Angela: “Mark, if you can close this lead we just got it’s going to rain gold in here. I don’t know why all our reps fail to close deals from L.A. But I need you to do your best when you get on a call with them, okay?”
Mark: “I will definitely do my best, Angela. And, do you know why they can’t close the clients from L.A.? Have you been able to crack the reason behind that?”
Angela: “Ah, I don’t know. I asked them, but they couldn’t figure out why. You can check with them. We need to get this client, okay? All the best!”
For context: This is a snippet of a conversation between Angela, a sales manager at a growing SaaS organization, and her star sales rep, Mark.
In another scenario - this time Angela is talking to all the reps in her sales team:
Angela: “We’ve closed just as many deals as we did in last quarter, but the revenue isn’t close to what we had forecasted. What went wrong this quarter? I can see that we have only been able to close small clients. Is no one focusing on bringing in the big fish? Why aren’t you guys reaching out to me if you’re facing any issues in closing larger clients?”
*Awkward silence ensues*
If only there was an intelligent solution for all of their sales woes.
Here are some on-point insights that could solve the challenges Angela and Mark are facing:
For sales reps:
- A quick sales report and highlighted moments in the sales call transcripts of prospects from similar locations, clearly stating:
- Competitor mentions
- Objections raised by prospects
- A (more than just a) sneak-peek into the calls of top-performing sales reps in your company, who usually close large-sized clients.
For sales managers:
- A visualization of the win rate of your sales team that you can interact with to get a broken-down view of rep-wise and product-wise revenue
- Crucial moments, highlighted in the calls of your sales reps - giving you an overview of their weak points to identify sales coaching opportunities
So, how do you get these insights? We know that you have a lot, seriously, a lot, of sales data. And sifting through it all to get those gem-like insights isn’t an easy task. With so many salespeople in your organization, it’s not even easy for your analysts to cater to all your data requests.
Ever heard of revenue intelligence?
To sound technically poetic, revenue intelligence democratizes insight generation by simplifying sales intelligence for all. It fine-tooth combs through all your data at the click of a button and presents actionable, data-centric sales insights in real-time.
Revenue intelligence applies machine learning algorithms to your enterprise sales data - to seamlessly glean sales insights for you. These insights can be crucial sales metrics such as talk : listen ratio, forecasted sales revenue, sales objections, win rate, and sales opportunities - all of which help to drive revenue.
Implementing revenue intelligence in your organization
Collate and organize business data
It took what feels like a billion years, but the sales managers have finally got their reps to feed sales data to their CRM on a daily basis. First of all, congratulations, you have successfully moved ahead of manual data entry and spreadsheets!
You have your data collected at one place, in your CRM. Heck, it even provides access to your rep-wise call recordings from one place.
But data collected is way different than data collated and organized.
How? Your CRM gives you a collection of data, but how do you further organize it into reports and dashboards? That too, for the specific sales metrics that you need? Moreover, how do you even know beforehand what metrics you would require instantly to drive critical sales decisions?
Forrester identifies the top three challenges CRM professionals face as creating a single view of customer data, providing customer insights, and managing data quality.
Revenue intelligence platform uses automation and machine learning to pull key sales insights from your CRM data and call recordings in real-time. It turns siloed information into collated data to give you a clear, organized visualization of:
- business and reps’ sales performance
- revenue forecasts
- buyer sentiment signals
- pipeline health
Select the right data to analyze
Let’s say you want to go from point A to point B in your city. What if you feed that information to your GPS, and it shows you a map of the whole country?
It won’t be useful or easy to understand, and is far from being a time-efficient approach. However, in reality, your map does help you navigate from your current location to right where you want to go.
Similarly, a revenue intelligence platform understands your requirements and provides you with just the key information that you are looking for - from out of billions of data sets.
Build a culture of revenue intelligence
“Intuition has had its day, and now data rises with a new dawn.”
Let’s hit this one the hard vs smart way.
Manual data analysis of thousands of spreadsheets
Mitigating the loss after a gut-based decision turns into a regret-story
Gathering information from click-based, data-driven insights - rendered to your screens in real-time
Basing critical decisions on sales insights and credible evidence (your own enterprise sales data)
Revenue intelligence arms you with actionable sales insights to embrace the smart way of sales analysis, forecasting, and performance assessment. Since revenue intelligence platforms are easy to work with, everyone in your organization can leverage artificial intelligence to derive the required insights.
- Sales reps can identify their areas of improvement, understand the buying behavior of their prospects, and anticipate common objections.
- Sales managers can identify better coaching and sales opportunities and regularly check the health of sales pipelines, and drive customer success.
- Marketing and product teams can directly listen to the sales call recordings and gather insights to bring customer voice to their marketing campaigns and product.
- Revops managers and revenue teams can identify what initiatives they can take to optimize revenue operations and drive revenue growth
Critical problems solved by revenue intelligence
Uncover reasons behind lost sales
You called a prospect. You talked to them for ten minutes. You thought you were connecting with them as they were also inquiring about your product’s features. Everything was going well, but then the prospect just hung up.
(A whisper echoes: “Story of my life.”)
You can identify what went wrong if you listen to your customer interactions from a third-person’s perspective. But there are so many call recordings, and you only have so much time.
Business intelligence eases and fast-tracks your analysis with real-time transcription of your sales calls. While you are analyzing your calls on a revenue intelligence platform, you can directly jump onto the desired part of the conversation by navigating across the call with the help of transcribed keywords.
Create more accurate forecasts
Sales leaders think they don’t have enough data for accurate sales forecasting, and those who do find it extremely laborious to manually glean insights. Well, with the rate at which the stored data sets are growing - it’s not only laborious but next to impossible to extract insights manually.
The truth is that you have more data than you can imagine, and hidden among the trillions of data sets - are the key sales metrics that you need. Now, how do you pull them out?
Enter revenue intelligence.
Powered by machine learning, the revenue intelligence platform can provide you with these insights for forecasting sales metrics that commit. It gives you actionable insights such as:
- Most important leads/deals and how they will contribute to your bottom-line revenue
- Individual sales reps mapped with the revenue generated from the deals they closed
- Comparison of team performance against goals
- Pipeline health and buying behavior of prospects on-call
Capture easy-to-miss signals
An excerpt from the transcript of a call between Jim and his prospect, Phoebe:
Phoebe: “And how much would we need to pay for role-based access? You see, we need to ensure the security of our data on your SaaS platform.”
Jim: “Role-based access comes with the product. You don’t have to worry about the price.”
Phoebe: “Okay, that’s good. Can you take me through the additional security solution that you were talking about? Also, how long would it take to integrate that security solution into our systems?”
Jim: “Well, Phoebe, it’s good that you asked because we’re currently offering a discount for that solution. How many systems are you looking to deploy it on?”
Phoebe: “Well, Jim, we need to ensure the security of all our devices. Security breaches have become common these days, we don’t know when one could hit us.”
Jim: “Ah, okay. Let me take you through the price structure of that solution. So, we usually charge….”
Oh, Jim, you poor lad!
Jim couldn’t identify the actual pain points of his prospect, even when they were right in front of him. When he should’ve been focussing on establishing how their product ensures end-to-end security, he couldn’t stop raving about the discounts.
However, calls like these happen every day, and thanks to AI-driven transcription, you can identify these instances later. Revenue intelligence platform gives you these insights by highlighting the repeating keywords and analyzing buyers’ sentiments - as done in the script above. It makes it easier for you to catch those easy-to-miss signals - helping you refine your sales strategy for the next call.
Create a more efficient sales coaching program
As a sales manager; you want your sales team to close larger clients. But your average-performing sales reps are almost always struggling with catching the bigger fish. You need to assess their sales performance and coach them for visible improvements. But it’s not physically possible for you to shadow them on calls or even listen to heaps of call recordings every week.
Here’s a way out: You can get insights into the individual performance of your sales reps by listening to the crucial parts of their sales calls on the revenue intelligence platform. It helps you identify the scope of improvement of your sales reps, by delivering key sales metrics such as:
- Talk to listen ratio
- Average call duration
- Objection handling techniques
- Moments of hesitation and how they were responded to
Improve collaboration in the team
You have provided the same business data to all your teams but are they deriving the same value from it? Different teams can have different blind spots when it comes to deriving useful metrics from your enterprise data.
Your marketing team might consider a different approach for your campaigns; your sales team might have a different idea of what their prospects want, while your product team could be on some other tangent.
So, how do you unify your business vision and bring uniformity into all your business efforts? Revenue and business intelligence provides your teams with a “single source of truth” to improve collaboration and establish a uniform business front through all your channels.
The team that utilizes intelligence together grows together!
Facing critical business challenges that only data can solve?
Wingman’s revenue intelligence platform eases your sales analysis by segregating the key insights from the mountain of business data. With live alerts, real-time transcription, and automation of actionable push insights, we help you identify the areas that need your attention.
Wait, it doesn’t end here. Wingman offers you deal intelligence to facilitate sales risk analysis and improve your pipeline health.
When there are enough actionable insights in your arsenal, you can supercharge all your revenue operations - from building rapport on a cold call to data-driven sales coaching.
Don’t just wing it! Wingman it!
To optimize your sales processes, increase sales enablement, and inform critical business decisions with intelligence - book a demo today!