Robust sales intelligence is the difference between good sales processes and wasteful ones. Resolve these five problems in gathering sales intelligence.
Solid sales intelligence helps boost profits by driving revenue and reducing costs. And it’s clear that better data should lead to more informed decisions that will ultimately benefit the company’s bottom line.
However, despite their best efforts, some companies still fall short of achieving peak efficiency and success due to their failure to leverage sales intelligence fully.
Sales intelligence is the ability to recognize and respond to opportunities in the marketplace. It’s about having a keen sense of what you’re selling, who you’re selling it to, and how they want it.
The more you understand your customers’ needs and wants, the more effective your sales efforts will be.
We’re all familiar with the adage, “You can’t manage what you can’t measure.” But what if you can measure something, but your measurement process is flawed?
Keep reading to discover the five most common gaps in sales intelligence – and how to fill them.
One of the most common sales intelligence gaps is a broken sales process.
Research shows companies with a well-defined sales process outgrow others by an average of 18%.
Without a defined process, sales teams are left guessing at best next steps — and those steps often turn into stumbles. And it’s not enough to have a sales process. You need to train your team to use it, and give them the tools they need to easily follow each step.
Here are tips to help you fix a broken sales process:
There’s a lot of information available for B2B revenue teams. But not all of it is accurate. Some data may be outdated, or the source might be untrustworthy. Inconsistent and unverified data can make it difficult for a sales team to draw conclusions about their potential customers.
A survey conducted by Gartner found that bad data costs enterprise-level companies an average of nearly $13 million each year. The research firm also found that 60% of businesses do not measure how much bad data actually impacts the bottom line.
6sense tackles this challenge by combining AI-driven analysis with robust data gathering and partnerships that help us track and identify accounts. Read more about our match rates and methodology.
You can’t sell effectively if you don’t know your product and your competition.
You can’t capitalize on opportunities unless you know about trends or changes in your own industry, customer demand trends, and how you stack up against competitors.
This could mean losing out on a big deal or missing a subtle shift that completely alters your industry landscape.
Even worse, if you’re not able to identify risks that could damage your business, how can you prepare for them? In short, poor sales intelligence = poor sales performance.
By taking time to review your data and look for trends and patterns, you can better understand what your customers want and how they respond when something goes wrong. This knowledge will help you predict future problems and opportunities, helping you avoid costly errors.
How can you be sure that a lead was influenced by Twitter, for example, or whether it was generated by a prospect visiting your website after viewing a display ad or attending a trade show?
You can’t make informed decisions about which marketing channels are working if you don’t know where your opportunities are coming from.
B2B sales tend to have long sales cycles in which multiple members of a buying team will interact with your brand across several channels. That makes it hard to identify which ones are most effective at driving revenue.
6sense helps you track the marketing campaigns, content, and outreach that influence prospects — and its AI studies patterns to discern which activities are most likely to lead to deals. This helps you understand which marketing campaigns are working, and helps you forecast the value of your pipeline.
If you have companies in your pipeline that act very similarly to other customers you have closed, there’s a good chance they will become a customer, too.
When a sales team isn’t performing as well as it could be, it can be easy to blame employees for not being motivated or smart enough. However, that’s often not the case.
Many times, tools are missing from the existing CRM that could help you track important information. Other times, you need some sort of analytics report that’s not available — and maybe your company hasn’t yet budgeted for it.
According to a Linkedin State of Sales 2021 report, salespeople say sales technology tools are critical for helping them build trust with customers. That’s incredibly important, because the same report shows that while only 40% of customers see the typical salesperson as trustworthy, 89% considered the salesperson they ultimately bought from a “trusted advisor.”
One of the key factors bridging that gap: Customers want salespeople to know and care about their company and goals.
Great technology tracks customer records and helps you understand customer concerns. Ultimately, it not only helps you sell — it helps you advise.
The most successful salespeople don’t have magic formulas or find shortcuts that work once in a while. The best know their customers, strategies, and methodologies well enough to win time and time again.
This is true of any industry – but it’s particularly vital for B2B sellers, given their long sales cycles and high levels of uncertainty. That’s why it’s important for these professionals to always ask questions about how they do things… and improve from there.