For a sales team, the goal is to gain crucial insights into trends and performance to generate revenue. They are constantly trying to get clarity about prospective customers by sifting dense data and information. Many teams accept this as the norm, and consider the distorted information in their databases as the “single source of truth”.
With markets and customers changing faster and demanding more, it is critical your team has the most accurate information. If they are forecasting sales plans based on sheer intuition and guesswork, rest assured they are making a mistake.
That is where revenue intelligence comes to the rescue.
What is Revenue Intelligence?
Revenue intelligence is the new AI-driven practice of collecting and analysing crucial data to extract insights on trends, opportunities, leads and sales performance — all of which can drive revenue growth.
Revenue intelligence is used by sales leaders to track pipeline health, but also gain visibility beyond the “what” and the “who”. With revenue intelligence, you can understand the buying signals, and further break the data to understand the “why” and “how” to win deals. It is the single source of truth that can shed light on a customer’s reality.
How can Revenue Intelligence impact your sales efforts?
Today’s global sales landscape is much more competitive. As sales methods keep evolving with the demands of the markets, so do the challenges surrounding your sales teams.
The traditional practice of identifying a customer’s need, creating a product or service to meet that need, and selling to the customer is no longer enough. Sales leaders have to rely on ‘forecasting’. Not only is this time consuming, but they often lack the data to make accurate forecasts. Having only partial data can be worse than not having any data at all.
To truly thrive in today’s competitive marketplace, businesses need solutions that can help get the most out of their data. Further, lack of visibility into their pipeline’s health, inaccurate reporting, and missed opportunities for improvement can threaten their ability to succeed. Revenue intelligence has paved the way for overcoming these obstacles, solidifying its place as a necessity in the sales world.
Revenue Intelligence as your Sales Intelligence:
Revenue intelligence can enhance your traditional bottom-up sales forecast with the power of AI and automation. Successful sales organisations have already begun investing in revenue intelligence platforms, automating the process of gathering and leveraging sales data.
- Enhanced visibility:
How can your sales team make future sales forecasts when they have no visibility into what’s actually happening now? A revenue intelligence platform helps you centralise all your data, making it easier for your team to access, update, and correct it. It also cuts down on miscommunication, errors, callbacks, and follow-up meetings, saving your sales team a significant amount of time. There is reduced scope for miscommunication after it is integrated into your business.
Additionally, revenue intelligence provides a uniform view of data, improving transparency across your firm.
- Never miss a sales opportunity:
When you don’t have the right tools and processes, you risk losing out on deal opportunities. Having revenue intelligence at your disposal will help you close more deals and improve your profit margins with almost no/ little effort on your part.
- Improve your outreach timing:
Contacting a potential customer early in the sales cycle can result in them not being ready. Conversely, contacting them too late might find them using services/ products of competitors.
A revenue intelligence platform can evaluate how engaged a prospect is based on a series of factors or goals.This kind of insight into how individual prospects are progressing through the sales pipeline enables sales managers to understand where their team’s efforts are focused best. Additionally, the platform can engage you with prospects or past customers who have gone cold but may have the potential to become active again.
- Gain an unique competitive advantage:
Research suggests that 65% of startups fail within their first 10 years because they couldn’t successfully differentiate their business from their competitors.
With a revenue intelligence platform, analyse your competitors strategies including their social media strategy, announcements, pricing changes, etc. and stay ahead of them.
- Boost your revenue growth:
Missed opportunities for revenue growth goes beyond closing deals. As a buyer’s journey becomes increasingly digital, revenue intelligence can help identify a buyer’s need sooner and more effectively. From the first meeting all the way through to post-sales interactions, revenue intelligence compiles data that can be shared across the teams, and delivers a customised and impactful journey for the buyer.
- Stay up-to-date with current industry insights:
Revenue Intelligence is more than just forecasting — It provides actionable, AI-driven insights to understand the underlying factors shaping the revenues and team performance.
- Improve your sales team’s productivity:
Optimising a sales team isn’t just about targeting the right prospects, it is about knowing what is working. By gaining an insight into how your sales team is running and where its strengths and weaknesses are, can help you create a winning team and strategy.
How does the platform work?
A revenue intelligence platform collates real-time data from your sales teams, engagements, pipeline and deals closed to build a holistic view of your sales activity. It further analyses data and identifies opportunities by gathering insights from the customer interactions.
Each department within the organisation can access various customer touch points, and refer back to them at any time from one central location. This increase in visibility can reduce the conversion time and also decrease friction across departments.
- Automatically capture and log key activity from everyone interacting with a prospect/ opportunity.
- Record, transcribe, and analyse every customer call and meeting. Data then automatically entered into the platform to develop accurate sales forecasts, strategy, and analytics.
- Review focus funnels, identify risks, and prioritise investments.
- Build reports to showcase results in real-time. Identify key points across the entire sales cycle where your team wins or loses deals to improve conversion rates.
Revenue Intelligence doesn’t get as much attention as it deserves. Now more than ever, sales teams need it to create a more effective sales strategy by targeting sales prospects in a more meaningful way.
If you’re looking to improve your organisation’s sales lead generation capabilities, revenue intelligence is an absolute must-have. Talk to our team and understand how Mitibase can boost your sales!