Our Annual Revenue Intelligence Predictions 2024 looks at five trends shaping the revenue intelligence market in the coming year.
The fourth prediction –CRM will evolve from a system of record to a system of action—considers how AI-powered generative signals, provided by revenue intelligence solutions, are helping revenue teams identify success patterns and adapt to changing market demands. CRM software is vital for sales teams to manage their interactions with prospects and customers. A system of record simply stores and organizes data, such as customer information, sales activities, and transactions. A system of action –when the CRM system integrates with a revenue intelligence platform – is an advanced capability that uses data from across communications channels to provide guidance and insights for users to act on in the form of recommendations, alerts, and automation.
AI-powered generative signals are AI-generated notifications that provide real-time, contextual, and actionable recommendations. These help revenue-generating team members elevate their efforts to advance prospects through the pipeline and manage customer relationships to accelerate and scale revenue growth. They draw from accurate data captured from CRM and all other customer channels, such as email, phone, social media, web, and chat. They analyze this data to identify winning customer engagement patterns, such as the optimal timing, frequency, tone, and communication content.
Generative signals can help revenue teams with various aspects of the sales and relationship management process, such as:
- Prospecting: Find and prioritize the most qualified leads based on online behaviors, preferences, and demographics. Generative signals can also help generate persuasive sales scripts or responses tailored to different customer types or objections. For example, a generative signal may suggest a sales rep send a personalized email to a lead who has visited the company’s website multiple times or call a lead who has expressed interest in a specific product or service.
- Nurturing: Maintain and deepen relationships with prospects and customers by suggesting the best times and channels to follow up and the most relevant and personalized content to share. For example, a generative signal may remind a sales rep to send a thank-you note to a prospect who has attended a webinar or to share a case study or testimonial that matches an existing customer’s industry or pain point.
- Closing: Close deals faster and more effectively by alerting sales teams of the best moments to make an offer, negotiate, or ask for a referral. They can also help overcome any hurdles or objections that may arise during the final stages of the sales cycle. For example, a generative signal may notify a sales rep that a prospect is ready to buy based on their engagement level or that a prospect has a budget or timeline concern that needs to be addressed.
As CRM systems augmented by Generative signals transform into systems of action, sales, and revenue teams will be able to:
- Sell smarter: Sales reps will make data-driven decisions and optimize their sales strategies based on real-time feedback and insights. These signals will also help sales teams avoid common pitfalls and mistakes that may cost them opportunities or revenue. For example, a generative signal may warn a sales rep that a deal is at risk of slipping or losing or that a competitor offers a better deal to the same prospect.
- Sell faster: Sales reps can accelerate the sales cycle and increase productivity by automating repetitive and tedious tasks, such as data entry, scheduling, and follow-up. Generative signals will also help sales reps focus on the most important and urgent actions that will move the needle. For example, a generative signal may automate the creation and sending of proposals, contracts, and invoices or booking meetings and demos.
- Sell better: Sales teams can deliver a better customer experience and build stronger relationships with prospects and customers by providing timely, relevant, personalized communication and content. Teams can adapt to changing customer needs and expectations and stay ahead of the competition. For example, a generative signal may help a sales rep upsell or cross-sell to an existing customer or request feedback or referrals from a satisfied customer.
CRM systems of actions powered by generative signals are crucial to revenue growth – now and increasingly in the year ahead. They will help sales teams leverage AI to sell smarter, faster, and better. Transition your CRM system by leveraging next-generation AI-powered revenue intelligence.