“How do I qualify a prospect with so little data?”- Every sales manager “inside-their-head.”
It’s funny how most sales organizations realize the importance of sales data and own a range of tools and software to assimilate, analyze, and act on critical sales data. Yet, several sales leaders struggle to manage sales data and get value from the data stored in CRM.
Astonishingly, 55% or more salespeople are guilty of not storing lead, opportunity, and customer data in their CRM.
Without a doubt, sales data is crucial. Data plays a vital role in managing the sales pipeline, supercharge sales conversations, and materialize closing deals.
And in the wake of the new normal, if you and your sales teams are operating remotely, you need to be up to the mark with the latest customer and market data for increasing sales productivity.
So, how do we achieve the expected level of sales data maturity?
Enters, Revenue Intelligence!
What is Revenue Intelligence in the sales world?
Revenue Intelligence software is an AI-driven platform that extracts sales data- including reps’ performance, market trends, and new opportunities—all types of data that drive revenue.
Now, how does the software capture data?
- The revenue intelligence tool relies on artificial intelligence (AI) and machine learning (ML) to capture and analyze sales data from various sources and uncountable sales activities in a centralized location.
- The intelligence system runs on a data-centric model that collects, integrates, and analyzes all customer-facing data to drive revenue. AI-driven platform automatically captures the contact data and activity data from various customer-facing teams such as sales, marketing, and customer service.
- Data collected and processed creates a “single source of truth.”
- Because of A-grade integration with the CRM system, you’ll be able to find all the sales data populated perfectly against the right opportunities and correct accounts. It takes care of manual data entry and creates a dependable source of data on the CRM.
Revenue intelligence software plays a critical role in revenue operations. It enables the revenue-generating teams like sales to perform better by providing:
- Referring goals
- Trends in retrospect and actual performance
- Model scenarios
- Problem scenarios
- Automated data analysis
But how does the sales data impact the revenue generation teams?
We've listed five practical ways to make reps' and sales leaders' days more productive. Let’s discuss one point at a time.
Benefits of owning revenue intelligence software in the organization
1. Minimize manual note-making and data entry
The revenue intelligence platform is designed to eliminate the note-taking process and manual data entry.
Eliminating the two processes not only saves a swath of time but also ensures that the system enters only genuine, error-free, and non-duplicate data.
Revenue intelligence uses AI and conserves all communications and conversations with the prospects. This means your sales teams don’t need to worry about losing critical customer information that impacts further sales plans.
Even the conversation intelligence working in alignment with revenue intelligence supports call recording and analysis. But that’s not all.
Every call recorded is automatically transcripted, and essential data points are collected immediately for forecasting customer sentiment- translating into business revenue.
2. Captures uncaptured, siloed, and stale data
One of the root causes of losing sales deals is an inefficient use of data and data indicators.
And inefficiency arises from data not captured, outdated, and exists in different systems across the organization.
Earlier, teams participated in calls and made notes which partially or never made to the CRM system—resulting in losing a significant chunk of the data. Incomplete data is analyzed, and the interpretation drawn is not enough to close deals with prospects.
Secondly, data software maintenance takes a significant blow with data getting stored in notebooks, different software systems, spreadsheets, and a separate customer-facing team, with no collaboration.
Finally, data existing in your sales tool can get stale and useless after a few years. Customers switch companies, get promoted, businesses fall apart, and some get merged. Unless the solution can track the changes, your sales rep may have to take the extra effort.
Revenue intelligence, clearly outranks all the issues concerning data. Using the intelligence tool data entry and editing process is much more valuable and automatic.
3. Automatic feedback and fewer meetings
Coaching starts before sales coaches get into the picture.
Revenue intelligence software is devised to give more visibility into the rep’s sales conversation and communicate insights leveraging the power of AI. The feedback received from the sales tool is applicable in improving sales calls and offering a better customer experience over the next call.
The idea behind automatic feedback is to reduce time spent by managers in 1-1 meetings. The rep is already up-to-speed and can be tutored about more specific and critical topics such as pricing discussion or product demo.
Want to see how Place Technology boosted their sales coaching efforts? Read their case study.
4. Better visibility
Conversations with customers are carried on digital platforms by a single or two representatives of the company. But in B2B, a team of people is associated with the same deal, and let’s not forget the handover to the implementation teams.
Considering the scope of a sales deal, it’s incredibly crucial to have quality data and visibility across all teams. And the customer data must be consistent and provide the same indicators and alerts to all business users.
You can see a similar pattern in conversation intelligence software, where all stakeholders receive call details, and sales managers get to review the sales call.
5. Focus on Proactive Selling
Data procured using revenue intelligence facilitates better strategic planning and pipeline management- making it easier for sales reps to prepare in advance.
After sales conversations end, getting insights on action items and discussions helps design the follow-up strategy and reduces the response time.
Proactivity in sales is more fruitful as the sales team has sufficient time to perform their best. Taking proactive steps with sales tools reduces the time consumed in planning and increases time consumption on selling and conversations.
How can you start your revenue journey with conversation intelligence?
Convin’s Conversation Intelligence software automates sales conversation capturing and translation of calls into productive notes and transcripts.
As far as aligning the notes with CRM is concerned, one-time integration makes all your call notes sync with correct account/lead/contact information. The customer activity and call notes dynamically get updated in your CRM software.
How about learning more about conversation intelligence integration with your CRM system?- Read Now
Did we trigger your long-pending thoughts on reducing the extra time from your sales team?
If that’s the case, reach out to our sales team and learn more about revenue intelligence software transforming your sales team’s productivity to a great extent.-Need help?
Results first, payment later.