This blog explains what revenue intelligence is, how it helps your business and why you should use Salesforce to make the best use of revenue intelligence.
It is well-said that data is the fuel that propels the growth engine of a 21st-century business. Proper use of data enables an organization to have a clear idea of customer needs and behaviors, thereby allowing it to formulate the right strategies to maximize its sales revenue.
But how can companies utilize vast amounts of data in their Customer Relationship Management (CRM) systems with high levels of efficacy? What does it take to get actionable insights that help close deals in an efficient manner? They need to use a robust revenue intelligence system.
One of the most widely-used revenue intelligence platforms is Salesforce Revenue Intelligence. Today, we’ll look at the capabilities of this novel application and how it empowers you to harness the full potential of data to meet your revenue goals. But first, let us try to understand revenue intelligence and why it is important.
What’s Revenue Intelligence?
Revenue intelligence is a set of techniques that helps companies ensure excellent sales and revenue performance using insights from automated real-time data analyses.
It utilizes state-of-the-art Artificial Intelligence (AI) enabled capabilities to provide a 360-degree view of the revenue generation cycle. Revenue intelligence allows you to get the big picture of your sales pipeline and come up with necessary steps to facilitate the augmentation of your sales revenue.
Why Do You Need Good Revenue Intelligence?
The biggest advantage of having solid revenue intelligence is you can make the right decisions in real time to grow your business. It allows you to:
- Identify new opportunities in a timely manner and get valuable insights to close deals effectively. This helps you chalk out the right course of action to get the desired results.
- Forecast sales revenues with very high levels of accuracy; revenue intelligence helps you fully understand each stage of a deal. This goes a long way in reducing risk and ensures the deal closes smoothly, as you intend.
- Boost selling efficiencies in a big way. You can track the activities performed by each member of your sales team and measure his progress. Armed with this information, you can provide appropriate guidance enabling him to make the sale.
So far, we’ve seen what revenue intelligence is and learned how it helps your company. We’ll now move on to examine various capabilities of Salesforce Revenue Intelligence that help you meet your sales targets effectively.
How Salesforce Revenue Intelligence Helps You Close More Deals Faster?
Utilize Predictive Scoring Methods to Zero-in on Likely Customers
One of the biggest challenges faced by a business is identifying which of its prospective customers will turn into buyers of its products. In most cases, sales reps rely on their intuitive abilities to score potential customers; however, formulating a course of action on mere guesswork will not always yield the expected results. Organizations need to use timely data of good quality to rank prospective clients based on their purchase propensity.
You can use Salesforce Revenue Intelligence to score your leads with high levels of efficacy using cutting-edge predictive scoring abilities. Using these insights, you initiate the right action to connect with the prospective customer without delay. The revenue intelligence powerhouse allows you to score leads every hour; if there is a change in the behavior of a prospect, he will be rescored in the next 60 minutes. Needless to say, your reps can sell with high levels of efficiency.
Formulate a Multi-threaded Strategy to Close Deals Successfully
We’re all aware purchasing decisions of B2B companies are not made by a single person but by a group of individuals. You must remember we’re passing through times of economic uncertainty and all buying decisions of a company will undergo thorough examination; even a small objection raised by a decision-maker will scuttle the deal. So, it’s very essential you connect with everyone involved in the finalization of the deal and provide the information sought by them in a timely manner.
This calls for your reps to craft a good multi-threaded strategy to deal with all decision-makers effectively. You can use Salesforce Revenue Intelligence to make sure the reps are acting right. The robust revenue intelligence platform enables you to monitor the activities of your salespeople effectively and ensure they are interacting with the right people, appropriately. This goes a long way in helping you ensure you don’t lose deals because of poor engagement of the purchasing group members.
Identify Potential Issues in the Closure of Deals with High Efficacy
Businesses must focus on mitigating potential risks to deals by identifying challenges likely to crop up in their successful closure. Unfortunately, in most cases, companies are not able to identify potential problems; this is because they need to analyze massive quantities of data pertaining to interactions with prospective customers to pinpoint exactly what could result in a deal going haywire.
You can resolve this problem using Salesforce Revenue Intelligence. The innovative solution comes with cutting-edge analytics capabilities that help you thoroughly analyze huge volumes of data. You can get the right information about the following, in real-time, which allows you to spot likely challenges in making a sale and initiate appropriate steps to overcome them.
- Changes in the deal and their impact
- Similarities in a deal behavior to previous deals which didn’t materialize; will help you come up with a plan of action to make sure the deal isn’t lost
- Engagement of prospects
- Actions taken by your sales teams and their efficaciousness
- Likelihood of prospective customers raising concerns that can endanger the deal
- Adherence of reps to your proven sales process
Thus, Salesforce Revenue Intelligence helps you make the best use of data to achieve selling success. At Solunus, we help you harness the full potential of this powerful solution to enhance your selling efficiencies and meet your revenue targets. Our rich experience catering to the needs of companies of all sizes in many sectors and unparalleled expertise of Salesforce enables us to meet your unique revenue intelligence needs effectively.
Solunus is a dedicated Salesforce partner organization, headquartered in Dallas, Texas. Our unrelenting focus on comprehending the unique needs of our clients coupled with our unrivaled expertise of the Salesforce platform enables us to deliver the perfect solutions that create the best value for IT and business analytics firms.