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Are AI solutions on the path to becoming an industry standard?

Why do sales & marketing experts need AI tools to meet new business challenges?

AI, pattern recognition, allows understanding the complexity of the real world. Sales and marketing experts have the core challenge to identify revenue opportunities and achieve revenue targets in the most cost-efficient manner. Consequently, it is inevitable to precisely quantify the revenue impact of each activity per recipient, adjusted for external revenue-impacting factors. At the same time, synergies between the activities have to be reflected. Given the fast pace of change in the world, the models have to be adaptive and non-static – resulting in the necessity for dynamic pattern recognition. Furthermore, one has to understand the implication of scaling activities. Only when the diminishing rate of return per activity per recipient is understood, informed decisions about investments can be made.

All this complexity cannot be dealt with using non-AI methods, but require company tailored High-End-AI-Based-Solutions.

What type of AI solutions are there to support sales & marketing experts?

There are two major areas for AI to support sales and marketing experts:

  1. Generative AI: Tools like ChatGPT assist to generate content and pictures.
  2. Predictive AI: Tools to quantify the revenue impact of marketing and sales activities

In an ideal state, predictive AI identifies the current revenue impact of a sales activity per HCP with the used content, compares the impact to other HCPs and adopts the content, should it currently be underperforming. Over time, as more and more insights per HCP are gathered, each HCP will be approached with the most relevant content using the most efficient channel.

The ideal state should be reached step by step:

  1. Establish the current performance benchmark per channel per HCP to communicate with each HCP using the best channel mix
  2. Determine the revenue contribution benchmark for content per HCP as an additional dimension to understand who currently responds well and not so well to certain messages
  3. Allow generative AI to alter the messages. The response to the new message may then be compared to the initial revenue contribution benchmark. Iterations eventually find the optimal communication strategy per HCP

Using generative AI to optimise the content before the revenue contribution benchmark per HCP is found is suboptimal, as the benefit in revenues cannot be quantified.

Why is it worthwhile to invest in marketing & sales AI solutions?

Using company tailored AI-solutions increases the precision of analytics substantially and thereby concludes in better decision-making. Identifying the revenue impact per activity per HCP and reallocating resources has resulted in the past in 5% – 15% additional revenues using the same amount of resources. As AI solutions will eventually become industry standard, early adopters will benefit the most.

We are pleased to partner with SimCog on our 13th Annual Sales Force Effectiveness and Digital Marketing in Pharma Summit on 11th - 12th October 2023 in Leonardo Royal Hotel Berlin Alexanderplatz, where they will present their own case study

SimCog specialises in tailored High-End-AI-Based-Solutions for the pharmaceutical industry. Most solutions tackle revenue/prediction forecasts. The solutions assist the pharmaceutical company to precisely quantify the revenue impact of their sales and marketing activities per recipient and allows activity plan simulations to identify growth opportunities and areas of inefficient investments. Ultimately, the solutions assist in efficiently achieving revenue goals by optimising the use of resources.

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