Revenue Intelligence helps Businesses with market intelligence, people intelligence and delivers a phenomenal customer experience.
Working on guesswork or working with solid insights can be the turning point for any business.
Just guessing and assuming what is working for your business cannot give comprehensive results. And what’s the result every business is working for? - Revenue.
Hence marketers and sales leaders mine sales and customer data from customer engagement.
The problem arises when you try fishing for customer insights on the CRM. Even with the advancement of technology, the cloud-based CRM can’t capture customer insights, primarily due to human error. The data any startup requires to become a unicorn is right in their customer engagement, they still end up missing out because they lack the tools to mine the insights or it gets lost in team silos.
For example, when you launch a new product you wait relentlessly for all the data surrounding the product in the market. You check the review sites, sale numbers, total footfall; basically, you jump from one platform to another for data. But why just rely on market data during a product launch?
For a successful launch of a business, you need to understand everything that happens at every level in the business. More importantly, you need this data in one place.
And this is possible with Revenue Intelligence. But first..
AI-powered Revenue Intelligence analyses data and identifies opportunities by gathering insights from customer interactions, CRM, and other sources. Revenue intelligence is the key to unlocking growth for any organization. Every interaction between your business and the customer is captured in this tool.
This is what Dana Therrien, Service Director, Sales Operations Strategies at SiriusDecisions has to say, “Revenue intelligence providers are leading the charge of delivering on the promise of what sales force automation was supposed to do.”How can you provide what your buyers are looking for if you don't know who they are? Revenue Intelligence automatically captures all customer data and highlights it for you, so that you can align your team on one goal - Revenue. Let us take a closer look.
In any deal, it is important to not just know who the prospect is but also about the player who is playing from your team. It is important to find out if it is crucial for the deal, that any other extra step is required for closing the deal. Or when is it required for you to step in?
Revenue Intelligence allows you to be proactive in every deal by giving you a platform to evaluate:
Revenue Intelligence even pushes these insights directly into your CRM, so that you don’t have to go from one application to another for finding any data. Revenue Intelligence helps identify early risks, deals that need to be fast tracked, and deals that need a little more attention.
For a business to succeed, it needs to have a goal. This goal can be broken down into responsibilities for different teams. Having a clear responsibility helps your team define the initiatives it needs to contribute to the overall goal.
A popular saying goes like this, 'When you fail to plan, you plan to fail.'
Having a sales plan in motion helps your sales team stay focused, identify opportunities and go the extra mile to win. A sales plan is extremely vital for any business and it is key to bringing customers and more customers mean more revenue.
If a single SDR makes 100 calls a day, and every call lasts 45 minutes. Imagine a team of 20 SDRs, how many hours are SDRs spending on calls every week?
Not your elementary maths problem,right? This is an actual problem that sales leaders face every day. Reviewing hour-long calls of the entire team and providing them feedback can be a horrendous task.
But with Revenue Intelligence, SDRs can report automatically. And sales leaders can view hour-long calls in a matter of minutes and provide feedback on the dashboard.
This would actually help SDRs in knowing their team strengths and weaknesses. And ultimately providing training that works.
Now that you are aware of what your customers want and how your customer-facing team is responding. You can align your marketing and product team with sales with Revenue Intelligence. And know what is happening in your business.
Revenue intelligence makes the execution of tasks incredibly easy. As when you know what your set goal is, it is easier to look for the right support and tools.
Tata Nano, a tiny, rear-engine, pod-shaped car by Tata Motors was first launched in 2008 at a price range between $1,500 to $3,000 in India. The car was gaining popularity even before the launch because of its price range. But before the launch, Ratan Tata, the Chairman of Tata Motors, in a news broadcasting channel announced the launch of the car as the “Cheapest Car” ever. Which led to the downfall of the popularity of the car. And the bookings fell far short of forecast. They ended up re-branding the car as the “People’s Car”, after gathering thorough revenue and market intelligence. And the sale went up.
In conclusion, with the right market intelligence and people’s intelligence, Tata Motors could have used the right branding message from the start. This is the magic of revenue intelligence.
Revenue Intelligence easily integrates with your cadence and automatically captures all your customer-facing conversations. But again it cannot record unless you permit the revenue intelligence bot in the call.
After the recording is complete, the tool transcribes the entire call automatically. So, that your seller can provide complete focus to your prospect and not worry about taking notes.
Do you think just taking meeting notes is enough for revenue intelligence?
This is where it leverages NLP and its AI cognitive processing for analyzing the conversation for customer queries, actionable items, their grievances, soft skills, and any missed opportunities by your seller. And even highlights it for you, so you don’t have to waste time going through the conversation again.
After it is done analyzing the conversation, revenue intelligence automatically sends the entire data directly to your inbox. Don’t worry, even if it gets missed in the sea of your mails, you can always access the insights on the platform. It gathers all conversation insights and recordings to store them centrally.
Apart from giving direct access to customer’s voices, it provides momentum to all business processes. And also helps align business goals by:
Did you know more than 50% of salespeople admit that they don’t store lead and customer data in their CRM? And Sales reps who do end up spending almost 30% of their time each week manually entering data.
Inbound team is responsible for maintaining the data hygiene but seldom practices it. Revenue Intelligence ensures that all the crucial meeting data is pushed to the task of the CRM automatically. So, that your sales team can do what they do best - crush quota after quota.
In most businesses even if any customer insights are captured it gets siloed in the marketing, sales, or customer success team. Lack of collaboration leads to varied team and individual goals. And when it gets shared, it is of no value.
That’s not the end of the story, businesses use multiple stacks to extract, manage, and store the data. And navigating through these multiple stacks for any crucial information is like diving into the sea in search of a pearl.
Revenue Intelligence obliterates silos by capturing and storing the data by topics post-call. So, that your team can easily browse through the filtered calls by any topic.
Managing meeting notes, sending out daily updates, reviewing hour-long calls, and sending feedback can eat up a lot of your sales team’s time.
But with Revenue Intelligence, your sales team can focus on what is important. The sales tool automatically integrates to your dialer, telephony cloud service system, and video conferencing platform to record conversations. As mentioned earlier, revenue intelligence analyzes and highlights important insights for an easy glance. Additionally, pushes the meeting notes and creates automatic tasks in CRM.
By understanding the “why” and “how” of any win gives you the leverage of repeating your wins. The way you learn from your mistakes, as a business you can learn the “why” and “how” of all your wins and learn with the help of Revenue Intelligence.
Revenue Intelligence not just captures the entire sales cycle but also provides a granular view of the entire deal's important moments. It highlights topics discussed, actionable items, customer queries, opportunities missed, skills of SDR, and pricing discussed, to name a few.
Convin’s Revenue Intelligence platform ensures that your revenue process runs like a well-oiled machine. Convin’s Revenue Intelligence platform centralizes go-to-market insights and executions with:
With Convin your entire business data is secured as data is encrypted before exchanging and storing the data in Convin’s database. With Convin you can view a lifespan of sales recordings in a matter of minutes and establish revenue-generating processes for cracking one goal- Revenue.
Analyze your sales calls to surface trends with Convin. Create winning sales plans and grow your sales figures exponentially.