Data to Dollars: Exploring Actionable Insights in Revenue Intelligence Solutions
How big is your sales operations team? How skilled are they?
Even an army of the best analysts cannot:
Consistently find new opportunities Keep refreshing those insights as the market changes Give insights to sales in a way that drives action
This is not their fault. There is simply too much data. Spreadsheets and emails can’t keep up with the nuances within thousands of products and accounts.
That’s why modern sales teams need the kind of intelligent guidance only a predictive, science-driven solution can provide. B2B sales teams are turning to revenue intelligence applications, such as Zilliant Sales IQ™ and Campaign Manager™, that translate data into actionable insights that actually get used in the field.
But exactly what kind of targeted sales actions enable revenue growth? Let’s take a deeper dive into examples of actionable insights revenue intelligence tools can generate from your data.
Increase Wallet-Share with Growth Insights
Advanced data science can identify a company’s ideal customers based on customer spend patterns, total spend, and the breadth of products purchased to create purchase pattern profiles that apply to the rest of the customer base. It then matches each customer to the closest purchase pattern profile to generate insights that guide reps directly to growth actions. In other words, what else a customer should be buying. Learn more: How to Make CRM Effective
Retain Customer Share with Recovery Insights
For every customer, sales reps need to be proactively alerted when purchase volume begins to drop. To do this effectively, advanced data science takes a comprehensive look at transaction history to compare what each customer is currently buying versus what that customer was buying during an earlier benchmark period. Contrasted with traditional business intelligence reporting, it eliminates noise by accounting for buy-cycle patterns, seasonality, one-time purchases, or volatile buying behavior, to exclude false positives. With immediate insights into when purchase volume is declining at the product subcategory level, sales reps can take action to retain the business before the customer defects. Learn more: Why Customer Retention is Vital to Your Success
Find Best Fit Products for Prospecting/Whitespace Insights
Give sales reps direct answers to the question: Which products should I pitch a new account? Data science shines by mapping the new customer profile to a discrete ideal customer purchase profile that reveals what the new customer is most likely to buy. A complex prediction is simplified by data science and the sales reps see precisely which products are most likely to result in a win for net new accounts. Learn more: Meet the New B2B Sales Model
Win-Back Lost Business with Tailored Product Insights
When sales are down, it’s critical to surface intuitive guidance to sales reps as to where win-back opportunities exist in their patches without asking them to analyze in-depth spreadsheets. Revenue intelligence solutions run a quick peak-year comparison analysis by product category and scope the results down to a manageable focus for sales teams. Learn more: More Than a Channel: eCommerce as a Selling Tool
Sell Excess Inventory with Inventory Insights
At times, sales teams are put to the task of helping move excess inventory. Bulky spreadsheets don’t help them decipher who is most likely to purchase that inventory nor do they help them prioritize this sales initiative versus other sales, pricing, marketing, or corporate objectives vying for their time. With RevOps software, it’s easy to identify customers most likely to purchase the inventory while enabling the sales ops or product category managers to prioritize the inventory insights against the other sales initiatives in play by revenue impact, promotions, strategic focus area, or other customizable, user-defined criteria. Learn more: Equip Sales Reps to Sell Excess and Stockout Inventory
Flag Contracts Not Meeting Volume Commitments with Contract Compliance Insights
Many customer agreements include stated volume commitments that must be met for customers to retain their discount. Help sales reps stay on top of these commitments with contract compliance insights, which look at agreement and shipment data and considers the length of agreement and run rate, to flag agreements with volume commitments that are not on track to be satisfied. Learn more: How to Keep B2B Contracts & Agreements Profitable
Identify Substitute Products with Product Substitution Insights
Private label products can deliver higher margins at lower prices for customers while building brand loyalty, yet helping sales teams identify opportunities to sell private label when customers are seeking comparative products presents yet another spreadsheet scale issue. Revenue intelligence allows backoffice teams to run a one-to-one product mapping of comparative branded products to private label SKUs and run a data science-driven query to identify the customers currently purchasing the branded products. Sales reps can focus on the highest-value product substitute insights, see visual analytics of spend history supporting the insights, and quickly take action on the most impactful opportunities to convert sales to a private label brand, or any other preferred brand. Learn more: Can a Product Alternative Strategy Help You Navigate the Broken Supply Chain?
Watch On-Demand: Revolutionize Your Sales Game: Boost Efficiency and Skyrocket Revenue with Intelligence
How do you empower your sales teams to confidently close deals and quickly deliver the right price strategies with the most effective sales motions? Watch this webinar to learn how Zilliant Revenue Intelligence empowers sales teams by creating AI-driven customer-specific recommendations to help:
- Identify "hidden" cross and upsell opportunities
- Push excess or expiring inventory quickly
- Win back lost or decreasing demand for specific product lines