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Hey there, it’s Terry Brock here, your host for Stark Raving Entrepreneurs along with my co-host, Gina Carr.
In today’s episode, we’re diving into the world of AI and its impact on sales (very important!).
We’ll be discussing how big companies are using AI tools like predictive analytics, personalization, automated customer interaction, sales forecasting, lead scoring, sales process efficiency, customer insights, and real-time assistance to supercharge their sales.
We’ll share examples from companies like Amazon, Domino’s Pizza, Coca Cola, and Spotify to help you understand how AI can be leveraged to improve your sales processes and enhance customer experiences.
So grab a beverage of your choice, sit back, and join us as we explore how entrepreneurs of all sizes can harness the power of AI to take their sales to the next level.
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ABOUT
We’re Stark Raving Entrepreneurs. We help you with the lifestyle of “Live and Let Live.” Do whatever you want, but don’t hurt others and don’t take their stuff. We embrace what is called the “Non-Aggression Principle” (NAP).
TERRY
Hall of Fame keynote speaker Terry Brock is a globally connected leading authority who works with organizations that want to leverage technology and social media for more customer engagement, productivity, and increased profitability.
Terry is the former Chief Enterprise Blogger for Skype, former Editor-in-Chief for AT&T’s Networking Exchange blog, and former Chief Retail Advisor for ACE Hardware.
A master at his craft, Terry earned the Certified Speaking Professional designation from the National Speakers Association and was inducted into the Speaker Hall of Fame. He was inducted into the Virtual Speakers Hall of Fame and he was recognized as a Legend by the Veteran Speakers Association.
Terry is also a Cavett Award recipient, recognized as the National Speakers Association’s “most cherished” award (only one per year).
GINA
As the CEO of Stark Raving Entrepreneurs, Gina Carr works with business leaders to leverage AI-powered marketing for more impact, influence, and income. Gina has an MBA from the Harvard Business School and an engineering degree from Georgia Tech. Known as “The Tribe Builder,” Gina helps passionate people build powerful tribes of raving fans.
A serial entrepreneur, Gina has created several businesses, including an award-winning real estate company, a chain of community magazines, and Video Rock Starz. She is the CEO of TEDxDupreePark. A native Atlantan, Gina now lives in Orlando with her sweetie Terry Brock. Gina is a passionate advocate for animals, freedom, and plant-based living!
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We’re a channel devoted to those with an entrepreneurial spirit who believe in freedom and liberty. If you like the idea of living a voluntary life, not initiating force or coercion, and living life peacefully, abundantly, and making a lot of money, this is the place for you!
We look forward to hearing from you and getting your opinions and thoughts. Drop us a note at Terry@TerryBrock.com or Gina@GinaCarr.com.
Thank you for joining us today.
Terry Brock & Gina Carr
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For your convenience here are some time stamps of note-worthy content for this episode:
1. [00:00:36] Gina Carr discusses how AI tools previously available only to big companies are now accessible to businesses of all sizes, which is revolutionary.
2. [00:01:38] Terry Brock emphasizes the importance of predictive analytics and how companies like Amazon use them to anticipate buying patterns and stock up or pull back accordingly.
3. [00:02:21] Gina Carr explains the significance of personalization, citing examples such as Netflix customizing recommendations based on user behavior.
4. [00:03:33] Terry Brock discusses how Domino’s Pizza and other companies implement automated customer interaction to streamline the ordering process and improve efficiency.
5. [00:04:36] Gina Carr provides insight into how Coca-Cola uses AI for sales forecasting, enabling them to predict demand and reduce waste, which is beneficial for all industries.
6. [00:05:49] Terry Brock emphasizes the value of lead scoring, exemplifying how Salesforce’s AI tool, Einstein, helps identify the most promising leads and where to focus sales efforts.
7. [00:06:57] Gina Carr discusses how Zara uses AI to predict future trends and manage inventory efficiently, further highlighting the practical application of AI for sales processes.
This podcast episode covers diverse examples and applications of AI in sales, demonstrating its potential to enhance various aspects of business operations.
Spanish Language Summary
En este episodio de Stark Raving Entrepreneurs, Terry Brock y Gina Carr discuten cómo las empresas de todos los tamaños pueden aprovechar la inteligencia artificial (IA) para impulsar sus ventas. Se exploran ocho ejemplos con ejemplos de empresas como Amazon, Netflix, Domino’s Pizza y Coca-Cola, que utilizan herramientas de IA para la analítica predictiva, personalización, interacción automatizada con el cliente, pronóstico de ventas, puntuación de clientes potenciales, visión del cliente, procesos de ventas más eficientes, y asistencia en tiempo real. Se resalta que estas herramientas están disponibles para todas las empresas y pueden mejorar la eficiencia, aumentar las ventas y brindar una mejor experiencia al cliente. Gina y Terry invitan a los oyentes a compartir cómo utilizan la IA en sus propias empresas y a suscribirse al podcast para seguir aprendiendo sobre este tema.
Transcript
For your convenience, here is a complete (unedited) transcript of this episode. Please let us know if this is helpful for you.
Terry Brock [00:00:00]:
Getting sales is one of the most important things that we entrepreneurs can do. You know what I’m talking about. In this episode, we’re gonna give you some real jewels that you can use on what companies are doing right now to boost their sales, and how you can use those same principles, apply them to your business, whatever the size, and be able to get some solid results with AI and boosting sales. I’m joined by my partner, Gina Carr. Gina, this is really an interesting thing of seeing what sales can be done, how we can get more sales with AI. You’ve been studying this for a while also. What are you observing on the on the marketplace and what’s happening.
Gina Carr [00:00:36]:
Well, what’s really fantastic is that the tools that big companies have been using for years are now available to the tiniest companies because they’re available for free through tools like ChatGPT, Bard, and other tools that are out there. And when you know how to use these tools, you can harness analytics, you can harness AI, you can harness these Things that, again, previously have been only available to the big companies, and now they’re available for all size businesses, which is really exciting.
Terry Brock [00:01:08]:
Yeah, exactly. Well, what we wanna do in this particular episode is to go through 8 examples of how that is. You won’t be able to use all of them maybe, but you might be able to use quite a few of them and move them around. So let’s take a look at that. What we’re gonna do is take a look at these. First of all, is predictive analytics. That is number 1 that we see and being used by a lot of folks, you’ll probably recognize Amazon. They do some studies to say, okay, at this time of the year, we see this many people buying this, they’ve got enough data, they’ve collected that, so they can anticipate what they should do.
Terry Brock [00:01:38]:
This is something that you and I can do now with some of the AI tools that are out there, where we start saying, okay, When are people most likely to buy our widgets or that, if you’re selling Christmas trees, obviously, during the Christmas season, it’s strong, but is there any other time of the year when it might be, or are there other things that would be that we could supply that are there? So number 1 is predictive analytics, it helps you to anticipate when there’s gonna be a surge and you stock up before that, or when there’s gonna be less of it. So you pull back and say, okay, well, we’re not gonna need that quite as much, and we’re gonna instead take a look at what’s available and how we can use this and put it in there accordingly. Gina, I think we’ve got another one, available. What is on your mind for that?
Gina Carr [00:02:21]:
Well, the 2nd point that that I’d like to share is about personalization. So we many of us have used a service like Netflix. And on Netflix, it’s a great example where they personalize based on what you watched before. And not just what you Started watching, but what you watched all the way through because then they know that you really liked it. And if you watched it a couple of times, they know you loved it, And they’re more likely to serve you up the next time you log in, or even as you’re there on the same session, they’ll keep presenting you with options of programs that they think you’re going to to love. And so that’s one of the beautiful things about Netflix.
Terry Brock [00:03:01]:
Yes. It is. And a third area is with automated customer interaction. Domino’s Pizza does that, they let their customers order with voice. Now I kinda have a warm spot in my heart for Domino’s given that I grew up in Michigan, not far from where they were founded over in Ann Arbor, I was over in Jackson, and we got a chance to see what they’re doing. But you can do something like this also. Think about how you can automate the process of making it easier for your customer and make it easier for you and your team to implement what needs to be done. There’s a lot of tools that do that.
Terry Brock [00:03:33]:
You can have people input into the AI tools out there. We’re finding that these are used extensively by many different companies, and this kind of, capability of automating the customer interactions really can help a lot.
Gina Carr [00:03:47]:
Okay. Well, our 4th area to consider for AI is sales forecasting. And again, these tools are available for all size industries now. The example we’re gonna share is Coca Cola. I grew up in Atlanta. I know you spent a lot of time in Atlanta and did some work for Coca Cola. Coca Cola is our example of a company that’s using AI for sales forecasting. They’ve long been at the forefront of using technology to help sales and production in all areas.
Gina Carr [00:04:15]:
But as it relates to forecasting, With this, they can re forecast their wholesale sales, retail sales, predict which products are gonna be in high demand So that they can really reduce rate waste and help their retailers to plan for these increased sales periods and for these different products.
Terry Brock [00:04:36]:
Yeah. And, Jenny, you know, I think that’s a good point that all businesses could. When we start doing the sales forecasting, we know, Hey, it’s going to be a little greater demand here, we’re gonna have to start doing this, or there’s not as much so they can slack off, or they can say, gee, we need to increase this. That’s sales forecasting, I think is really really nice. And it’s closely related to the 5th concept of lead scoring. That’s something that we see from, well, Salesforce. They have their component, their AI companion called Einstein, and what it does is it takes a look at scoring these services so that you’re focusing your efforts where there’s most likely to be a sale. Anyone who’s in sales and has been there for a while knows, Hey.
Terry Brock [00:05:16]:
If someone’s not ready to buy, you can’t go in there and beat them over the head. You wanna find the people who are ready to buy, they’re ready, willing, and able to buy it, and you wanna focus with them. I think Salesforce is doing that well, as I’ve been studying a little bit about their tool called Einstein, their AI tool, Einstein. Looks really interesting, I haven’t used it, I don’t use Salesforce myself, but I know a lot of people are using that, and you find that when you can focus your efforts on the most promising leads, Hey, Gina. That is a good way to make sure that you’re getting the results that you want.
Gina Carr [00:05:49]:
Yes. Well, I’ve been using it with with one of our clients who uses it, and it it is a great tool, and it’s been very effective.
Terry Brock [00:05:58]:
Do they like it? Have they are they pleased with what they’re getting from, Einstein on Salesforce?
Gina Carr [00:06:03]:
Yes. They definitely are.
Terry Brock [00:06:05]:
Very good.
Gina Carr [00:06:07]:
So another area that we’re seeing AI being used is in the sales processes, so to have greater efficiency in the sales processes. And the example here is Zara, The fashion retailer, which has long been known for fast fashion, they’ve been able to take concepts from concept to Produced product within a couple of weeks, so they’ve been at the fast fashion forefront for quite some time. And now using AI algorithms, They’re able to really, predict the future trends and use this to help them with their inventory management so that they make sure they have the popular items ready to go, and they reduce overproducing the items that aren’t going to be as popular. So this is a really powerful tool for businesses to use.
Terry Brock [00:06:57]:
And the 7th principle is enhanced customer insights. Spotify does that very well. What they do is they or monitoring what you as a user are listening to. What you like, what you don’t like, those kind of things. In a way, Gina and I see the same thing with Amazon. We’re on Amazon Music, and it’s nice to be able to know that they’re bringing in music that is a little bit like the kind that we have listened to before. When we like a certain, we like to listen maybe some soft classical music or after instrumental music, we’ll have that and it’ll bring in other artists that we’ll introduce us to. So this is a concept that we’ve seen in many areas.
Terry Brock [00:07:31]:
I think Facebook does it as well. They would have a sounds like or similar audience that will be there. They say, hey, if your audience likes this, They might also like that. So what you want to do is start using AI to track those kind of metrics as well. Find out the kind of, things that your customers like. What preferences do they have? What do they like about this? What do they like about that? The more you can get to know your customer, the better your relationships So our relationship marketing ties in very closely with what we’re doing with AI. AI really turbocharges it, so really what you can do as you let machines take on the heavy grunt work that you gotta do, all the dirty work and the things, the heavy lifting, that kind of thing, and let people focus on being more personable, more human like with people. And this is what Spotify is doing, what Amazon is doing, and several others also.
Gina Carr [00:08:24]:
And our final principle is using real time assistance. You know, in this world where people want what they want when they want it, They want answers immediately to their questions, and I do too. I certainly want quick answers when I have a question, especially if I’m considering buying a product and I need to know, Does it have the blue widgets that I want in addition to the yellow widgets that it’s really clear that that they have? So I wanna know about those different aspects. And Bank of America is an example of a company that is using these sorts of real time assistance AI tools very effectively. So you You’re on their page. You’re thinking about opening a banking account and or opening a getting a new credit card and you wanna know for example, I was researching recently which Credit cards have the best insurance coverage for rental cars, and so I found their chat tool to be very helpful. And that’s Something that today, because of the ability of tools that are out there, again, even very small companies can access these Automated chatbots to help in the customer service process, which can definitely increase sales.
Terry Brock [00:09:36]:
Yes. Indeed. I think that we’re seeing a host of these tool these Eight tools being used by companies that might be larger than yours, but they also have principles that we can learn. And so start looking at tools like this that you can tap into, so that you’re able to have an AI bot helping you out on that. And really, that’s what AI is about. It’s making life easier for humans. Is AI gonna take some jobs? Well, yeah, I think it will, but it’ll take jobs much like the machines that we’re using now in farming, tractors and others, or have taken jobs away from people who are using mules and oxen before. We don’t wanna go back to using mules and oxen for farming.
Terry Brock [00:10:15]:
That’s not the way to do it. A much safer, a more efficient, a more productive way of doing it is with the machines, and I think AI is coming in there with that as well. So Gina, this is really interesting. What are your thoughts as we, kinda wrap this up and look at what’s going on with AI and the tools that are available?
Gina Carr [00:10:33]:
Well, I I think it’s just so exciting that businesses of all sizes are able to use these tools. We’re certainly helping a lot of our clients Figure out how they can use AI in in their business, especially in the areas of sales and marketing. And They’re ecstatic. We’re ecstatic because we know that we’re helping these business owners to to improve their efficiency and to increase their sales, to serve their customers better, and it’s just an all around better experience for everyone.
Terry Brock [00:11:02]:
So think about how you can use these kind of tools yourself and put them together, and that’s what we’re all about here at Stark Raving Entrepreneurs. Matter of fact, we would appreciate if you would come over and see us, starkravingentrepreneurs.com, and also Like this video, share it with others, and subscribe. That’ll let the algorithms know, hey, people like this kind of approach and they want to see this kind of thing happening on a regular basis. So we can let you see how this is going to help you in your business, so that you’re able to achieve the goals that you want and be able to get the kind of results that you’re looking for. So thank you very much for joining us today for another episode of Stark Raving Entrepreneurs. We look forward to hearing from you. Please leave a comment below, that will really help a lot for us to know, hey, you like this, or maybe you had another idea if you’ve had an experience with it. We wanna hear from you.
Terry Brock [00:11:50]:
You can come come over and see us again, stark raving entrepreneurs.com. Gina, any final words for the folks watching and listening to this before we say goodbye?
Gina Carr [00:11:59]:
Yes. We just love for you to guys to share in the comments how you’re seeing AI used or how you’re using it in your own company. That would be terrific. And, Haze, while you’re here, subscribe, and we would love to hear from you further.
Terry Brock [00:12:12]:
Yes. Indeed. And what we’re gonna do is we’re gonna give you an opportunity to continue your studying education in AI. And because what we’re gonna do is in just a moment, we’re gonna give you a couple of videos that you can use, and that are gonna help you. And just click on those, and you’ll be able to get it. I’m Terry Brock, Regina Carr. Thank you very much for joining us today.
