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What Is Sales Intelligence?
Sales intelligence is vital for managers who want to make the most informed decisions for their organization. If you’re wondering, “What is sales intelligence?”, you have come to the right place. Sales intelligence data consists of detailed data about prospects. More specifically, sales intelligence is acquired through real-time analysis of prospective client data through a variety of channels and/or platforms. Rather than offering a basic spreadsheet of prospects with their contact information, sales intelligence tools go a step further analyzing prospect behavior.
Some companies focus on gathering and analyzing ad sales intelligence in house. While this may seem like a cost-saving measure, it can actually cost organizations far more in time and monetary resources in the long run. Sales intelligence and sales prospecting software provides more than face value data. Companies that utilize sales intelligence tools gain more ROI than companies that still analyze in house. This is because sales prospecting software works around the clock and in real-time. Unlike humans, software doesn’t need a lunch break or need to clock out at the end of a long day. Additionally, most in-house analysts have never been in the sales role before. This should in no way diminish their value to the greater organization but when asking revenue-specific questions of your data you should require someone or some tool that has the experience or designed to analyze revenue data.
Sales intelligence tools create an incredibly clear picture of the sales process and how all parties involved communicate. This knowledge can then be used to create a more personalized experience that, in turn, drives more sales for the organization.
The individuals who analyze this data are called sales intelligence analysts. While each organization’s sales intelligence job description will vary in details, those working in the position complete the same tasks. For clarification, a sales intelligence analyst drives business value by analyzing sales data. They may analyze this data in real-time or at specific milestones. They obtain the sales intelligence data they need to analyze through a variety of channels and platforms that the organization utilizes. Their findings will then be drafted into a comprehensive report that will be delivered to decision-makers in the organization.
Why is Sales Intelligence Data Important?
The importance of sales intelligence is virtually limitless for organizations that wish to grow and expand their operations. Without having a complete understanding of how sales techniques influence prospects’ decisions, any changes to sales techniques are worthless. The touchpoints an organization employs to convert leads into sales is only as valuable as the data that backs these touchpoints in the buyer journey. However, the data used to come to these decisions must be reliable and accurate.
B2B sales intelligence tools can provide a number of benefits to sales managers and organizations. Sales intelligence data allows the organization to gain a more complete understanding of prospective customers during their buyers’ journeys. Rather than using antiquated demographic data or baseless claims, sales intelligence data focuses on understanding prospective customers and current clients. This provides managers with factual insights that are not too broad or too specific.
Sales intelligence is a process that provides real-time data on actual sales interactions. Whether it is a fresh, new lead or a long time, trusted customer, this process looks at individual touchpoints to better understand the sales process and customer journey. This allows organizations to create better relationships with clients and make the entire process more profitable for all parties involved.
By looking into the sales intelligence market, managers will find a number of platforms that offer solutions geared toward making the manager’s decision process more efficient. Sales intelligence can help managers understand a number of issues that may be affecting sales. This includes, but is not limited to, sales volume, customer touchpoint interactions, response times, follow up procedures, and other data factors. By understanding these factors, managers can determine if there are any issues along the customer journey that need to be addressed. Furthermore, it allows managers to see what is working to improve sales.
Using Sales Intelligence Solutions
Information about sales intelligence solutions is powerful, but it is not as effective as having knowledge that helps managers understand the best sales intelligence software on the market. When an organization implements the right tools for sales intelligence, it can expect to gain access to data faster than before and have a more accurate analysis of said data. Aside from faster access and increased understanding, sales intelligence solutions provide a number of benefits that can directly impact revenue.
A sales intelligence analyst with the right software in hand can better understand a number of data points for the organization. These include conversational intelligence data, buyer-centric data, intent data, and buying signals. The sales intelligence tools definition implies that each of these data points can be derived from the data. However, the right software and the best sales intelligence analyst team must be utilized together in order to gain these valuable insights.
Sales intelligence can help gather more understanding on conversational intelligence data due to the number of platforms that can provide real-time data. This allows managers to understand how conversations that are happening at this moment impact future sales. As well as drive coaching moments and call reviews.
Buyer centric data is vital to sales intelligence since, ultimately, sales are all based on a prospect’s needs and desires. By analyzing data specific to the buyer and their needs, managers can implement the right campaigns and sales tactics.
Additionally, sales intelligence helps managers understand intent data. The factors that drive a lead to the organization and the factors that persuade the same lead to convert are incredibly important to understand. This data helps managers decide how to adjust sales techniques to persuade different buyers with similar intents.
Furthermore, sales intelligence tools allow analysts to see buyer signals. When a certain percentage of prospective customers complete the same action or say similar phrases, it is easy to see the various buyer signals. These signals are clear indicators that a prospect can be converted into a customer. With this information in mind, managers can help their sales team understand when it is time to further nurture a prospect.
Free vs Paid Software
While it may be tempting to utilize free sales intelligence tools, it is important to remember that free software is never really free. It may not cost you anything to use the free sales tools, but it will cost you numerous hours of setting up your profile and importing your data. At the end of this, you may find that it was all for nothing because the program is requiring you to pay for the sales intelligence data analysis you need to make a decision. In business, time is one of the few assets you cannot buyback.
Rather than wasting your time and other resources in hopes you can find a free program for your sales intelligence data, consider using a paid software. There are a number of paid software available to you in a range of budgets. Depending on what you need, you may find that a basic subscription can satisfy your needs. Otherwise, you may be in the market for a premium package.
When it comes to free vs. paid software, consider the following pros and cons:
|Pros of Free Software||Cons of Free Software|
|Allows organizations to begin understanding how the back end of sales intelligence works||May be required to pay for results after hours of work|
|Effective way to test out if the software is the right fit for your organization||May not include premium features|
|Gain access to new information and view a sales intelligence CRM example||May require you to opt in for sales emails|
The market for sales intelligence continues to grow annually. Each software company strives to create the best product for its customers at the right price point. Some examples of these companies include Zoominfo, Chorus, Gong, Showpad, Highspot, Owler, InsideView, Vainu, and G2 sales intelligence software. For more information about how these platforms work, please visit their individual websites.
Here at Canopy, we are partial to our own sales intelligence software. Below, we have given in-depth detail about our software and how it can help managers at organizations in various industries make the best decisions possible.
Canopy is the best sales intelligence software on the market because it is the only one that is powdered by augmented revenue analysis. Additionally, Canopy can leverage data provided by the intelligence categories listed above. For example, data provided by ZoomInfo can be leveraged to drive deal signals, while information from Showpad or Highspot can determine the right number of documents to share with customers or where a seller may be in the selling process. This means Canopy is analyzing the data that is coming in and finding what factors directly affect your revenue. The only Canopy is situated to provide this powerful level of insight. In order to complete this analysis, Canopy utilizes the following:
- Signals: Keep your team proactive by notifying the sales teams of opportunities ahead of risks that need to be addressed immediately.
- Forecasts: Understand the future of an organization’s revenue by analyzing active deal monitoring, bottoms-up workflows, and statistical models.
- Coaching: Sales managers can understand each individual salesperson’s strengths, weaknesses, and KPI performance.
- Analysis: View snapshots of every change on the sales pipeline to uncover key insights.
When a sales manager or organization relies on Canopy for sales intelligence data, they can access a wealth of knowledge that cannot be acquired through manual analysis. The sales intelligence data Canopy provides is real-time data that is reliably accessed through a number of programs and platforms. Sales managers can proactively manage their sales team without anything falling through the cracks.
Without sales intelligence, your organization very well may be falling behind your competitors. Isn’t it time you had a better understanding of your sales volume, customer journey, and team performance? Request your demo today to understand how the sales intelligence data provided by Canopy can help you acquire increased revenue.
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