Intelligent revenue operation, as used in the sales and marketing world, basically means the collection and analysis of relevant data like product usage to maximize revenue. Revenue intelligence gives you full visibility into revenue generation as well as gives you control over said revenue generation.
By analyzing this data, intelligent regression can give you some key insights in terms of predicting what is likely to happen based on recent data as well as current trends. While at it, you can also deduce what can be done to drive up revenue and have some contingencies in place for changing business conditions.
Developing an Effective Revenue Intelligence Strategy
Define What You Want to Achieve
To begin with, clearly define what you want to achieve so it’s possible to infer the kind of data needed for the goals you have set out.
Identifying Data Sources
You now need to identify where you will get your data from – internally and externally. The internal sources include data from your CRM, and external sources could be things like research reports and blogs.
We Collect and Analyze data
Next up is the collection, cleaning, and analyzing of data so it makes sense and is actionable. Analyzed data should help your revenue team understand the market space – both the customers and the competition.
For predictability purposes, the data should also help in identifying trends in the market.
To Develop Revenue Growth Strategies
Now that the data is actionable, it is time to take action. Action means creating revenue growth plans—after all, the whole point of intelligent revenue is increasing revenue. Growth plans could be in line with increasing sales, expanding into new markets, or simply making products and services better.
Implementation and Progress Monitoring
The last stop on this train is implementing the aforementioned growth plans. Tracking their progress is how you conclude if the growth plans are working or not, and from there you can adjust accordingly.
What Revenue Intelligence Software Can Do for You
There are a lot of ways you can benefit from revenue intelligence, and I’ll only mention a few:
To Assist You in Deals
With insights from an intelligent review, you can see where opportunities lie and where you should focus more on. You can then come up with strategies on how to go about it in terms of who to send in and what information to put across to turn them into customers.
See that weekly employee review you have to do? Well, revenue intelligence software can give you an in-depth look at how your team is performing. You can now use this data to strategically and categorically coach them to personally close more deals.
Revenue intelligence gives you a crystal-clear view of everything going on in the sales pipeline. Committed deals, possible risks, blindspots, sales reps’ capacity—you name it. You can see it all with revenue intelligence and you can use this data to do what needs to be done or otherwise.
Turning Data Into Actionable Data
The first step of an intelligent revenue operation is the collection of data. Turning said data into actionable insights is a different kettle of fish altogether, which gets considerably easier with revenue intelligence software.
These tools analyze data into actionable insights, and sales teams can see the health of every deal, track pipeline changes, and address anything that needs addressing as soon as it’s discovered to be the case.