FoxBase

When offline sales channels break down: Software Start-up presents solution for digitalisation of B2B sales

Introduction

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 are still pursuing the traditional sales approach: large sales teams that essentially relay on extensive product catalogues to recommend products for the individual requirements of their customers. However, B2B customers today are looking for simple, fast, digital self-service recommendation and expect the same service and convenience they are used to in their private life. But even online, the B2B users are only offered endless catalogues and content for complex products, with the result that after a short browsing time they leave the online shop or website without completing a purchase. According to statistics, over 90 percent of B2B buyers first research online before making a purchase decision, but no sales talk takes place there and market trends can‘t be taken under consideration. To solve precisely these problems, FoxBase has developed the Digital Product Selector - with Selector.AI, as the core of the solution, to accelerate and digitize B2B sales.

The first Selector went online in 2017. Since then, FoxBase has been constantly working on further development of the software and a lot of new features. The Digital Product Selector helps sales staff and buyers to find the best product digitally in the shortest possible time - just like in a good face to face sales talk. Using an interactive user interface, the software identifies individual customer needs and calculates a specific product recommendation, with seamless integration into systems and processes of our customers. In addition to recommending products, the sales force can also identify trends in customer needs and make product portfolio analysis. The setup of the software does not require any technical expertise and can be performed directly by trained users. The Digital Product Selector shortens sales cycles and as a result radically increases sales efficiency.

The Digital Product Selector in a nutshell

Shaping the customer needs In the first step, the query of customer needs is being modelled. This means that our customers can digitally map the questions and answers for a good sales talk, for example as a decision tree, and thus determine all the customer's requirements.

Individual product recommendations Based on the collected requirements, only a limited number of the best products can now be recommended. For this purpose, the Selector.AI algorithm options provide the system with the necessary knowledge for the recommendation. As a result, the best products for the respective customer needs are recommended.

Seamless integration with processes and systems All information about the customer's behaviour and needs is then used in the downstream sales processes to turn prospects into buyers. The Digital Product Selector supports the complete range of possible use cases in the B2B environment: from direct purchase in the online shop, through CRM integration, to contacting a sales representative by e-mail or chat, depending on the degree of digitization.

Customer Insights All data of customer needs and user behaviour are automatically evaluated and visualized. In this way, valuable insights can be gathered, for example: which products are recommended for which needs and trigger an interaction (or not), or which customer needs or 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 adjustments can be made directly by the customer.

FoxBase customers include Henkel, Deutsche Telekom, Lanxess, Knauf, ifm and Pagel.