The AI in Business Podcast
Predicting Sales Propensity with Artificial Intelligence - Opportunities and Challenges
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Episode Summary: Prominent technology companies like Google and Amazon lead the way in the B2C world, having access to streams of searches, clicks, and online purchases. They have access to large volumes of consumer data pointss numbering in the billions that can be used to train machine learning algorithms.
B2B companies operate under a different model: "propensity to buy," as it's called. A typical B2B company might at most make a couple hundred sales per year, and many B2B companies make only dozens. In other words, every sale matters.
In this episode of the AI in Industry podcast, we interview Kiran Rama, Director of Data Sciences Center of Excellence at VMWare, about purchasing external data and to leveraging internal data. Rama also talks about using data to determine how likely certain leads are to turn into high-value customers. In addition, he discusses with us the "propensity to buy."
We hope that this interview can help business leaders determine if and how AI can help their organizations identify which leads could yield the highest ROI and which customers are the most primed for reselling.