The emphasis on and usability of data in business has transformed over the last two decades. No aspect of the industry has remained untouched by data, and Sales is no exception.
Sales have moved from getting as many leads as possible and converting, to convert sales fit prospects. 95% of people using predictive indicators saw positive revenue gains in the lead generation process. The most common benefit is higher conversion rates.
Along with the advantages of using predictive indicators came the challenges. The challenge that most of the times, crippled sales was business not having the right Sales Intelligence. The quality of the data determines the right sales intelligence. The data quality refers to data accuracy, completeness, timeliness, uniqueness, validity, and consistency.
Sales Intelligence is the actionable information on the business prospect. It is not difficult to find contact information of business and key decision makers.
Understanding the organizational structure, budgets, tech stacks, personnel movement in real-time is challenging.
The digital footprint has become an essential part of sales intelligence. Form-fills, searches, content downloads, and other digital parameters together help to understand the client’s intent. This lets the salesperson know if he should approach the buyer.
So, the three parts of Sales Intelligence is:
The right sales intelligence is an amalgamation of the correct contact data, opportunity data that signifies the current state of the opportunity, and digital footprint data act as an indicator of the intent of the prospect.
The right contact is the key decision maker who influences the buy decision. The reporting structure, revenue, and technological environment become part of the target persona.
Upcoming business events, expansion plans, critical hiring can form the opportunity data. Opportunity data gives insight into the economic and organizational environment in the prospect company.
Intent data is vital for the prediction of success only if the necessary demographic and firmographic details are in place. They determine if there are sales favorable conditions. Intent data is the digital behavioral activity data that links target buyers and accounts to the solution or related topics.
Intent Data: Finer details to the Sales Intelligence
Intent data or the digital signature information data includes data like event registrations, page visits, form-fills, time on page, content downloads, and the number of visitors from an account. The information that marketing automation systems gather for an organization can also be one level of intent data.
Many organizations have expanded the horizons of intent data to a network of sites and partners that gather specific information from various places. Intent data signals interest, demand, or urgency related to a particular topic or need which cannot be inferred through fit data.
Sales intelligence should have the capacity to paint the complete picture of an opportunity. That can make sales teams take effective informed decisions and interactions more engaging.
According to recent research, 15% of respondents use Fit + Opportunity + Intent data. 95% using the intent data have found a considerable increase in revenue.
A sale is all about being at the right place at the right time with correct information about the prospect. Intent data provides with crucial details that enable closing the deals quickly. It also allows for having a personalized approach towards the client.
Quick deal closure leads to more wins and has more appointments in a given time. Personalized sales deliver better sales engagement, which leads to shorter sales cycles.
Therefore, the data-driven approach to sales has paved the way for:
- Higher Conversion Rate
- Shorter Sales Cycle
- More Confident Sales Engagement
- More Wins
- Larger Deal Size
- More Appointments Schedules
Intent data, as part of the sales intelligence, plays a vital role in higher revenue and build better business relationships.