How do you think most companies plan their marketing or sales campaigns these days? They analyze each and every metric and then decide what is best for the company.
How do they analyze the metrics that decide the success or failure of their campaigns? It is through a range of online tools that provide detailed reports of crucial data.
Managing the data becomes essential to provide information for sales interaction and finally, closing the deal. This is where customer revenue intelligence comes in.
Understanding Customer Revenue Intelligence
Customer revenue intelligence means collecting important sales data and analyzing the numbers to get crucial insights, such as sales opportunities, trends, and performances to increase the sales volume of a business. Increased sales volume means more revenue.
Collecting data manually is a tough task, especially in today’s generation when everyone uses some software application or the other. Relying on manual data collection would mean a constant struggle to integrate the marketing and sales team because you may not have the required data to plan your next sales campaign.
On the other hand, revenue intelligence relies on machine learning and artificial intelligence to seamlessly collect and analyze data. They go through billions of sales data within a few minutes and provide essential information that can generate sales.
Needless to say, with an increased sales volume, you can expect your company to make more profit in the next quarter than in the previous one.
Revenue intelligence is similar to conversation intelligence. Conversation intelligence uses advanced automation and sales enablement to increase its rep efficiency.
Revenue intelligence also uses advanced automation in the form of machine learning and AI to identify gaps in the current revenue functions and possible trends that can work in the company’s favour.
The concept of revenue intelligence works on five basic principles.
1. It doesn’t believe in manual data entry.
Instead, it uses automation, such as machine learning and AI to analyze different aspects of the sales data to ensure that the company earns more revenue than before.
2. It focuses primarily on real-time data so that you can make decisions based on the current market trends.
For example, if the trend shows that most businesses selling similar products as your company are offering a seasonal discount, you should also follow the same trend.
3. Revenue intelligence provides a complete overview of customer interactions.
This allows you to get an insight into the minds of the customers and know what they want. It is tricky to figure out what customers really want on your own.
Instead, of going for the trial and error method, why not get the answer from the horse’s mouth? You can later analyze the data and plan your campaigns accordingly.
4. Sometimes, you may get too many suggestions and opinions on what you should do to earn more revenue from your sales campaigns.
It is not that all the suggestions are absurd or impractical, but it is risky to implement them without any clear idea about whether they would work positively for your business or not.
Thanks to revenue intelligence sales, you can get a clear picture of what may work and what may not, and then decide when and where to implement the ideas.
5. Connecting your company through workable data is important if you want to shift to automated data entry.
Capturing data manually is too time-consuming and risky. You never know who makes a mistake and it can impact your company’s revenue. It is wise not to take that risk, and instead, use automated systems like artificial intelligence and machine learning to collect data.
Most organizations that are already using revenue intelligence sales can use opportunity data, buyer sentiment signals, site analytics, and sales call data to plan how they want their next campaigns to go. By leveraging the CRM data, they automate collective wisdom and pick out the ideas that best fit their businesses.
You can do the same to ensure that your company delivers consecutive successful sales campaigns and your business shoots up in next to no time.
Benefits of Revenue Intelligence for Your Business
In the modern era of business, smart work often overtakes hard work. It is more about how you use your brain to implement specific ideas to improve your company’s sales volume rather than employing more people to increase productivity.
Sure, there is no substitute for hard work, but you need to understand that without smart work, you will be left behind your competitors. Customer revenue intelligence is that secret where you can get enough information about your potential customers and use them to good effect for your subsequent sales campaigns.
Revenue intelligence makes it easier for your analysts to compile data and come up with innovative ideas that can boost your company’s sales volume. Your analysts would need answers to the following questions to work on their ideas:
- What are your competitors up to when it comes to customer interactions? Are they using conversation intelligence? If yes, for how long and what has been the result so far?
- At what level does your company’s sales team come in? Does it remain involved right from the planning stage or does it merely implement the ideas presented to them? Do they have any opinions on how to improve the sales tactics?
- Have you appointed the right executives in respective job roles for your next sales campaign? If yes, do their job roles align with the plans laid out by the marketing team?
Sometimes, things may go unplanned and you may not see a significant rise in your sales volume. But that doesn’t mean your revenue intelligence failed.
A sales campaign may fail because of various reasons and you can even find out what went wrong through revenue intelligence sales. That is the biggest benefit of this system. You get enough time to work on avenues that restrict your business’s success.
Once you open those doors, you may see a significant difference in the revenue that your company earns. Here are a few more reasons why you should make customer revenue intelligence a part of your organizations:
1. Visibility to sales leaders
Fresh data allows your sales leaders to analyze what’s going on with the ongoing sales campaign. Since revenue intelligence provides real-time data, it gives sales leaders a chance to tweak a campaign midway to ensure that it works in the company’s favour.
As already mentioned, this system is more about smart work. Once your revenue and sales leaders get an idea of the campaign’s performance, they can analyze the data further and brainstorm ideas to boost the company’s revenues.
It is a continuous process with a common goal – to help the business grow and make more money.
2. Reduce ramp time and accelerate the sales cycles
Suppose you hire a set of new employees to work in your sales team. How will they assess your company’s performance over the last few years and come up with ideas to increase its sales volume?
Again, manual data may be unreliable and it takes too much time to go through all the data. Instead, revenue intelligence provides compact information about your business’s performance within a few slides.
With the new sales representatives knowing about your company’s goals and ongoing campaigns, they are better prepared for the next projects. This would eventually reflect on the ideas that they provide for your new sales launches.
Since revenue intelligence works on AI and machine learning, it cuts down the time the representatives take to tackle a large amount of data. Most importantly, it allows them to focus on implementing ideas that can accelerate the company’s sales cycles.
3. Forecast customer intentions and plan new campaigns accordingly
Another big advantage of implementing revenue intelligence is it can identify what your target audience wants from your company. Revenue intelligence scours through billions of data every day and finally picks the ones that are essential for your company’s success.
You can trust the data, use them at the right stages, and take effective action to mitigate any risks that may affect future projects.
It is not easy to understand what your customers want if you don’t question them individually. With revenue intelligence, you can make the most of strategies like polls and surveys to get an idea of your customer intentions. Once you know what they want, you are one step ahead in your next sales campaign.
How does the system work?
Revenue intelligence sales collect raw data from your CRM. Your sales and revenue team will get a visual representation of the data that helps them predict your business’s health, set accurate forecasts, and tackle risks that may come in the way of your business’s success.
Consider revenue intelligence as your company’s friend, philosopher, and guide. It is like working with a data scientist that continuously gives you updates about what is happening with your company’s sales.
The more data you get, the more precisely you can improve your deals and convert potential leads into customers. The more leads you convert, the more your company earns.
While basic sales software applications provide only data to insights, revenue intelligence goes a step further to tell you how you can implement the data into an actionable plan and make it a continuous process to boost your company’s revenue.
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Hello, This Is Isaac Garcia, am a 3x SaaS Founder / CEO and helped lead them all to public company exits. SalesDirector.ai is an intelligent platform that links people, activity, and engagement across the buying journey. It captures all sales, marketing & customer revenue intelligence activity to drive actionable revenue insights needed to make the right budget decisions.