Most businesses have dedicated sales and marketing teams, but one thing that usually happens for these teams is the lack of communication between them. This creates a lot of inefficiencies.
If you are looking at solving this problem, then the solution could be the Revenue Intelligence System.
A lot of companies have revenue intelligence systems, but very few use them to their full potential. In this blog, we look at how companies can make the most out of these intelligence systems by aligning them with other company departments.
But first, let’s see remind ourselves of revenue intelligence platform capabilities and how they can help in marketing.
Revenue Intelligence platform
Revenue Intelligence is a SAAS-based revenue intelligence platform that delivers actionable revenue insights to sales and marketing teams.
Revenue Intelligence helps sales and marketing teams align and collaborate on the right deals to win by delivering insights that fuel the sales cycle. A Revenue Intelligence Platform is the single source of truth for sales and marketing.
It enables companies to maximize their unique customer value proposition, their key accounts, and their entire pipeline. The platform helps companies bring together their sales and marketing teams to align on the right deals to win.
Learn more about revenue intelligence by clicking here.
How does revenue intelligence help align teams?
But first, check what Danna Therrien, the Sales Operations Strategies at SiriusDecisions, has to say about the revenue intelligence platform.--
“Revenue intelligence providers are leading the charge of delivering on the promise of what sales force automation was supposed to do.”
Here are 4 ways revenue intelligence can help align your sales and marketing.
#1.Capturing data
One of the biggest challenges facing any business today is finding a way to capture, organize and analyze so much information in a single digital hub. Data drives any business; without its constant flow, operations come to a grinding halt.
A revenue intelligence system automatically captures all the data that comes in through the sales channels throughout the sales process eliminating manual input along the way and adding it to the CRM.
#2. Disrupts siloed data processes
The infamous segregation of data stored in silos inhibits the smart flow of information, hindering inter-departmental communication between sales and marketing groups. Data gets stuck on different platforms, some of it even stored on spreadsheets kept inside customer success reps' inboxes. This is a setback for any organization that is trying to collect useful intelligence on the market from the front lines.
Without the proper software tools, your company misses out on crucial customer trends, opportunities for growth, and valuable insights that relate directly to each one of your customer's experiences with your enterprise.
#3. Provide real-time data
One of the mistakes that businesses often fall victim to is holding onto information from a past transaction or relationship for too long. This doesn't do your business any favors because then your CRM becomes filled with stale data.
The average customer changes how they contact information at least 2 times per year, so it's imperative to ensure your CRM maintains its validity and accuracy by updating customer details in real-time, which is what a revenue intelligence solution can help you do.
#4. Saves Time and Money
Sales representatives from a wide range of industries report that at least half of their sales and marketing efforts are severely impaired by an ineffective information-gathering mechanism.
Revenue intelligence systems take a load off the process. In addition to taking up less time gathering leads, every single prospect's contact information is stored in one location, leaving the sales rep with more free time to develop solid relationships.
But for this, you need to look out for a revenue intelligence platform that is best suited for your company’s requirements and is scalable with your growth.
Here are a few features that you must look into before investing in a revenue intelligence platform.
Must-have Features in a Revenue Intelligence platform
Automatic interaction capture
One of the most important features of the revenue intelligence platforms is that they should automate an organization's CRM functions. All available conversations, interactions, recordings, and transcriptions are captured automatically and synchronized on an ongoing basis with their automation engine.
Sales stack integration
It's easy to get siloed in different technologies and it can be challenging to have to go back and forth between multiple systems or programs. Convin, our platform integrates with all most all CRM’s like Salesforce and ensures that all of your data syncs across all platforms seamlessly. Apart from that it also various other stacks that the sales rep might be using.
Pipeline Inisghts
Make sure that your insight doesn't waste any leads. - Insights can help you evaluate the overall health of your pipeline to ensure that marketers are providing enough leads and the right people while tracking down any and all red flags so they can be resolved before being passed on to other team members in hopes of getting expedited delivery or even a quick sale.
It can even help marketers evaluate their sales funnel content strategy.
Conversation Insights
Conversations often times aren’t fully recorded as they happen, leaving room for mistakes and misinterpretation. By using a conversation intelligence tool conversation recordings can be automatically recorded, transcribed and timestamped so they're easier to pause and play back in real-time - saving everyone from having to take notes the old fashioned way.
Track the impact of your conversations, identify where you need to improve, and personalize approaches by quantifying which communicators are working best with which clients.
With insights like this readily available for review, it’s an easy matter for any manager (or CEO) to accept or decline offers on the fly during critical sales meetings so that reps don't need to worry about missing out on possible opportunities by trying to remember everything important from a demo -- instead, they can focus all of their attention on convincing sellers that you have exactly what they're looking for!
Performance insights and guidance
Insights from revenue intelligence can be made more valuable if they are actionable in real time. Look for ways that revenue intelligence can provide sales representatives with instant insights as well as influence their workflows to ultimately drive productivity and improve the overall experience between sales team members, customers and prospects where the outcome is a mutually beneficial one.
Or these insights can later be used to improve performance after every call.
Daily productivity reports
The key here though, is that sales analysts should receive insights which show the average number of dials per opportunity based on how many opportunities were closed each month and over time so that they can derive what’s an ideal number of daily dials for perfect completion of targeted set of revenue opportunities.
Parting words
Nowadays, businesses are in need of extensive and real-time business intelligence. A company needs to know what is happening in their businesses at any given time in order to make the right decisions. This means that they need to have information at their fingertips that is accurate and timely. This is where a technology like Revenue Intelligence System comes into play. It will help you gather all data from your business and make decisions based on that data.
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