Learn how to leverage generative AI to enhance the everyday technical data sheet in the chemical industry.
Chemical Manufacturing
July 18, 2024
The specialty chemicals industry is where innovation meets necessity. It’s a space where sales professionals play a pivotal role in bridging the gap between cutting-edge technologies and market demand. Among these professionals are those specializing in high-performance catalysts.
Despite anticipated growth over the next decade, challenges are ever-present and continuously evolving. Sustainability concerns and regulatory changes, for example, are part of every conversation, making it difficult for sales teams to find consistent success.
By leveraging AI’s capabilities, sales leaders can not only enhance performance but also navigate the complex and evolving landscape of the specialty chemical market. From accelerating deal cycles to providing tailored customer education and optimizing product positioning, generative AI offers a wealth of possibilities for driving growth and staying ahead of the competition.
High-performance catalysts are critical for numerous industrial applications, from petrochemical production to environmental protection and energy generation. These catalysts not only enhance the efficiency of chemical reactions but also play a pivotal role in advancing sustainability and economic growth.
With growth in the sector expected to continue to rise at an average rate of 4.7% annually over the next decade, it seems that sales success is a foregone conclusion. But like other sectors within the specialty chemical industry, success is impacted by several external factors.
Sales professionals in the catalyst sector encounter a myriad of challenges. Balancing sustainability initiatives, regulatory compliance, and ESG (Environmental, Social, and Governance) priorities while pursuing revenue growth is a delicate act where one misstep can derail a conversation or squash a sale.
Broader economic issues such as geopolitical conflicts, weak economic growth, high interest rates, and inflation — particularly in regions like Europe where regulations are stringent — also impact every prospecting call and negotiation.
Supply chain issues further complicate the landscape, with limited availability of critical materials and changing customer demands increasing the pressure.
Adding to these challenges, greater competition and slow sales growth can lead to downward pressure on prices, compelling companies to innovate continuously and create specialized, high-value products. In this context, investing in generative AI presents a significant opportunity for catalyst companies to navigate these challenges and seize new growth avenues.
With one hurdle after another coming their way, it is easy to see why so many sales teams selling chemical industry catalysts are doing their best to keep their heads above water.
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Generating opportunities out of these challenges is no small feat. Agility and a deep understanding of product knowledge, regulatory changes, and customer needs are essential components of every conversation. Leveraging generative AI can bridge knowledge gaps and help sales reps, regardless of experience, drive growth in the following ways.
Efficiency is of the essence for professionals in catalyst sales. Generative AI can help sales reps act faster, respond more quickly, and provide customers with the information to make better decisions.
By automating routine tasks and analyzing vast amounts of data, AI can accelerate the sales cycle and give sales teams a competitive edge. For instance, GenAI platforms can quickly identify potential customers, analyze their needs, and tailor product recommendations that align with their sustainability goals and operational requirements.
Although the discovery process cannot be fully replaced, reps can enter every sales discussion with the information they need to educate customers on the latest industry trends, regulatory concerns, and products, streamlining the entire buying process.
Better information not only equates to more sales, it also improves customer service. And make no mistake, delivering exceptional customer service is no longer a luxury. It’s an expectation. Organizations that invest in customer-facing service technology have seen an average of 10% growth in the last year, highlighting the priority of meeting customer demands.
Positioning catalyst products effectively is critical for success in the company, especially as customers prioritize data accuracy and regulatory compliance. Generative AI can help sales professionals position their products as the best solution for customers' needs by providing detailed insights into how their products compare to competitors.
AI can highlight how a catalyst improves the end products' quality, sustainability, and lifecycle performance, thereby supporting a circular economy. By demonstrating their products' unique benefits and environmental advantages, sales teams enhance their competitive positioning and win more business.
Generative AI’s capabilities are not limited to frontline sales executives, but can also have a substantial impact on sales leadership and their ability to get the most out of every team member.
As the workforce becomes more competitive and employees with expert knowledge retire, capturing and transferring product knowledge is vital. Generative AI can support employee onboarding, training, and upskilling by providing personalized learning experiences and retaining valuable institutional knowledge.
GenAI can ensure that the technical expertise and insights of long-term employees are preserved and accessible to future team members. This not only improves employee engagement and retention but also supports the continuous development of a knowledgeable and skilled workforce. Its ability to help new employees quickly become productive by offering in-depth data through simple prompts can also eliminate knowledge gaps and dramatically reduce ramp time.
Industry leaders in the catalyst space have gone on record stating, “Product performance and quality, price and contract terms, product and process improvements, specialized customer services, the ability to attract and retain skilled personnel are the primary factors to compete effectively in the catalysts marketplace.”
Tackling these challenges is much easier when generative AI is part of the equation. For sales leaders aiming to boost performance investing in generative AI is a strategic move that promises substantial benefits and ensures long-term competitive advantage.
Ready to revolutionize your sales strategy with generative AI? Contact NESH today and discover how our platform can help you accelerate growth and maintain a competitive edge in the catalyst industry.
Want to see more generative AI use cases for chemical sales? Get our Fact Sheet: 6 GenAI Use Cases for The Future of Chemical Sales below.
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