensure leads are organized properly and that BDRs get reminders on a cadence that aligns with the urgency of each client.
Inefficient Workflows
Workflows in traditional CRMs are generally disorganized and inefficient, forcing sales reps to search up clients manually or pull from lists with very few filter or prioritization options.
AI enables platforms to create smarter lead lists and reminders, and improve filtering functionality to craft more efficient workflows that allow BDRs to spend less time searching manually for clients.
How to Use AI for Data Collection
Business development includes a few different data collection workflows, the most common being credit applications and contact forms. While most companies have some virtual form-creation capabilities that make it a bit easier to collect and organize this data, AI and machine learning take it a step further by not only automating the creation and organization of customer profiles, but also sending data to finance staff automatically.
For firms that have in-house financing or a fixed group of funding sources, AI integrations can be used to automate the origination process for simpler credit applications, so that qualified buyers experience far less friction throughout the lending process.
How to Use AI for Lead Classification
AI tools are very effective at organizing fixed datasets in a way that makes them easier to search and filter. A tool that’s informed by internal classification criteria data can automatically classify leads. A platform empowered by artificial intelligence can automatically organize these leads by priority and assign custom alert protocols that align with the lead’s priority level.
Warmer leads with more urgent needs or immediate interests can have more frequent and immediate alerts assigned to them, ensuring more prompt contact from their assigned biz dev team member. Prospective leads or prospects who aren’t ready to buy or who haven’t filled out credit applications will have fewer and less urgent alerts tied to the amount of information that’s currently available on their profiles.
How to Use AI for Workflow Automation
Artificial intelligence technology can also be used to create more efficient workflows by automatically presenting business development professionals with the most viable leads first, without requiring them to search manually through a list of recently-contacted leads. Workflows can be structured to meet a given firm’s desires, setting aside certain times of day for cold-calling and emailing, with other time slots being dedicated to nurturing connections or reaching out to existing prospects.
Discover How to Use AI in Business Development with 7T
At 7T, we use a problem → solution in our approach to AI development. When integrated with a CRM system, AI technology can bring a significant operational advantage with a robust ROI. Our team will identify your organization’s challenges and pain points, discovering exactly how to use AI in business development for your organization. Then, we’ll architect a value-generating solution that integrates AI in a purpose-built tool custom-tailored to your company’s needs.
7T is based in Dallas, with additional locations in Houston, and Charlotte, NC. But our clientele spans the globe. To learn more about leveraging AI for business development,, contact 7T today.
