How Can Small Businesses Drive Better Revenue with Sales Intelligence (SI)?

Sales is a complicated process and to control and drive it towards success, a smarter approach is required. That is where Sales Intelligence comes into play. It provides real-time insights and predictive analysis to ameliorate the overall sales performance. An actionable intelligence can support your sales efforts and help your team in taking practical actions. Sales intelligence facilitates smarter decisions; it is a more intelligent and thoughtful way of managing your sales process.

Sales intelligence drives bottom line business growth by taking selling to a whole new level. As per a research by Sales Intelligence Challenge-CSO Insights, effective use of sales intelligence augments revenue productivity per sales rep by 17%.

When teamed with technology

Teaming Sales Intelligence with advanced technologies gives small businesses a more in-depth visibility into their sales cycle and helps in refining the whole sales process. It aids in amassing and collating the prospects’ information as well as ameliorates the quality and quantity of the data for better sales opportunities. The main aim of such tools is to quickly move prospects from all the stages of the sales pipeline to convert them into paying customers.

Sales intelligence software acquaints the sales rep with prospect’s interest and helps in prioritizing the follow-up activities. It provides valuable analytics and revenue centric view of sales opportunities for streamlining the sales process and increasing conversions.

As per a study, users of sales intelligence software have experienced 56% better conversion rates compared to the non-users and the same study also found that 46% of sales reps who used the software achieved their sales quota versus 26% who didn’t use the software.

How is Sales Intelligence helpful for your small business?

The revenue of your business depends on the sales generated by the sales team and to improve their sales process and performance, a sale intelligence solution is essential in this highly competitive sale landscape.

Let’s see how can a sales intelligence be helpful-

  1. Saves time. Sales reps spend their valuable time in administrative tasks and swapping between disparate data sources. With sales intelligence, your sales team can easily pull-in and organize data, segment deals into value or qualification based groups and effortlessly prioritize follow ups. It increases their productivity and saves time wasted on pursuing low-interest deals.
  2. Enhances communication with prospects. Prospects find it exasperating when sales professionals don’t understand their needs and they keep revolving around their product and business goals. Sales professionals are expected to have adequate knowledge about the prospect for offering a solution. However, most sales reps are not even prepared, so they are unable to personalize the conversation. Sales intelligence help sales professionals spot the areas where the prospect will be more responsive. It helps sales rep in hitting the right talking points for having a valuable conversation with the potential prospect.
  3. Reduces deal to close time. The length of the sales cycle depends on the sales professionals, if they target the wrong prospects they will obviously have to face a long sales cycle. With sales intelligence data, sales professionals can identify which prospects are more likely to buy and are genuinely interested in their offering. It provides a better understanding about the prospect so that the sales professionals can easily identify the deals that have high possibilities of closing in less time.
  4. Better sales decisions. Sales intelligence or SI helps you to drill into details to take smarter sales decisions quickly. With necessary information at you reach, you can easily strategize your sales and take the right action that will benefit your conversion ratio.

Things get even better when sales technology like CRM software has an inbuilt sales Intelligence feature.

Sales Intelligence- an inbuilt feature of your Sales CRM

A sales intelligence software doesn’t necessarily be an individual tool, it can also be an inbuilt feature of a sales CRM. A CRM with sales intelligence feature can be an added advantage for your sales teams.

By using the sales intelligence feature, you can get a 360-degree view of each deal and focus on higher profit prospects.

Let’s explore how can a CRM with in-built Sales Intelligence feature power your sales:

  1. Reporting. A sales intelligence feature of a CRM helps you in developing insightful reports for scrutinizing data and viewing the status of the sales cycle. Sales pipeline reports aid in tracking the movement of the deal in the sales process. It gives a clear visibility of the pipeline showing how many deals are in movement, which are stalled and how long will a deal take to close. Using the reports, you can also seamlessly predict the business revenue and understand the strength and weakness of the sales pipeline.
  2. Sales forecasting. It enables smart sales forecasting for anticipating the future business opportunities. Based on past interaction with the prospects, it gives you a tentative idea about the closing possibilities of a specific deal. It also helps in identifying the weak spots along with the growth areas in a sales pipeline. With accurate information, it is easy to stay prepared and plan the activities for reaping positive results.
  3. Activity insights. Keep a track on the outbound activities and know what kind of responses are your sales team getting from the prospect. You can get clear records of the emails sent, calls made and meetings attended to monitor the performance of your sales reps. It helps you to understand which activity is reaping benefits and which needs to be cut down. It also aids in improving your sales professional’s performance for quickly achieving the sales goals.
  4. Timely actions. A CRM with sales intelligence, doesn’t only help in analyzing data and sales projections but also aid in taking timely measures for moving the deals. You can know  when is the appropriate time to follow up and prepare yourself to take the deal to the next stage. With timely notifications, you act immediately to avoid any delay that can affect your deal.

To conclude

Sales Intelligence is the smart way to sell, it shortens the sales cycle and gives the sales rep access to insightful data for quickly pushing the deal to the closing stage. Things get more convenient for the sales professionals when their sales CRM like Salesmate, have an in-built sales intelligence feature which help them focus on mere selling.  It cuts down their additional tasks and gives them a better understanding about the prospects for building a better relationship and increasing their sales. There are other equally excellent sales software systems in the market. Read our in-depth reviews of the top sales proposal automation software solutions to pick the right one for your business needs. 

Chris Miller

By Chris Miller

Chris Miller is a senior customer service analyst at FinancesOnline. For more than 5 years now, he has witnessed and written about the tremendous impact of digital technologies that have deeply disrupted the customer service industry. The onset of chatbots and other AI/ML tech, omnichannel platforms, highly personalized service, the emerging blockchain methodologies specially created a deep impact, all of which are reflected in his writing. His reviews of customer service applications serve as invaluable resources for businesses of any size and scale.

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