Revenue intelligence doesn’t get as much attention as it deserves in the modern marketing and sales industries. It’s a practice that a company can use to create a more effective sales strategy by targeting sales prospects in more meaningful ways.
So if you’re looking to improve your organization’s sales lead generation capabilities, paying attention to revenue intelligence is a must.
We’ve put together this article to help you do that. Keep reading to get a comprehensive look at how you can leverage it to achieve your goals.
What is revenue intelligence?
Revenue intelligence is the practice of gathering, analyzing, and making decisions based on sales and product data from sales prospects and current customers. It typically involves using artificial intelligence tools to discover trends and gain insights that help a business maximize revenue.
For example, a software company might gather data on how current customers use its products. By feeding that data into an AI tool, the company might discover certain features are used more often than others.
The software company could then adjust its marketing strategy to highlight these features more than they already are. This helps convert more of their current sales prospects.
It’s an example of how embracing this approach can help your business improve its bottom line.
How does it impact sales lead generation?
Revenue intelligence impacts sales lead generation by enabling companies to make more informed decisions about their sales strategy. It does that in several ways.
Allows you to make decisions based on real-time data
When you practice organizational revenue intelligence, it becomes easy to make decisions based on real-time data. That can be a powerful practice because it reduces the amount of guesswork your teams put into interacting with prospects.
In other words, it becomes easier for your employees to use optimal strategies every time.
Discover new opportunities
About 65% of companies fail within their first 10 years of existence because they cannot successfully differentiate from the competition. That’s much less likely to happen to your company if you use revenue intelligence. That’s because AI can help you discover hidden opportunities for more effective marketing and sales. It could be just what you need to stand out from the competition.
Keep up-to-date with changing customer preferences
It’s important to remember that consumer preferences aren’t static. They shift as time moves forward, technology changes, and customers develop new habits.
You need to spot these trend shifts as they’re occurring. Otherwise, you could risk wasting a lot of your budget on marketing and sales practices that are no longer effective.
Revenue intelligence helps you with this as well. It makes it easy to spot new trends as they emerge so you can build those trends into your plans immediately.
How to get the most out of revenue intelligence as a sales strategy
Here are a few things to keep in mind while getting started with implementation.
Use automation instead of entering data manually
Revenue intelligence is only an effective strategy when holistically analyzing your data. Suppose you’re only inputting some of your data instead of all of it. In that case, you risk getting inaccurate results – and making decisions based on these results could be highly detrimental to your organization.
That’s why it’s more effective to use automation instead of entering data manually. This may take longer to set up initially. But it’ll confirm the insights you glean are accurate.
Get your organization on the same page
For most companies, revenue intelligence is a new idea. And whenever you introduce a new concept into a company, there will often be some aspects of it that get lost in translation.
Begin establishing some intra-company definitions for the revenue intelligence work. You should also make your KPIs clear and ensure that anyone can see how you track them.
Building this type of transparency into your system early on is imperative. Doing so will ensure that you have a strong foundation to build on moving forward and significantly reduce the number of miscommunications and problems you have to solve.
Focus on the big picture
You’ll likely be surprised by how granular you can get with your insights. Even though you can get specific with the data, it’s important not to lose sight of the big picture.
That is, you should try to step back and analyze what the insights you get from revenue intelligence tell you about your sales strategy as a whole.
For instance, instead of focusing solely on the order of your sales sequencing, zoom out and think about whether the data you have indicates if new steps in the sequence are needed.
When you keep the big picture in mind, you’re often able to make more effective use of the data you’re working with.
Make using revenue intelligence an institutional requirement
Employees are often resistant to change for a variety of reasons. That may create a situation where many of your team members won’t opt to use revenue intelligence without urging.
That’s why it’s wise to make this an institutional requirement. Factor it in by asking team members to include revenue-intelligence-based reasoning into their proposals and strategies.
Making this a requirement can help speed up the transition process and ensure you’re not missing significant opportunities due to a lack of adoption by your team.
Give everyone access to your insights
You’ll also want to be sure that everyone in your company can easily access the information that you get from revenue intelligence. Siloed companies tend to be much less effective than ones with excellent inter-team communication.
And you never know what you’ll learn from using revenue intelligence. If you limit who can see that information, you’re placing an artificial cap on what your company can get out of it.
Encourage the widespread flow of revenue intelligence data. That way, you know you’re not going to be missing out on crucial opportunities to improve your sales strategy.
Hire the right people
The people you hire can also play a significant role in your success with a revenue intelligence strategy. The person who runs your revenue intelligence program doesn’t only need to be able to track and analyze data—they have to turn that data into a compelling story.
Similarly, if you have team leaders who aren’t capable of leveraging the technology to its full potential, then you’re just not going to get as much out of it as you could be.
Track and adjust
This is important for every business practice, but it’s worth repeating here as well. The first iteration of your revenue intelligence strategy is rarely going to be your best – especially since customer information changes over time.
So you need to make sure you’re keeping track of how effectively your organization leverages revenue intelligence over time. Analyzing this data is the only real way to know if changes are needed before you can hit your sales lead generation goals.
LeadLander can help you optimize your company’s revenue intelligence strategy
Data is the foundation of a successful revenue intelligence strategy. To get as much out of this practice as possible, you need a consistent way to fuel your analyses with high-quality, real-time data. Your website is the perfect place to get this data.
LeadLander makes it easier to organize your website data and automatically feed it into your revenue intelligence tool. With our software and services, you can discover everything you need to know about your customers and sales prospects so you can create an optimal sales strategy.
Sign up for a free demo of LeadLander today to learn more about how we can help.