The modern sales cycle is long, complicated, and driven by decision-making groups with conflicting priorities. If you’re shopping for sales intelligence software, you’re probably looking for insight that will help you reach buyers more effectively and create revenue faster. Admirable on both counts, but the sales intelligence vertical is still young and undefined; vendors are still vying for marketing dominance and struggling to establish a standard definition of both the technology vertical and the business best practice(s). It can be extremely difficult for first-time buyers to compare sales intelligence solutions and decide what’s right for their business.
This guide will help you better understand what sales intelligence software can offer, how your business can use it, and how to narrow your search. We’ll also highlight a sales intelligence case study and some of the leading solutions in four different categories.
If you run a Google search for “sales intelligence,” you’ll find an assortment of list-building and B2B data wholesalers. While these firms do represent a form of sales intelligence, they aren’t the complete picture. Generally speaking, sales intelligence can refer to any insight, data, or automation that improves the sales process. It is the contact record and the body of contextual information surrounding the contact record, such as purchase history, current contracts, business objectives, even digital body language. Sales intelligence can also be found in the data surrounding your pipeline stages and follow-up activities. In other words, it’s not just information about your prospects and leads; it’s also about your efficiency as a sales unit.
Just as the market has allowed for a broad interpretation of the term, it has also given rise to a broad array of technology vendors — each offering a different solution for a different job role and/or business objective. Most research has shown positive correlations between sales intelligence tools, revenue, efficiency, and win rates. According to Aberdeen, companies that support their sales teams with sales intelligence see an almost 29 percent increase in year-over-year revenue.1
Beyond and before revenue, there are a number of ways sales intelligence tools can help your team improve their efforts:
While the potential value of sales intelligence software is clear, the software market is anything but. To help you sort through the menagerie of products, services, platforms, and vendors that has materialized over the past few years, we’ll break things down into four categories: data enrichment and maintenance, sales reporting and forecasting, pipeline management, and behavioral analysis.
As lead generation found its place in the digital world, the CRM database quickly became the most important tool for B2B sales. A number of sales intelligence vendors now offer services designed to help you clean or supplement your lead data or add new contacts entirely. These vendors all use different terminology and bill their services differently to distinguish themselves among competitors, but the focus is always, in some way, on your sales database.
The benefit of working with these vendors is that you can cut down on wasted sales efforts by targeting buyers with the highest potential and purging unqualified, unmatched leads from your programs. According to a 2015 study by Integrate, 40 percent of all B2B leads suffer from poor data quality.3
While many providers offer a web-based platform or customer portal, your evaluation process should focus more on services than “features,” per se. Here are some examples of common services found in this category of sales intelligence:
As you can see, the term “sales intelligence” is used quite liberally among data service providers. No one knows your leads better than your own sales reps, but a small boost in pipeline and productivity can be just enough to give you a competitive edge.
In this category, you’ll see a lot of overlap between “sales intelligence” software and traditional business intelligence software. In fact, many business intelligence vendors offer dedicated dashboards and analytical tools for sales use. Other vendors have built entire platforms dedicated to monitoring and reporting on sales data.
The focus here is less on client/prospect-level data and more on high-level insights that support decision-making. For example, if your average deal size for leads that originate in search and social is lower than other channels, you may need to sit down with marketing and discuss ways to improve inbound lead quality. Or if your forecast for Q4 predicts a shortage in revenue for the year, you might decide to comb through your database and identify cold leads that warrant a second follow-up.
The modus operandi of business intelligence has always been to mine raw data and derive actionable intelligence. The same applies here, just with a unique focus on sales.
Here are some of the most common features you’ll see in this category of sales intelligence:
Pipeline management solutions are designed to help your sales team stay organized, efficient, and prioritize development activities based on the unique characteristics of each lead. As they say, work smarter, not harder. Instead of rushing as many leads as possible through your pipeline, these tools will help you focus on the best opportunities or the ones at risk for churn.
That may not mean you may close more opportunities, but it will mean less slip through the cracks, and the ones you do close will provide more value. Think of pipeline management solutions as a kind of project management platform for your sales team — designed to keep them on track with tasks, schedules, assets, and communication and keep your “throughput” moving. Again, since these solutions focus on improving the sales process through insight and automation, they are a type of sales intelligence.
If you decide to implement a pipeline management solution, make sure you choose a vendor that offers plenty of customization options. If the reporting and automation features don’t match your existing sales workflows, you could be dealing with more hassle than improvement. Many CRMs offer their own built-in pipeline management tools, although these will be more limited in scope than a best-of-breed application.
Common features of pipeline management tools include:
Our final category of sales intelligence software revolves around client and lead-level analytics — tracking the actions of specific customers, leads, and prospects to identify new opportunities faster. Software tools that serve this function typically use a mix of firmographics and behavioral data to either determine a lead’s qualification level or point out upsell and cross-sell potentials. Some in the industry refer to this as “prescriptive analytics.”
Interestingly enough, a great deal of this type of “sales intelligence” is collecting during the marketing-owned portion of the buyer’s journey, but it is nonetheless important for sales reps to have access. When they can see beyond name, company, and email address down to qualitative data about the buyer’s journey, salespeople will be much better equipped to start meaningful conversations and speak directly to each buyer’s needs.
At the crux of behavioral sales intelligence sits the integrated CRM/marketing automation suite — one of the most powerful inventions to have graced the B2B stage in decades. This integrated systems lets marketers log behavioral data about about prospects during inbound campaigns and the nurture process, then pass that data to sales when the prospect becomes an MQL (marketing qualified lead). There are also standalone tools that help sales reps track and analyze lead behavior after the handoff.
Common features to look for in this category include:
Everwise is an online mentorship networking platform based in Sacramento, CA. They specialize in matching employees with the tools and resources and training they need to succeed. Their solution combines mentoring, on-the-job development, and curated content delivered through a web-based system.
Before InsightSquared, Everwise was managing their leads, sales development, and pipeline with a combination of Salesforce and manual methods. “Sales leadership had no insight into what was taking place,” says Senior Director Heather McKibbon. “Because we didn’t know what was coming down the pipe, we weren’t able to make decisions ahead of time.” Even with Salesforce in place, McKibbon felt her decision-makers lacked important visibility into team performance and forecasting. They were literally keeping track of quarterly forecasts on scratch paper and crossing off closed-lost opportunities.
After implementing InsightSquared, McKibbon and her team were able to:
The sales intelligence software market is one of the younger and more difficult markets to navigate for a first-time buyer. Luckily, we’ve compiled product information, reviews, case studies, features lists, video walkthroughs, and research articles on leading sales intelligence solutions to make the buying process more straightforward for decision-makers like you.
If you’re curious about any of the products or services listed in this guide, we’d love to talk to you. Call one of our in-house specialists for a free consultation, or use the Product Selection Tool on our site to get a custom recommendation based on your industry and desired features.
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