Sales intelligence is essential for businesses to stay competitive and grow. It helps them understand their customers and sales process better. Companies collect and look at sales, marketing, and customer behavior data to make smart decisions.
This involves determining the areas of focus for their efforts, identifying strategies to enhance their sales plans, and pinpointing the factors that increase customer purchasing probability.
This blog post will explain what sales intelligence is, why it’s important, and how it helps your sales team. It will also cover other useful information.
What is sales intelligence?
Sales intelligence is collecting, analyzing, and applying data that provides insights into a company’s sales process and potential customers.
This technology can help sales and marketing teams learn how to get business from customers. It helps them determine which data is important and how to use it. The main goal is to coolect more information on the people who might buy something from them.
Sources of information
The following image shows the common sources of sales information.
- Facebook, Twitter, etc
- Analyzing what people are searching for when they visit your website.
- Browser cookies are another source to track what web pages people visit and what things they click on.
B2B business data is collected from many sources. A few sources are mentioned below.
- Data from the company level: This includes the size of the customer company, location, funding of the company, investors, revenue, etc
- Intent data and buying signals: Hiring of company, increased funding or new funding, hiring and layoff activity, recent IPO, etc.
- Information from contact level: Name, department, phone number, email ID, etc
Benefits of sales intelligence
- It provides accurate data
- It provides quality leads
- It helps teams find new customers quickly
- Sales business intelligence can help you find people looking for what you offer. It does this by tracking its activity online
- It can help you contact the right people more quickly to sell your product faster and reach your goals
Importance of sales intelligence
It collects information about potential buyers and puts it all together. It helps salespeople to find people who want to buy their products. They can customize their sales pitch to make more sales without spending too much money.
Enhances the total addressable market
The Total Addressable Market (TAM) is the amount of money you can expect to make from selling your B2B product or service.
It is typically expressed as a monetary value or the number of potential customers serves as a valuable tool for budgeting and forecasting future growth.
Determines buyers’ interest
Salespeople can benefit from employing specialized tools that monitor websites, news articles, and social media posts to gauge a customer’s readiness to purchase.
This information can be instrumental in determining the optimal time to approach a potential buyer.
Provides intent data of the company
Intent data provides valuable insights into a company’s online behavior, revealing their interest in specific products or services. By tracking website visits, browsing patterns, and online activities.
The sales teams can identify potential leads and proactively engage with them before their competitors do, maximizing the chances of converting them into paying customers.
Works with CRM integration
Sales intelligence integrated with CRM can help you to do more business. The most major thing is to help your sales team work faster and get more done.
It connects with your existing technology and gives your sales team all the necessary information about customers in one spot.
Provides accurate contact information
This platform keeps your contact information accurate. It also gives you extra information, such as money being raised and news about the company.
This way, your sales team can find new chances to talk to people and sell products.
Gives successful sales strategy
By leveraging intent data, sales teams can gain a deeper understanding of their customers’ needs and behaviors.
This enables them to make informed decisions, optimize resource allocation, and ultimately, achieve greater sales success.
Provides better customer experience
Today, people who sell to businesses (B2B salespeople) need to use video, email, and social media well. Companies with the best customer experience usually get more deals than their competitors.
It can help you meet your customer’s expectations so they become your customers forever. Sales intelligence gives you all the data you need to build a relationship with customers.
Sales intelligence vs business intelligence
| Sales Intelligence | Business Intelligence |
| It is the technology used by the sales and marketing team. | It is used by enterprise analytics and throughout the organization. |
| It provides up-to-date contact details of customers and events for prospects. | It covers all the information on the marketplaces, like news, research papers, and financial data. |
| It works in real-time. | It mainly works on historical data. |
| It helps to analyze why the business is performing. | It provides you with data on how the business is performing. |
| It helps the organization to understand complex data and to find new opportunities. | It helps the organization to understand complex data and to find new opportunities |
FAQs
What is business intelligence in sales?
Business Intelligence (BI) is a way to turn data into information that can help business people make better decisions. The information can be used by different parts of the business, like sales and marketing.
What are the levels of sales intelligence?
There are four levels of sales intelligence. They are Innate intelligence(IQ), Acquired intelligence(AQ), Technological intelligence(TQ), and Emotional intelligence.
Conclusion
Sales intelligence can help businesses. It uses data and technology to help companies make better decisions and find new chances to grow.
This category of technology will become even more important as more data is available. Companies that use it can stay ahead and do well in the market.
We hope this blog post has successfully provided you with some knowledge about sales intelligence.
