What is Revenue Intelligence?
Revenue intelligence describes the practice of gathering sales and product usage data across leads, prospects, and current customers and analyzing it with an AI to identify trends and metrics that can be used to maximize revenue.
The idea of revenue intelligence is relatively new, brought on by the availability of artificial intelligence solutions, as well as the ability to integrate them with other applications and tools to collect data. Revenue intelligence involves a data-first approach, as it gathers information from multiple teams, including sales, marketing, success, and support, and integrates them into a single source of truth where the data can all be used together for maximum impact.
Within a sales team, revenue intelligence provides an entirely new level of insights that are tied to sales opportunities. These insights inform sales teams with advanced buying signals, targeting data, and forecasting information. Sales reps can better prioritize leads, personalize their communications, and ultimately generate more revenue through the use of RI applications.
Sales teams are also able to increase their efficiency and productivity since they are able to identify which prospects are most likely to close and which may waste their time. Reps are also able to better engage with revenue intelligence tools, as they can predict which contact is the most likely to respond, through what channel, and when.
Revenue intelligence gathers data from multiple points with the sales process, this includes:
- Site visits and interactions
- Content downloads
- Email opens, clicks
- Incoming and outgoing phone calls, answer rates, messages left, callbacks
- Conversation analysis, including nation language processing data like keyword usage, overtalk, interruptions, conversational length, and so on.
- Deal progression
- Adherence to sales playbook
- Predictive analytics and forecasting
Customer success and/or support teams can also use it to easily and effectively identify customers who they can successfully upsell, which are not fully utilizing the product, and who may churn.
Revenue intelligence applications eliminate siloed data from organizations and store it in a central location. A common pain point is a lack of integration between sales and marketing tools, as well as the teams themselves. Revenue intelligence solves this problem by automatically collecting, analyzing, and disseminating this data. This empowers both sales and marketing teams with one another’s data, which usually exists in separate tools or databases. Both teams can leverage revenue intelligence to gain more accurate insights.