The journey from the initial contact to the closing stage is long, complicated and filled with roadblocks. If your sales cycle is stretched beyond a point, where deals are not getting closed, generating regular revenue becomes strenuous. Real-time sales insights and the right tools are essential to increase sales velocity and keep the pipeline flowing. Sales reps need to stay prepared and know everything about their deals for closing them quickly. This is where Sales Intelligence comes into play.
What is Sales Intelligence?
Sales intelligence is a technology, practice or application that amasses insights and valuable information that can be used by sales professionals for increasing their win rate. When used correctly, sales intelligence can not only speed up your sales cycle but also help in building deeper customer relationships. It is a more thoughtful and smarter way of managing your sales.
With the available information, a sales rep can drive better communication with their potential prospects and provide a good buying experience. It is a systematic approach to discover what you are best at and where do you need to improve. As per a report by Aberdeen reports, users of sales intelligence achieve a 56% percent better lead-conversion rates than non-users.
Why is sales intelligence important?
Sale intelligence aids in identifying, understanding and targeting the high-value accounts. The more you know about a prospect, the better service you can provide. However, just collecting vital data about your sales prospects is not enough, sales reps must be able to draw judgment from this critical piece of information. Sales Intelligence helps in focusing efforts where they are needed.
The power of sales intelligence with the right technology
In the field of sales, reps must be quick in gathering and using key information about the prospects for which they require advanced technologies like a customer relationship management software. A CRM takes sales intelligence to a whole new level, helping sales professionals face demanding sales scenarios. With a smart sales reporting system, you can intelligently convert the data about a deal into actionable insights. Sales reporting tools allow you to create insightful reports in seconds and using its sales forecasting feature, you can anticipate future opportunities for developing the best course of action on-time.
- Find all the crucial information you need in one place.
- Leverage the information for gaining a better understanding of the deal
- Analyze your past sales and know which deals contributed to the growth of your revenue
- Identify the best sales practices
- Know how far are you from your sales goals
- Predict closure of current deals
- Spot profitable deals
- Understand how much time does a deal takes to close
- Identify and address the risk on-time
- Discover your team’s strengths and weaknesses
- Measure the effectiveness of your outbound activities
- Get a revenue-centric view of your sales opportunities
- Make accurate sales projections
- Identify your sales trends
- Track emails and find out the best time to follow-up
- Get calling reports
How can you improve your win rate?
Yes, you need to achieve your sales target as soon as possible but that doesn’t mean you ignore your sales process. Instead of blindly adding new deals to your sales pipeline, focus on increasing the win rate of the existing deals. Here is how you can do that:
1. Shorten your sales cycle
With the help of sales intelligence, you can quit wasting the time of low potential deal and shorten your sales cycle. Critical insights give you a direction to pass the deal quickly through various stages of the sales process. With sales intelligence data, you can know where are you going wrong and what needs to be improved for increasing conversions.
2. Enhance communication
You might be familiar with the sellers who are self-centered and have little or no knowledge about your requirements. Prospects aren’t interested in dealing with such sales professionals who are focused only in selling their product. Sales intelligence helps in hitting the right talking points to make each interaction with your prospects more meaningful.
Moreover, with a sales CRM software combined with sales intelligence, you can:
- keep a tab on the communication.
- Know when you had last contacted and what is the status of the deal.
- Set activity reminders to the emails to stay on the top of your communication.
Example: While composing a message, you can set a reminder that you need to call the prospect on a specific date if you do not receive a response by ______(date).
With timely notifications, you can know when to make the next move and how to take the deal forward.
3. Nurture opportunities
Stay in touch with your prospects and connect with them on-time. With a busy schedule, it must be difficult to follow-up your clients in real time. Using a CRM software, you can set a sequence of emails that will be automatically sent when the criterias are met.
Example: Set an email workflow where prospects who sign up will receive a welcome email. Apart from that a follow up email will be sent after three days of contact creation.
You can create and edit multiple workflows to follow-up on your prospects without fail. Get in-depth insights of the activity to know if your email templates are impactful or your need to change to get a positive response.
4. Improve sales rep’s performance
How many deals did your sales reps closed last quarter? In which stage of the sales process are they facing problems? Why are they losing opportunities? Find the answers to these and many other questions with informative sales insights. Analyze your sales team’s performance with a detailed report to know if they are on the right track. Monitor the activities and compare the activity outcomes of your teammates for spotting the underperformers. Discuss the problem areas and guide them to improve results.
Sales intelligence is a valuable source of information that helps you to understand if you are selling to your prospects as effectively as possible. The sales process is a difficult journey where you need insightful metrics to ensure you are on the right path. One wrong turn in this journey can jeopardize your sales. Therefore, sales intelligence is important to know what are your doing and where you need to walk an extra mile.
Take a great leap of success and win more deals by teaming sales intelligence with technologies like Salesmate CRM. This intuitive sales solution is tailor-made for sales professional to help them in achieving their goals. Salesmate CRM provides all the insights needed to nurture and convert your deals. It makes your work faster and easier.
With clear reports and charts, analyze your internal sales operation and find out where are you missing opportunities. Have a more targeted approach to increase your profits. Explore the wide range of features of this advanced solution that help you in streamlining your sales process, managing deals, integrating with various apps and gives you the flexibility to make and receive calls from your CRM itself. Wondering how it will be beneficial for your business? Try it for free to see how it works.