Düsseldorf, August 12, 2020
In 2016, the software startup FoxBase from Düsseldorf developed a solution that uses artificial intelligence to accelerate and digitize B2B sales and significantly increase the sales efficiency of B2B companies. B2B companies still follow the traditional sales approach: large sales teams that essentially rely on experience and extensive product catalogs to recommend products to interested parties and customers for their individual requirements. Today, however, B2B customers are looking for simple, fast, digital self-service advice and expect the same service and convenience that they are used to from their private consumer behavior. But even online, users are only offered endless catalogs and content for products that require explanation, which means that they leave the online shop or website after a short time without making a purchase. As a result, customer needs are not taken into account on the digital channels. According to statistics, over 90 percent of B2B buyers do their research online before making a purchase decision, but there is no consultation and market trends are ignored. In order to solve precisely these problem areas, FoxBase developed the Digital Product Selector - with Selector.AI as the core of the solution for accelerating and digitizing B2B sales.
The first selector went online in 2017. Since then, FoxBase has been working steadily on the further development of the software and on new features. The Digital Product Selector supports sales staff and customers to find the best product easily and digitally in the shortest possible time - just like a good individual consultation. The software identifies individual customer needs via an interactive user interface and calculates a specific product recommendation. It integrates seamlessly into the systems and processes of B2B providers. In addition to recommending products, the sales teams can also identify trends in customer needs and the coverage of the product portfolio. The setup of the software does not require any technical expertise and can be carried out directly by appropriately trained users. The Digital Product Selector shortens sales cycles and thus radically increases sales efficiency.
The Digital Product Selector at a glance
Modeling the customer needs analysis
In a first step, the query of customer needs is modeled. This means that customers can digitally map the questions and answers of a good sales conversation with a sales representative, for example as a decision tree, and thus determine all of the customer's requirements.
Individual product recommendations
Based on the requirements raised, only a limited number of the best products is now clearly recommended. For this purpose, the various algorithm options of Selector.AI are used to provide the system with the knowledge of the organization necessary for the recommendation. As a result, the best products are recommended for the respective customer needs.
Seamless integration into processes and systems
All information about the requirements of the customer as well as the product relevant to him is then used further in the downstream sales processes in order to persuade the interested party to buy. The Digital Product Selector supports the full range of possible use cases in the B2B environment: from direct purchases in the online shop, through CRM integration, to contacting a sales representative by email or chat, depending on the customer's degree of digitization.
All data on customer needs and user behavior are automatically evaluated and visualized. In this way, valuable knowledge can be gathered for product policy, for example: which products are recommended for which needs and trigger an interaction (or not), or which customer needs or which combinations of customer needs are often selected.
Business model and customers
The Digital Product Selector is sold as a SaaS solution and billed monthly. The performance of the system can be monitored and optimized via a browser-based user interface, and any necessary adjustments can be made directly by the customer.
FoxBase's customers include Henkel, Deutsche Telekom, Lanxess, CWS boco, ifm and Pagel.