“Sales are slowing down.”
That’s the equivalent of “winter is coming” in the world of sales.
Let’s start with a story. A long, long time ago (okay, just a few years ago), we lived in simpler times - where selling was pretty straightforward. Sales reps were the trusted guardians of information - the single source of truth about your product. They used to pitch using a pre-written script, and prospects would hang on to those words. After some negotiations, prospects and salespeople would agree to close the deal, and all was well.
But then something called the internet happened, and things were never the same again. The world moved on to an information-overloaded digital era. The internet empowered the customer - they could do their own research, look at reviews, make comparisons with similar products…and sales reps saw the need to evolve.
According to Gartner, 45% of buyers prefer to gather information on their own, either online or offline. In fact, a recent survey by HubSpot research reveals that only a mere 3% consider sales reps to be trustworthy.
How do sales reps up their game to thrive in this digital-savvy era? The answer, of course, is to turn to data. But, the million-dollar question here is - which data?
CRM data, the de facto record keeper at your organization, is great at recording what happened, but it doesn’t give you customer insights into why it happened.
Inaccessible or incomplete information, talented salespeople bogged down by mundane data entry tasks, siloed departments are some of the common revenue challenges faced by organizations across the globe.
So, how do you fix it?
The first step is to listen to your company’s most valuable asset, aka customer interactions. The conversations your customers have with marketing, sales and support teams are your holy grail. They hold tons of precious information that can help drive sales, improve decision-making, and see that beautiful j-curve growth.
Hold your horses, my friend. There is another major obstacle to cross. After all, revenue growth isn’t a sprint; it’s a marathon, and you’ve got miles to go before you can reach the winning line.
Unfortunately, there are just too many sales calls but only a few hours in the day to learn from them. How can your team make sense of mountains of customer interactions in such a limited time frame? Should you hire people to record and listen to customer interactions manually? Or should you resort to making intelligent guesses? Well, neither.
This is where you need to bid adieu to intuition and manual data analysis and say hello to AI-backed data and actionable insights.
Drumroll! It’s time for the superstar of sales growth - revenue intelligence to enter the scene.
What is Revenue Intelligence & Why does it matter?
Revenue intelligence is all about getting a clear picture of what’s actually happening in your business, rather than relying on opinions or educated guesses. Sure, sales is more of an art, but you can’t discount the science behind it. Revenue intelligence is making the shift to data-driven sales that drives your business to customer success, thereby improving the bottom line.
At Wingman, we go a step ahead and give you actionable revenue intelligence - the five infinity stones of selling, all held within a single dashboard.
Think of it as your very own infinity gauntlet. It provides you with:
Our actionable revenue intelligence software gives you all you need to know to spot high-risk deals. Did the rep fail to discuss pricing with the prospect? Or did they miss subsequent follow-ups? Use intelligent insights to focus more on at-risk deals and convert them comfortably. Whoohoo! No more missed sales opportunities.
To have a winning marketing campaign it’s not enough if you know your customers. You need to know your competitors as well. Understand who your competition is, do a SWOT analysis of their marketing initiatives and get first-hand insights on what you can do better to prevent prospects from jumping over the line to your competitors.
No more playing guessing games - did she say that, or did he mean that? Use sales data to uncover your prospects' pain points, discover their sales objections, and understand the hidden nuances of customer interactions to hit the bullseye every single time using conversation intelligence.
Our actionable revenue intelligence platform provides you with the opportunity to listen to every sales call from anywhere and anytime. Don’t let sales conversations fall into the bottomless pit of corporate data. Track and analyze sales calls to optimize sales coaching. Let rookie players learn from the star reps. Improve the performance of your entire team and win not just a match but the whole championship.
Tracking customer conversations provides you with surprising insights about your product or services. Find out the actual reason why customers love your products and share the true voice of customers with internal teams. This helps you create the right sales strategy to convert prospects and increase win rates by delivering more of what customers love.
The Game-Changing Impact of Actionable Revenue Intelligence on Business & Sales Growth
Let’s dive into the five areas that show how revenue intelligence can help your sales reps close with confidence – generating more deals and revenue.
Understand the “why” behind customer decisions
A CRM is great for capturing customer data. But it doesn’t capture the details and nuances of the interactions of sales professionals with customers.
For example, the CRM may have reasons like “Bad Fit” or “No Budget” for a lost deal. That’s it; there are no further explanations for these attributes. These reasons are at best vague and, at worst, unreliable. Did “Bad Fit” mean the prospect has no need for your product or did the rep fail to understand the customer’s pain points?
Revenue intelligence doesn’t just give you the big picture. It gets deep down into the details, helping you understand the all-important “why” behind customer decisions.
It doesn’t just capture the facts but reveals critical insights. All the insights are available right at your fingertips so that sales reps can take the right action to move the opportunity forward.
Take decisions based on data and not on educated guesses
It’s one thing to collect data, but turning it into valuable insights is a whole ’nother ball game. When you have access to a revenue intelligence tool, your sales reps unlock the full potential of the data.
You’ve given the decision-makers a crystal ball that gives them all the info they need to know, right on time. Most importantly - it gives them actionable insights. There is no bland data or boring charts. It tells them what exactly they must do to close sales.
They can easily discern which deals are about to close and which ones require more attention. They can quickly track pipeline changes and identify concerns before it’s too late. It’s not just about course-correcting. Revenue intelligence also helps you identify winning patterns that help you reach sales goals and set benchmarks to improve performance across the team.
Make accurate revenue forecasts
If there’s one thing that makes expert sales managers get cold feet, it’s the dreaded monthly planning calls. How do you predict future sales forecasts when you’ve got no visibility into what’s actually happening behind the scenes? All you can do is make an educated guess, which has a huge potential to backfire.
Revenue intelligence solutions have an incredible forecasting feature that allows you to explore the length and breadth of the data and uncover the latest revenue trends. It provides you with actionable and contextual insights into performance metrics. You can quickly identify which sales reps are leading and who’s lagging, thereby providing them with timely support and assistance.
No more playing guessing games when you create sales forecasts. Make accurate predictions backed by intelligent data.
Speed up and improve sales coaching
Sales coaching starts even before your sales leaders enter the picture. Revenue intelligence provides you with more visibility into the sales rep’s process. It records sales conversations, and by leveraging the power of artificial intelligence (AI), it provides you with actionable insights.
Sales managers can then use this feedback to train sales reps, helping them deliver a better customer experience and closing sales deals faster. The idea behind automatic feedback from revenue intelligence tools is that a sales rep doesn’t have to spend time waiting for a one-on-one discussion with their manager. The agent knows what went wrong and what could have been done better by just looking at the stats available in the dashboard of revenue intelligence solutions.
The sales manager can then offer a higher level of guidance, reducing the time and energy spent on coaching.
Spot at-risk deals faster
The sales process is complex and has dozens of customer touchpoints that change quickly. When you only rely on data from your CRM, your sales team is left with just anecdotes and random notes. This no longer cuts it for the smart customers of today.
With revenue intelligence, you get a single, uncluttered view of what’s going on across all deals. This helps you quickly spot which sales are healthy and which are just “meh.”
Sales reps can use this data to strategize and course-correct, thereby keeping deals moving and closing more quickly. Rather than taking a reactive approach, you shift to a proactive mode to identify trouble spots ahead of time and alleviate challenges along the way.
Make Your Business Stronger, Faster & Bigger With Actionable Revenue Intelligence
It’s time to move away from the sales story of yesteryear. Break up with guesswork and intuition. Fall in a loving and productive relationship with AI-backed data. Get a clear idea of what works, what doesn’t work, and why it doesn’t work. Armed with these data insights, empower your sales team to drive your business forward, scaling higher revenues.
So, what’s next?
Learn more about Wingman and how it can help you derive actionable revenue insights from customer conversations to accelerate deals, and boost your ROI.
Book a demo and watch the magic of actionable revenue intelligence unfold.