Dusseldorf, August 12, 2020
In 2016, the software start-up 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 use empirical knowledge and extensive product catalogs to recommend products to prospects 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 after a short time they leave the online shop or the website without completing the 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 advice is not provided there and market trends are ignored. To solve exactly these problem areas, FoxBase has developed the Digital Product Selector - with the 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 constantly working on the further development of the software and on new features. The Digital Product Selector supports sales staff and customers in finding the best product easily and digitally in the shortest possible time - just like a good one-on-one 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 departments 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. With the Digital Product Selector, sales cycles are shortened and thus sales efficiency is radically increased.
The Digital Product Selector at a glance
Modeling of 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 pitch 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 are now clearly recommended. The various algorithm options of the Selector.AI are used to teach the system the knowledge of the organization necessary for the recommendation. As a result, the best products for the respective customer needs are recommended.
Seamless integration into processes and systems
All information about the customer's requirements and the product relevant to him is then used in the downstream sales processes to persuade the prospective customer to make a purchase. The Digital Product Selector supports the entire range of possible use cases in the B2B environment: from direct purchases in the online shop and CRM integration to contacting a sales representative by email or chat, depending on the customer's degree of digitization.
customer insights
All data on customer needs and user behavior are automatically evaluated and visualized. Valuable insights for product policy can be collected in this way, for example: which products are recommended for which needs and trigger an interaction (or not), or which customer needs or which customer need combinations are frequently 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 necessary adjustments can be made directly by the customer.
FoxBase customers include Henkel, Deutsche Telekom, Lanxess, CWS boco, ifm and Pagel.
