How to Use Business Cleverness to Win Extra Business?: Business intelligence tools are here to stay. They are the latest trend in lead generation as it becomes increasingly challenging to capture customers, which is crucial for business growth. Here we explain how to use Commercial Intelligence to get more benefits
These tools help take a lot of the hard work out of increasing sales by making marketing efforts more effective.
Appealing new customers to your business is one thing; closing a sale is another. One reason is that you may be talking to the wrong customers all the time, so an essential factor in the sales process is identifying the right customers. It’s easy to think you’ve identified people, but it’s hard to know without data and analytics, and sometimes you hit the blind spot. One way to see if you are on the right track is to use a Business Intelligence solution.
What is economic intelligence?
Business intelligence facilitates the collection, integration, presentation, evaluation, and analysis of customer data. It is how you obtain relevant information on the impact of your marketing campaigns and commercial actions.
The tools also help you see the leads you’re selling to, where they’re coming from, and create case-specific solutions. The main challenge in sales intelligence is the type of content sales organizations have. Data is only helpful if it helps the actual sale.
For example, if the only data you get is a name and email address, you may not be intelligent to do much with it. Business intelligence is only helpful if it provides as much information as possible. The additional you know about your vision, the comfort it will be to sell them.
The information collected by these tools enables your sales reps to convert more. They should also be able to deepen existing relationships through cross-selling and growth.
Factors to consider when choosing a Business Cleverness solution
The process of purchasing a Sales Intelligence solution is an investment that should approach with caution. Your choice should help you create more and better leads, as well as convert customers into long-term customers.
Business intelligence technology develops your sales in a relevant and targeted way. They save you up to date with what’s happening in your industry. So you can take the proper steps at the right time.
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What must I keep in mind when choosing a tool?
How often will you inform your data?
Much of a company’s data will be out of date within a year. It is an excellent reason to ensure that the technology you adopt has a regular update system. It would help to keep the information up to date to stay relevant when finding new clients.
How will you avoid data duplication?
If you already have leads in your database and don’t want a solution that duplicates the same information. Ask the vendor if their tool can filter their database to avoid duplication. It must be well established before installing the software.
Is the solution well-matched with your CRM?
Extreme companies have a CRM system that they use to research companies. The business intelligence solution you choose must be compatible with your CRM. One way to install the key is to use a standalone interface not connected to the CRM.
The other most used way to install the solution is integrating it with your CRM. The approach is more convenient because it combines everything in 1, and your sales team doesn’t have to move from one border to another looking for the data they need. It eliminates the risk of data loss and wasted time. Having a system that affords instantaneous information is better to be more efficient.
How do you collect data and information?
The way your business intelligence tool collects information can either help your sales team or infect them with inappropriate information. Preferably, the software should gather information from numerous bases, such as social networks or crowdsourcing. However, too much information can be stimulating to categorize and use correctly.
Varied information enriches your business by letting you know what’s going on around you. You can then assess the potential of the data by its context. Eventually, you will determine the list of potential customers ready to be contacted.
Not all solutions you find have this advanced technology. Most of them use basic algorithms that perform searches based on keywords. It leaves it up to you to categorize the information to choose relevantly. Don’t forget to check the scope of the sources used by your software and the technology you use in data collection.
Business Intelligence solutions to help the sales team do their job better. the main advantages are:
Intelligence tools can automatically prioritize tracking. They can also sort prospects into groups based on their target. It reduces their time on manual analysis, which sometimes leads to unqualified leads.
As a retailer, business intelligence tools help you better understand your potential customers. It isn’t very pleasant when a salesperson doesn’t understand their needs from the customer’s perspective. The conversation will revolve around the product rather than the buyer’s preferences and goals.
Business intelligence shows the sales team where most customers will be most receptive. Conversations should be directed to these areas, looking for value around these points.
Smarter Selling Strategies:
Thanks to the critical information provided by these solutions, the sales manager will be better able to decide on the actions to be taken.
They can suggest strategies to improve the conversion rates of potential customers and thus increase sales.