Placed at the center of the revenue process within organizations, revenue intelligence influences decision making across sales, marketing, and operations. The insights generated from revenue intelligence improve sales effectiveness, reduce costs, and increase customer retention by making data more accurate, timely and actionable to maximize outcomes.
In this article, let’s take a closer look at the basics of revenue intelligence, including its definition, benefits, and use cases.
What is Revenue Intelligence?
Revenue intelligence is the practice of collecting and analyzing key sales data to glean crucial insights such as performance, trends, and opportunities—all of which help to drive revenue. You can then use those insights to improve forecasting accuracy, determine pipelines at risk, automate CRM tasks, enhance customer relationships, and boost sales performance.
According to Forrester, in the post-COVID period selling transformed to the entirely digital experience and, as a result, the technology landscape has been evolving at a rapid rate to capitalize on all of this new data and meet the growing demands of the customer. This tendency calls for adoption of the revenue intelligence software within organizations to achieve higher sales performance and predictable revenue.
Where is Revenue Intelligence Used?
Revenue intelligence brings you a strategic framework to track your sales activities and ensure the results align with the revenue goals you’ve set at the beginning of the sales process. When done right, revenue intelligence can become your secret weapon to drive more sales.
Generally, revenue intelligence is beneficial in the following areas:
- Sales forecasting: Simplify complex data and spot missing or outdated data to increase the accuracy of predictions. No more guesswork.
- Sales pipeline: Determine the best prospects and sales opportunities at risk based on historical data and real-time data. From that, your sales reps can take immediate actions to close deals faster and reduce churn.
- Relationships: Collect prospects’ personal information, location, job level, behaviors, or personal interests. Then, segment prospects and accounts with scoring, giving you a clearer understanding of your target audiences.
- Sales automation: Automatically collect and sync data between your CRM, email, and other channels. Your team doesn’t have to switch back and forth among platforms anymore.
What Problems Does Revenue Intelligence Solve?
Every day, sales leaders are faced with a lot of questions. What’s the best channel to deploy more resources to increase sales? Which accounts will churn or renew? Where to upsell or cross-sell? How to help sales reps identify the most potential customers and close deals faster? The list goes on.
To answer these questions and make the right decisions, sales leaders need accurate data. If that data isn’t sufficient or correct, their marketing and sales efforts take a hit. This is where revenue intelligence comes in.
Below are two core challenges that revenue intelligence helps you tackle:
1. Avoid siloed data
A lot of sales time can be wasted looking for prospects’ information and potential deals. Or even worse, missing, outdated, or even incorrect information can be passed along to a lead. Sometimes fixing those customer communication mistakes can be a deal killer and, at its worst, harm your business reputation.
A revenue intelligence platform helps bring all of your data into a single place, making it easier for your team to access, update, and edit the data. It also reduces confusion, errors, callbacks, and follow-up meetings, which eventually saves your sales reps a tremendous amount of time. Once it’s implemented seamlessly into your business, there is no misunderstanding.
Additionally, a unified view of data brought by revenue intelligence helps boost transparency across your organization. Everyone can see how much revenue is generated within a period of time, where it comes from, and which information is missing. This will help facilitate collaboration and dissolve silos as well.
2. Turn Data Into Actionable Insights
It’s one thing to collect all data; turning it into valuable insights is another. But that’s no longer the case when you have a revenue intelligence solution in hand.
When your reps have access to the full power of revenue intelligence, they can know which deals are on pace to close and which need more attention. They can also easily track pipeline changes and identify and address any concerns before it’s too late.
Besides that, revenue intelligence helps you identify winning patterns to create achievable goals, reward success, and set benchmarks to improve performance across the team.
How to Start With Revenue Intelligence
Follow these tips to get started with revenue intelligence the right way:
- Sit down with your team and explain to them why you’re implementing revenue intelligence. Be clear about the benefits of doing this to make sure everyone in your team is on the same page, which is helpful to increase the adoption rate.
- Break down your revenue streams, sales process, and marketing activities. Figure out where your data comes from and how large it is.
- Make a list of the best revenue intelligence software and take advantage of free trials or demos to play around with them. Then, choose one that best fits your business.
- Offer training and coaching programs to make your sales reps more familiar with the software and teach them how to use it effectively to enhance productivity.
Best Revenue Intelligence Software
Revenue intelligence software gives your sales, marketing, and revenue teams total visibility into your business performance, revenue streams, and risks and opportunities in the pipeline. It also gives you valuable insights to make your revenue process more connected, efficient, and predictable.
Here are how revenue intelligence software can transform your sales:
- Pipeline visibility: Track pipeline shifts, sales reps’ capacity, and account engagement. Uncover blind spots, turning points, committed deals, risks, and more.
- Deal guidance: Provide insights into which opportunities should focus on, who will be influencers, and what information should be communicated to accelerate conversations.
- Revenue signals: Get alerts on what’s changed in deals. For example, if prospect engagement decreases, a close date has been pushed out multiple times, or a deal behaves like a previous winning one. From that, sales reps can know the next steps they should take to increase win rates.
- Team analytics: Understand how your sales reps are performing and leverage data to coach them strategically in a way that pushes deals forward.
Ready to Supercharge Your Team with Revenue Intelligence?
Now that you’ve understood how revenue intelligence can become a game-changer for your sales and marketing team. It’s time to adopt this solution and integrate it into your tech stack.