This last year has presented innumerable challenges for sales professionals, but the greatest of them have centered around addressing the changing needs of buyers in a primarily digital environment. What may have worked for inside sales teams in the past may no longer be relevant, and the ‘unknown’ of it all can make adapting to these changes even more daunting. Dependent on the maturity of your existing inside sales organization, Revenue intelligence (RI) can address these concerns by providing your team with the tools to predict and adapt faster than the market based on real-time data collected during key ISR sales activity.
To understand more about your organization’s sales strategy, click here to take the Revenue Growth Maturity Model diagnostic.
What Is Revenue Intelligence?
At this point, you may be asking yourself what exactly is automated revenue intelligence and what it would mean for your business. At its core, it is a data-centric process that gathers, syncs, and manages data across all your customer-facing teams to drive revenue. The idea is relatively new, brought on by the availability of AI solutions that can easily integrate with CRM platforms. You may already be familiar with how AI can help your organization target customers, but RI differs in that it collects information from sales rep interactions. When leveraged properly, it can provide an entirely new level of insights that are tied to sales opportunities, informing teams with advanced buying signals, targeting data, and forecasting information with drastically improved accuracy.
For inside sales, a significant value proposition of revenue intelligence is in establishing a single source of truth for customers and prospects. Especially in larger sales organizations, CRM data can be distorted by inconsistent behavior amongst reps, and this problem is only magnified as organizations pivot to growth. Revenue intelligence can provide transparency into the health of inside sales organizations as well as insights for growth through activity-based data capture, advanced analytics, and machine learning.
How Can Revenue Intelligence Help My Organization?
Revenue intelligence can help sales teams personalize their communications, better prioritize leads, and subsequently generate more revenue from both prospects and existing customers. Specifically for inside sales, they do this in the following ways:
- Robust Activity Capture: With more sales interactions occurring through digital mediums, data capture has never been easier. RI platforms provide clarity by automatically logging email, call, chat, and other engagement activity without burdening sales reps, eliminating personal biases and human error potential.
- Advanced Analytics: As a result of expansive activity capture, RI platforms can provide unprecedented visibility into win/loss analysis, marketing lead effectiveness, and the profile of conversations that are most likely to succeed in key sales interactions. This information is often summarized through dashboards without requiring manual analysis or intervention.
- Custom Reporting: RI platforms often enable reps to run their own custom reports off the data collected, eliminating much of the time spent on reporting, internal administration, and other operational activity. This also enables revenue operations by centralizing datasets to make the task of developing thorough, actionable insights more attainable for inside sales leaders.
- Machine Learning for Growth: By validating human inputs with collected data and rep behavior, your organization will be empowered with real-time data that reflects the current state of your buyers’ market. In turn, RI can more accurately deliver a weighted pipeline, projected monthly bookings, and historical trends with likely ranges of outcomes.
By unlocking new levels of operational productivity and unprecedented insights, inside sales leaders and reps can be more deliberate and effective in their communication as they pursue new opportunities.
Where Do You Start?
With many new technologies, success and market share are waiting for the early adopters to act. While RI providers have been in existence for close to a decade, many markets have not yet tapped their potential and are falling behind by leaving seller activity data unleveraged. Before diving head-first into the world of RI, SBI recommends completing the following before moving forward with a provider:
- Assess Maturity and Potential Gaps: Challenge the status quo of your inside sales organization’s data collection and analysis practices, starting with the RGMM. The most successful RI integrations are seen through centralized ownership of the data and platform, often through a mature revenue operations function that can manage the software as the organization grows.
- Define Requirements and Build a Vendor Scorecard: Before completing your vendor due diligence, define with your team what a successful solution would look like and how it could help position your business for success. Leverage that vision to narrow your search in an ever-growing industry of providers to avoid losing sight of your goal.
- Choose the Partner over the Product: Many vendors will deliver similar functionality, but finding a vendor who is aligned to your end goals with adopting an RI solution is much more critical. Having a team that you can work with as your business needs evolve will not only extend the value of the end solution but ensure your team has an honest pulse on the industry’s buyer landscape.
By using revenue intelligence to align on a single source of truth, your organization can be on the bleeding edge of your industry just by leveraging the touchpoints your inside sales reps experience every day. RI can provide a myriad of value for an inside sales organization, and those who capitalize on its abilities will adapt to changing buyer behavior and outpace their competition.
To understand more about your organization’s go-to-market maturity, click here to take the Revenue Growth Maturity Model diagnostic.