With the rise of Chat-GPT, 94% of executives agree that AI is crucial to business success in the next five years. The revenue operations (RevOps) function is no different.
Generative AI can help you grow your business’ revenue and delight your customers while simplifying your role.
Want to learn more? Keep reading… 👀
In this article, we cover:
- What Generative AI is
- Benefits of Generative AI in RevOps
- Ways to utilize Generative AI in your RevOps strategy
- How to implement Generative AI
What is Generative AI?
Generative AI is a type of artificial intelligence that can produce unique audio, text, code, video, and images. This can be utilized to quickly create content based on a specific brief.
Unlike traditional AI which uses algorithms to identify patterns in a data set and make predictions, Generative AI uses machine learning to generate outputs based on the training set.
Popular examples of Generative AI tools include ChatGPT, Bard, DALL-E, Midjourney, and DeepMind.
What are the benefits of Generative AI in RevOps?
Generative AI can bring many benefits to your RevOps processes such as improved insights, easy personalization, and automation. Saving your team time and improving your customer experience (CX).
“The insertion of AI into the revenue operations stack, and all of the automation and efficiency gain that it can provide is massive.
“Until this year, it hasn't been a good enough quality that you could trust it. Now I've seen some things come that are complete game changers, from an AI standpoint, in reducing the manual effort from the sales team.”
-Greg Larsen, VP Revenue Operations at Eltropy
AI software can analyze data quickly and accurately, providing you with the most up-to-date information to aid decision-making and strategy planning.
These tools can draw out patterns in data sets that may have been missed during manual analysis. Generative AI can also use previous data to make predictions and forecast sales.
It does this by analyzing historical sales data and market trends and utilizing predictive modeling software. This allows you to have more accurate insights leading to more informed decisions on resource allocation, budget planning, and goal setting.
Improve customer experience
The use of AI tools can also assist your teams in providing a better customer experience (CX), through the magic of personalization.
With the help of Generative AI your marketing team can create hyper-personalized marketing campaigns that your customers love. AI can even help you to segment your audience to ensure they always receive the content they want to see.
Generative AI can also alert your customer success (CS) team when customers are likely to churn based on customer feedback and previous trends. This helps to improve your CX by allowing your CS reps to satisfy customers before they choose to leave.
Save time and reduce errors
Automation is a huge time saver for revenue operation professionals. It can allow you to offload those repetitive tasks and focus on high-value activities.
Generative AI can help with that. Not only can this tool be used to automate tasks, but it can also help you to optimize your processes to save even more time.
Plus, allowing Generative AI to take over your repetitive workflows can reduce human error, leading to more accurate data and a smoother customer journey.
Ways to utilize Generative AI in your RevOps strategy
With so many uses for Generative AI, it can take time to understand where to start. In this section, we’ll take a look at some of the creative ways you can use AI in your RevOps strategy.
Personalized customer communication
Let’s face it, it’s time-consuming to personalize emails for every customer segment, never mind each individual!
But luckily for you, Generative AI’s bread and butter is creating new content based on your specifications. Allowing you to easily generate tons of personalized email campaigns that will increase your click-through rate (CTR).
As we mentioned, Generative AI can make use of your database and current market trends to create an accurate sales forecast, quickly. This can allow you to make more informed decisions about your RevOps strategy.
Generative AI can quickly and accurately analyze data from multiple sources and summarize the key findings. This can help you to prepare for meetings quickly or ensure that insights are easily digestible.
Plus, using AI can reduce human error when analyzing data, leading to more trustworthy data.
Sort customer feedback
Organizing qualitative customer feedback can be a struggle, luckily Generative AI can help sort through that data and find patterns you can use to inform your CS strategy.
AI tools can also prompt your customers to leave a review, so you receive even more feedback and customer testimonials.
By continuously reviewing market dynamics, customer behavior, and sales performance Generative AI can make suggestions for pricing strategy changes to optimize your revenue growth.
These insights can help you to increase your profitability while staying competitive in your market.
Streamline CRM maintenance
Maintaining accurate data in your CRM is essential but it can pose a challenge. An AI tool can help to automate manual data entry tasks and check data consistency.
Generative AI can even provide suggestions for updates or additions based on new information on your systems or online. This can allow you to keep your CRM up-to-date and full of rich customer data easily.
We mentioned Generative AI’s ability to create bespoke content, but did you consider using this feature to create bespoke training materials for your teams?
AI can be a huge help in creating sales training tools by summarizing product documents, competitive analyses, and technical documentation. This can save your team time while enabling your sales team to close more deals.
Best practices for implementing Generative AI in RevOps
Like all new revenue operations tools, you’ll need a plan to incorporate them into your workflows. But don’t worry! We’ve outlined the 5 best practices for incorporating Generative AI into your RevOps process.
Assess current processes
The first step in implementing Generative AI into your RevOps workflow is to understand how your current process works. This understanding allows you to know where AI might be the most beneficial.
Without this understanding, you might end up creating more problems, as AI might not be able to solve the underlying issues you wish to solve.
For example, if your sales and CS team don’t talk to each other then AI might be able to solve some data issues or create a smoother onboarding process, but it can’t solve the deeper issue of siloed teams.
Identify areas for Generative AI integration
Once you’re clear on the current processes within your organization, you can start to find the areas that Generative AI would be beneficial.
Not every team will require all aspects of AI tools, so identify which pain points exist in your organization that could be solved with AI.
Select the right tools
Now that you understand which areas you need an AI tool for you need to select the right tool for the job.
There are tons of Generative AI tools out there so take your time and do your research to ensure the tool you select meets your business needs and other criteria. Some things to consider are price, capabilities, integrations, and privacy.
You may even find that your team requires more than one tool to meet their needs!
Train your team
It may be tempting to jump straight in and start using Generative AI straight away, but without proper training, your team may reject the change!
Have a training call with your team to ensure they know how to use the new tool and how it can make their role easier. This will encourage uptake and allow them to make the most of the new technology.
Training can also help to avoid mistakes due to misunderstandings around the tool’s capabilities.
Set a goal for what you want to achieve with Generative AI in your organization and measure this regularly after rollout.
This will allow you to understand how the tool has helped optimize your processes over time and can even help to justify the cost to upper management!
Overall, Generative AI is a useful tool to incorporate into your RevOps strategy to enhance your decision-making, improve CX, and save your teams’ time.
There are tons of use cases for AI in revenue operations, such as sales forecasting, data analysis, and email personalization. So, it might be time you looked into implementing Generative AI into your RevOps workflows.
Continue the conversation over on Slack, where 1000s of revenue operations professionals are waiting on your insights. Join now. 👇