It is a safe assumption that sales intelligence is becoming increasingly popular. At a market value of $2.29 billion in 2019, CAGR is on the rise (10.5%), leading towards 2027. Therefore, many businesses and brands are making use of intelligence technology. But, are they necessarily using it to their full advantage?
When it comes to sales intel, we must also consider the role of retail intelligence. What does this extension of sales data have to offer to lead pitching and marketing strategies? As it transpires, without some form of retail intel, sales are doomed to fail in the modern age.
Sales Without Revenue Intelligence
Sales intelligence is crucial for helping us see the bigger picture. Without actionable data, building effective sales funnels is all but impossible. However, knowing what to do with such data is a different matter altogether. How do you effectively transform raw data into an action plan that works?
Sales data without revenue intelligence is effectively numbers on a page. Unless you are already data-minded and data-driven as a business, strategies are not always simple to form. In fact, studies demonstrate that up to 73% of all corporate data isn’t used in analytics.
This is data that sales teams can - and should - use to help personalize pitches. It’s also useful in helping businesses to understand the major drivers of interest in their firms and products.
This is where revenue intelligence can help break down some of the bigger numbers. With data scaling up larger and larger, the need for specialist data scientists is growing alongside. However, for many companies, hiring data scientists is costly and time-consuming. For example, the average salary for a data scientist at entry level is around $117,000 in the US.
But, in-house revenue intel can help refine processes to remove such needs.
Revenue Intelligence Explained
Ultimately, revenue intelligence is data made more visible and easier to digest. Rather than relying on raw data and pools of information, revenue intel actively presents it in actionable formats. For example, a solid revenue intelligence strategy may provide insights into seasonal sales. Without detailed intel, you may simply have income statistics - not who’s buying, why, and when.
Effectively, revenue intelligence helps us to see the bigger picture. This stretches as far as customer behavior, product and brand perception, and periods of growth. Revenue intel relies heavily on automation and AI, thus taking away the risk of human error.
Revenue intelligence helps businesses take action on insights with plans, plots, and charts that show problems and solutions.
The Four Pillars of Revenue Intelligence
Multiple intelligence experts explain that revenue intel has, for the most part, three to four pillars. These are essential factors that any intelligence platform should revolve around. By adhering to these pillars, business owners and sales teams have a clearer indication of how they appeal to customers.
Such pillars can and will vary from source to source. However, let’s consider some of the most prevalent factors that apply to effective revenue intelligence.
Conversations and Context
One of the most crucial roles revenue intelligence plays in sales is to add context to data. Analytics harnessed through revenue intel can help to break down sales conversations. Therefore, instead of relying on the endgame or result of outreach, we can focus on what was said mid-conversation.
This aspect of intelligence allows us to pore through key moments in conversational transcripts. Therefore, we can find triggers and points where customers are genuinely engaged. This allows sales teams to enhance their funnels and effectively fine-tune their pitching templates. Without such context, lead conversion falls purely to chance.
Customer Insight
Building further on context, revenue intelligence also helps us dig deep into customer journeys. The ‘journey’ is a crucial aspect of CRM building. But, without some context as to how individual customers feel, it is purely an assumption.
Again, revenue intelligence, working from conversation transcripts and direct interactions, lets sales teams tap into individual needs. The best revenue intel can highlight moments where sales reps can drive conversions. Are there moments in interactions where customers indicate they want to know more?
Customer experience is critical to at least 49% of B2C buyers - sales strategies must account for engagement quality.
Deal Insight
Crucially, revenue intelligence can show active health status on live deals. Software can help to forecast potential outcomes and will identify triggers for action. It’s not always possible for human executives to know where deals may taper off. Therefore, revenue intel is hugely insightful in helping to predict interactions.
This pillar helps ensure that sales teams maximize their lead potential. Moments where prospects may otherwise grow uninterested or find more appealing offers elsewhere become easier to counteract. It is an effective tool to help us understand customer behavior and intention - regardless of their profiles or demographics.
Team Collaboration
Finally, insight into your sales team’s operation will help to keep operatives on one page. Revenue intel can help analyze where improvement may be necessary at funnel stages. What’s more, it can also ascertain if there is enough physical support at given stages or with specific customers.
Insights into team activity are helpful for two key reasons. Firstly, they establish the status of a deal (as above) and the latest developments with certain leads. Secondly, they can ensure all agents know who is at which stage of the pitch. The clarity in sales is made all the more potent with revenue intel.
Can Sales Intelligence Survive Without Revenue Pillars?
It’s unlikely that, without revenue intelligence, sales planning can survive on raw data alone. Unless business owners are willing to employ specialists to analyze and map out data, revenue planning can be scrupulous.
Sales intelligence is crucial for corporate survival - but it’s what professionals do with this data that matters.
SOURCES USED FOR RESEARCH
https://www.grandviewresearch.com/industry-analysis/sales-intelligence-market
https://www.inc.com/jeff-barrett/misusing-data-could-be-costing-your-business-heres-how.html
https://emplifi.io/resources/blog/customer-experience-statistics
