Why Data and AI Matter in Sales

To find revenue success in this new world and grow, companies need to look towards artificial intelligence (AI) to find potential gaps in their customer journeys, speed up the sales cycle, and uncover new opportunities.

In this webinar with Stephen Hurrell, VP & Research Director of Office of Sales Research at Ventana Research, and David Campbell, Vice President of Product Marketing at SugarCRM, we showcased:

- Why a Unified Platform is Key
- The Value of Embedded AI and Analytics
- AI Approaches Today
- Next Steps: Key Questions for Technology Evaluation

Transcript

1. Why Data & AI
   Matter in Sales
   

   View Slide

2. Why Data & AI
   Matter in Sales
   Stephen Hurrell
   Ventana Research
   David Campbell
   SugarCRM
   

   View Slide

3. © 2021 SugarCRM Inc. All rights reserved.
   3 © 2021 SugarCRM Inc. All rights reserved.
   Everyone is on
   mute
   Questions are
   welcome
   Recording
   available
   Before We Start
   

   View Slide

4. © 2021 SugarCRM Inc. All rights reserved.
   Sarita Kincaid
   Senior Global Analyst
   Relations Director
   SugarCRM
   sarita.kincaid
   @sugarcrm.com
   Presenters
   David Campbell
   VP of Product Marketing
   SugarCRM
   dcampbell
   @sugarcrm.com
   Sarah Friedlander G.
   Director,
   Content & Creative
   SugarCRM
   sarah.friedlander
   @sugarcrm.com
   Stephen Hurrell
   VP & Research Director of
   Office of Sales Research
   Ventana Research
   stephen.hurrell
   @ventanaresearch.com
   

   View Slide

5. © 2021 SugarCRM Inc. All rights reserved.
   • Introduction
   • Why Data and AI Matter in Sales
   • Trends in Market
   • Utilizing AI & Analytics to Address Issues
   • AI and Analytics Dependent on Data Quality
   • Perquisites for Success
   • Examples of AI and Analytics for Maximum Impact
   • The Sugar Approach to AI
   • Recommendations to Buyers and Customers
   • Q&A
   Agenda
   5
   

   View Slide

6. Why Data Matters for CRMs
   The Importance of Data in Utilizing AI
   and Analytics for Revenue Growth
   Ventana Research Market View
   @ventanaresearch In/ventanaresearch
   blog.ventanaresearch.com
   Stephen Hurrell
   VP & Research Director, Office of Sales
   © 2021 Ventana Research
   

   View Slide

7. © 2021 Ventana Research
   

   View Slide

8. Revenue model
   • Retention, Expansion, New
   Importance of customer lifecycle
   • Lead, engagement, sale, onboard,
   sustained adoption
   • Cost of acquisition
   • Customer profitability
   Increasingly competitive markets
   • Pandemic impact on direct sales
   • Asymmetry of information between
   buyers and sellers
   • Importance of customer experience
   • Trust advisor and partners
   Trends in Market
   © 2021 Ventana Research
   

   View Slide

9. Sales
   • Lead scoring
   • Opportunity scoring
   • Next best actions
   Customer success
   • Support and service optimization
   • Satisfaction
   • Churn risk
   Expansion
   • Identify opportunities
   • Cross Sell and Upsell
   Utilizing AI & Analytics to Address Issues
   © 2021 Ventana Research
   

   View Slide

10. Historical CRM Data lack of quality
    • Reliant on manual entry
    • Errors and latency
    Siloed data
    • Between marketing, sales and
    service
    • Difficult to link customer lifecycle
    AI and Analytics Dependent on Data Quality
    © 2021 Ventana Research
    

    View Slide

11. Data quality and relevance
    • Automatic data capture to avoid manual
    entry
    • Communications - mail, voice, text
    • Meetings via calendar
    • Key word capture (e.g. competitor
    mentions)
    Data integration
    • Across customer lifecycle
    • Automatic linkage
    Time intelligence
    • What’s changed
    • Trends
    Data enrichment
    • Third-party, not just CRM
    Prerequisites for Success
    © 2021 Ventana Research
    

    View Slide

12. Embedded Analytics
    • Pre-packaged rather than custom
    • Link insight to action
    AI
    • Predictions linked to action
    • Adoption plan and demonstration
    of value to users
    Self reporting on:
    • Savings
    • Gains
    Prerequisites for Success
    © 2021 Ventana Research
    

    View Slide

13. • Lead scoring on likelihood to convert
    • Opportunity scoring on likelihood to
    close
    • Sales next-best action
    • Sales playbooks and communication
    optimization
    • AI assisted forecasting
    • Customer churn prediction
    • Upsell and cross opportunities
    Examples of AI and Analytics for Maximum Impact
    © 2021 Ventana Research
    

    View Slide

14. © 2021 SugarCRM Inc. All rights reserved.
    The Sugar Approach to AI
    14
    Artificial Intelligence The power to see the future,
    Time-Awareness leveraging a complete historical record,
    Data Enrichment and a greatly expanded perspective,
    Embedded Delivery
    without the time, cost, or technical expertise.
    Unprecedented
    predictive insight for all
    companies
    

    View Slide

15. © 2021 SugarCRM Inc. All rights reserved.
    Transportation Company
    Segment their large contact database and market to
    them based on likely to purchase scenarios – from
    VIP regular buyers to occasional customers.
    • 120,000 contacts and growing
    • Segment database manually VIP & Other
    • Use AI-based predictive lead scoring to divide
    “Other” segment into tiers
    • Create multiple digital marketing strategies based
    on “Likely to Convert” AI analysis
    15
    

    View Slide

16. © 2021 SugarCRM Inc. All rights reserved.
    Mid-Sized Manufacturer
    Large partner network complaining about quality of
    leads being sent to them by the manufacturing
    organization.
    • Launched a new pipe valve product
    • Moved Business Development team under
    marketing
    • Use AI analysis of Leads & Opportunities to create
    daily call lists for the team (no touch required)
    • Prioritize leads that are most likely to convert to
    sales
    16
    

    View Slide

17. © 2021 SugarCRM Inc. All rights reserved.
    Wealth Management
    Advisory Company
    Turnover in call center led to wide variation in
    service agent skills. Too often, needs for agent-level
    improvement were unidentified until after high-
    value account relationships had suffered.
    • Use AI to analyze voice and chat conversations for
    customer and agent sentiment
    • Auto-escalate critical customer situations
    • Identify problems areas for additional training and
    enablement
    17
    

    View Slide

18. © 2021 SugarCRM Inc. All rights reserved.
    SugarPredict AI Engine
    18
    Pull leads & opportunities from
    the past to present
    SugarPredict
    Embellish with third party company data to
    build richer lead profiles for AI understanding
    Use AI to build predictive models for
    Lead Interest, Lead Fit, and Lead
    Conversion
    Back-test on actual leads & customers to
    determine model accuracy
    Time-Aware
    Analysis
    No-Touch Data
    Enrichment
    Predictive
    Model Build
    AI Model
    Testing
    

    View Slide

19. Buyers should validate
    • Automatic data collection
    • Data integration across life cycle
    • Automatic linkage
    • Prediction and recommendations
    linked to action
    • Management vs. front-line users
    • Proof of value in real-life examples
    Customers should seek
    • Help with adoption and usage of AI
    • What third-party data is right for
    your industry
    • Vertical and specialist insight
    Recommendations to Buyers and Customers
    © 2021 Ventana Research
    

    View Slide

20. © 2021 SugarCRM Inc. All rights reserved.
    Whitepaper: Why Data and AI Matter in Sales
    20
    www.sugarcrm.com/resources/ventana-why-data-ai-matter-sales
    

    View Slide

21. © 2021 SugarCRM Inc. All rights reserved.
    Q&A
    21
    

    View Slide

22. Why Ventana Research for Business Success
    1. Have 25+ years of experience and expertise with research across business and technology
    areas to provide full market guidance.
    2. Independent content from dedicated professional teamwork of analyst, research, product
    and client professionals.
    3. Actionable and interactive digital content designed to be web responsive and brand
    embeddable to adapt for mobile consumption patterns.
    4. Market Research infused content with subject matter experts aligned and trusted by the
    buyers for over 17 years.
    5. Provide a superior client experience that delivers value of services in the most efficient
    manner possible.
    © 2021 Ventana Research
    

    View Slide

23. Engage and Learn More on Office of Sales
    Twitter
    @ventanaresearch
    @shurrellvr
    © 2021 Ventana Research
    LinkedIn
    http://www.linkedin.com/company/ventana-research
    https://www.linkedin.com/in/stephenhurrell/
    My Analyst Perspectives
    http://stephenhurrell.ventanaresearch.com
    Participate in Sales Planning Research
    https://www.ventanaresearch.com/dynamic_insights/sales/sales_planning/survey/
    Learn More about Office of Sales
    https://www.ventanaresearch.com/sales
    

    View Slide

24. © 2021 SugarCRM Inc. All rights reserved.
    sugarcrm.com
    24
    

    View Slide