April 18, 2021

How Sales Insight Can Help You Increase Your Conversion Rate

Sales are a huge part of any business. The sales team can be the difference between success and failure for many companies. This is why it's important to have an understanding in this area, especially if you're in charge of sales at your company!

Sales has never been more competitive than it is today. Many new tactics have emerged in order to get ahead of the competition. One strategy that has proven to be very successful for many companies is social media advertising.

Sales is what keeps a business afloat. In order to make sales, you need customers who are looking for your products and services in the first place. That means that your marketing efforts should be focused on making sure that potential customers know about what you have to offer them in the form of product or service offerings. This is when sales insight comes into the play, sales insight helps you to improve your sales game by giving you valuable insight into what your potential customer wants.

What is Sales Insight

Today, companies are focusing on developing their own "secret sauce" to cultivate sustainable competitive advantage. This means that companies need to understand what drives their prospects' behavior in order to extract valuable market information that can lead them to more conversions. The term "sales insight” is a piece of information or a key fact about a customer or prospect that can be used for gaining more sales. It can be anything from information on company financials such as quarterly revenues to useful data such as job titles and educational backgrounds of your customers.

Sales Insight answers this question: What does a company have to do in order to sell more of its products or services? In order for an organisation to achieve sustained growth, it needs to constantly evolve its way of working. Everything starts with ideas - what we can do better as individuals and as teams. And this is where some form of insight comes into play - whether that insight comes from external sources such as customers or internal sources such as data analytics. When these insights are brought together with a business context, they can provide the foundation for growth.

The most common types of sales insights are:

  • Customer-specific insights (such as how they're using your products)
  • Market−specific insights (how is the market changing and what impact does it have on the customer)
  • Competitor-specific (what new products and capabilities do they offer etc.)
  • Product-specific (how disruptive your product's latest version is, how do specific products compare to each other etc.)
  • Behavioral insights (why do customers buy things they don't need, what makes people click on ads etc.)

No matter which type you choose, sales insights can help you understand your customer better and ultimately improve the quality of your sales.

Sales insight vs sales intelligence

Sales Intelligence (SI) also referred to as Sales Performance Management (SPM) - enables users to make better decisions by gathering and analyzing data related to selling activities, including how well the company is executing its sales plan. SI allows employees across the organization (not just those in sales roles or departments) to closely monitor and manage the sales pipeline and to know precisely where each opportunity is in its lifecycle.

SI provides the necessary information for organizations to implement a more scientific approach to selling, making it possible to measure success based on probability of close rather than by counting completed deals.

Sales Insight  allows for a very focused approach, where you might be trying to understand why one customer has done well with a particular product, whereas sales intelligence might involve looking at more transactional data of many prospects and customers over a longer time period.

For most organizations, it is critical that managers have real-time access to data about their teams' performance for each key activity involved in driving revenue growth e.g. lead conversion rates, win rates, average deal size etc., across different locations or geographies and against individual targets or quotas—and ideally this would be on mobile devices. Sales insights software brings together data from a wide variety of sources to give managers this visibility, including CRM systems, call recordings, email tracking tools and voice of the customer surveys.

How Can Sales Insight Help you?

Sales Insight can help you providing valuable insight in these four components:-

1. Pipeline Management—This component tracks, analyzes and reports key metrics that measure potential revenue from new opportunities being pursued by a company's salespeople. These metrics can then be used to forecast future revenues with a higher degree of accuracy and make better, more fact-based decisions about how much and where to invest in sales and marketing.

2. Forecasting—This component provides organizations the ability to make well-informed decisions by presenting revenue forecasts based on factors such as product pricing, market conditions and competitor actions. These forecasts provide a benchmark for what is possible at any given time; however, they should not be confused with quotas or goals that can only be assigned to certain individuals.

3. Sales Performance Management (SPM)—This component allows organizations to manage their sales talent in a manner similar to managing other types of business assets such as software licenses or rental cars: by optimizing utilization against explicit benchmarks, targets and quotas. As part of an overall performance management strategy in a company, SPM enables companies to optimize the performance of individual salespeople as well as managers and entire branches or regions against organizational targets.

4. Analytics—This component provides a single view of the customer from initial contact through close and beyond by allowing organizations to track all interactions with their customers in a central database. In addition to providing easy access to the information, this data is used for predictive analytics that can reveal trends about customer behavior, preferences and buying habits.

What are the tools you’d be needing 

Here are the most popular and accessible tools for sales insight that you'd be needing-

  1. Tableau Software – Best for visualizing your sales data. Tableau is a visualization tool which makes it easier for you to see your data, understand what's going on and make better decisions. It allows you to quickly create interactive dashboards that pull in all kinds of structured and unstructured data from a variety of sources—SQL, Excel files, text files, Salesforce objects, APIs and more. Tableau not only lets you build beautiful visualizations quickly, but it also handles the heavy lifting behind pulling in data from multiple sources into one place.
  1. Salesforce Analytics Cloud – Best for quick insights directly in Salesforce. With the Salesforce Analytics Cloud, you can get access directly inside of Salesforce to powerful dashboarding and analytics capabilities that allow you to visualize and explore your data without requiring a data warehouse. In addition, with programmatic access to the Salesforce Analytics Cloud you can build custom applications that stitch together your business processes and operational data with customer-related information stored in the platform.
  1. Qlik Sense - Best tool for fast analysis and strong modeling. Qlik Sense is a self-service data visualization tool that allows users to create and share interactive visualizations, reports and dashboards. You can take advantage of a simple drag and drop interface to quickly connect your data sources and build out content without writing any code. Once you have access to all of your data in one place, experienced business users can quickly mash up their own analyses using the intuitive point-and-click UI. In addition, Qlik Sense can connect with most data sources including Salesforce.

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Tara McWhite

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