How Small and Medium-sized Enterprises Can Adopt AI in Marketing and Sales in 6 Steps

How Small and Medium-sized Enterprises Can Adopt AI in Marketing and Sales in 6 Steps

Hi,  I'm Carlos Valdez, Founder and Director of Marketing and Sales. Welcome to my video-audio blog for Friday, July 19, 2024, titled "How Small and Medium-sized Enterprises Can Adopt AI in Marketing and Sales in 6 Steps."

In the article by Isabelle Bousquette, titled "It's Time for AI to Start Making Money for Businesses. Can It?", published in the Wall Street Journal on July 10, 2024, the following highlights are noted:

In sectors such as retail and financial services, CIOs are looking for artificial intelligence (AI) to not only improve efficiency but also increase revenue. Technology leaders have invested heavily in generative AI over the past year and now expect to see returns in terms of real income, although it is unclear when this will happen.

A KPMG survey reveals that revenue generation has surpassed productivity as the primary measure of AI ROI. Companies are expected to spend $38.8 billion on generative AI in 2024, according to International Data Corp.

Currently, artificial intelligence (AI) is revolutionizing how companies handle all their activities, particularly marketing and sales. Large companies, with more economic and support resources, are in a better position for AI adoption and performance, as we discussed in the blog last week on July 12. The big challenge and opportunity lie in small and medium-sized enterprises (SMEs), which is why we decided to write and share these ideas.

For small and medium-sized enterprises (SMEs), adopting AI may seem like a challenge, but with the right approach, it can be a transformative change that increases efficiency and improves results. Below, we present a step-by-step plan based on best practices to help your company integrate AI into its business processes. These steps are suggested by McKinsey & Company.

Step 1: Conduct an AI Audit

Before implementing AI, it is crucial to assess your infrastructure and team skills. Identify which marketing and sales activities could benefit most from AI and consider low-cost or open-source technology options that can be easily integrated. A perfect example of low-cost AI technology that can be used is ChatGPT. This tool can be used to automate customer responses, generate marketing content, and assist in sales, among many other applications. There are free and paid versions with advanced features. At Marketing and Sales, we recommend ChatGPT-4, the paid version, which for $20 per month will allow you to leverage AI benefits for your business. As we have mentioned in previous blogs, to date, there is no software on the market at that price that offers everything you can do with ChatGPT-4. However, you must interact with the platform iteratively and interactively to get the best results. There are no shortcuts or simple solutions to incorporating AI into your business. Time and dedication must be present; otherwise, it will not happen.

Step 2: Form a Commercial AI Task Force

Create a multidisciplinary team that includes representatives from marketing, sales, IT, and other relevant departments. This team will explore AI opportunities and test their applicability in various commercial use cases.

Step 3: Identify Immediate Impact Opportunities

Look for simple, low-risk use cases that can generate a high impact. For example, you can automate prospecting emails or use chatbots to improve customer service. These initial applications will allow you to get quick results and demonstrate the value of AI.

Step 4: Launch AI Experiments

Implement two or three specific use cases in one part of the sales cycle, such as prospecting. Track results and adjust strategies as needed. This approach will allow you to iterate and continuously improve.

Step 5: Train Your Sales Team

Organize workshops on AI fundamentals so that your sales team understands its potential and feels confident experimenting with new tools. This training is essential for them to make the most of the available technologies.

Step 6: Establish Guidelines for AI Use

Set clear rules for the use of AI tools, especially regarding sensitive customer data. Establish high standards for verifying results, ensuring that the generated content is accurate and appropriate.

These recommendations are based on the Harvard Business Review article titled "Can AI Really Help You Sell?" published in November-December 2022.

Do’s:

• Optimize your processes first: Before implementing AI, make sure your processes are well-defined and efficient.
• Involve top executives: AI strategy must be a priority from the top management.
• Establish a data-driven culture: AI implementation must be supported at all levels of the organization.
• Start with small projects: Generate short-term gains to demonstrate AI's value.

Don’ts:

• Wait too long: Early adopters of AI will have a significant advantage.
• Make unrealistic promises: AI is not a magic solution; its implementation requires time and effort.
• Create AI silos: AI should be integrated into existing processes, not work in isolation.

Conclusion

Adopting AI in marketing and sales may seem intimidating for small and medium-sized enterprises, but with a structured and gradual approach, it is possible to achieve significant improvements in efficiency and business results. Start with an audit, form a dedicated team, identify immediate impact opportunities, and train your team. With these steps, you will be on the right track to leverage AI technologies to the fullest.

Thank you for your attention, share this content, and remember that in Marketing and Sales, we always have to generate value.

See you next time!

Dr. Carlos Valdez

References:

• McKinsey & Company: AI-powered marketing and sales reach new heights with generative AI, May 2023
• Harvard Business Review: Can AI Really Help You Sell?, November-December 2022
• Isabelle Bousquette, "It's Time for AI to Start Making Money for Businesses. Can It?", Wall Street Journal, July 10, 2024.