What is Sales Intelligence?
As already teased, everything at Sales Intelligence revolves around data. More precisely, it is an umbrella term for those software and tools that help sales and marketing to find, collect, analyze and evaluate data on potential customers. While conventional contact forms only obtain the standard contact details, sales intelligence technologies work on a much larger scale and focus specifically on the data that sales need for a specific goal. Such a goal could be, for example, to find out or to select whether and how much the interested party belongs to the target group. We state that the use of data is always an integral part of these intelligent technologies. It can happen in a number of forms, which we will go into in more detail later.
... and how does it work?
Often there is an artificial intelligence behind the sales intelligence technologies, which enables the enrichment of data to an extent that can only be dreamed of without automated help. Echo bot speaks of a crawler technology, which means that the corresponding software or tool scans the Internet for publicly available information and then enters it. Some tools sound the alarm at so-called trigger events and thus indicate to you when there might be an acute need for your products. Other technologies can also request specific information, as we will explain in more detail later in an example. In the end, data can be drawn from any touchpoint on the World Wide Web - for example on the website or the social media profiles of your target customers, publications, reviews, etc. about the target customer on other pages or from user tracking and cookies on your website. Often these sales intelligence tools and software can also be integrated directly into a CRM system, which they then automatically feed with data for your company.
What does sales intelligence bring?
We touched on the topic and put our little toe in the water, now we want to concentrate on the question that matters most: What is the benefit for me? All in all, the goal of using the data is to obtain new information that will subsequently be used to support lead generation. This in turn enables more effective selling. Let's put it as simply as it is: the better you know your customer, the more targeted you can interact with them. And the data will help you understand it. Not only do they provide buy signals that you can use to see whether a specific target customer has a need, but with the right sales intelligence tools all doors are open to you to gain a detailed insight into the entire market potential: How many potential customers there are in the target market and who does it belong to? Think how much more you already know when instead of your name and email address you automatically find out your industry and position ... this information alone will help you not to waste time on someone who is not interested in your products or has the necessary decision-making authority . Sales Intelligence saves you a lot of research time and not least because of this, the corresponding tools are particularly popular in the B2B sector.
What are the main focuses in sales?
You see: There are many clever ways to use Sales Intelligence and each of them brings you a little closer to your customer in a certain way. But as with everything, it is important to first define which data is relevant for your sales in order to develop a strategy based on this. No sales intelligence technology is completely the same as another, so it is important to set a focus before you start researching and comparing. The tools and software can be divided into four main areas:
- Lead generation & lead lists
Sales intelligence technologies with this focus are designed to find out which companies or people could become your future customers. They scour the Internet and often look for customers of similar companies in order to then, for example, put together lead lists with important information. Such technologies often have an alert function that informs you about the latest developments in your target group, such as new entries or changed data.
- Lead qualification
Sales intelligence technologies that have this focus support your sales department in recognizing leads as such, prioritizing them and then targeting them accordingly. This happens because those tools provide information that can be used to set up appropriate lead lists. The preset parameters allow leads to be prioritized and targeted depending on the framework data and online behavior. Marketing and sales can use these technologies to estimate how many resources should flow into activating the individual leads so that no more hot leads can slip through your fingers.
- Data enrichment & data maintenance
The aim of these sales intelligence technologies is to enrich and complete incomplete customer data records in CRM and thus to create a good basis for qualifying leads. On the one hand, the information provides context for sales discussions and, on the other hand, helps with Lead scoringso that valuable time really flows into valuable potential customers.
- Sales enablement & sales engagement
With this focus, sales intelligence technologies want to improve sales processes at two ends. Sales enablement means increasing the predictability of sales: Ways should be found to initiate more purchases by retaining the customer, for which he should logically feel understood throughout the entire process.
Sales engagement on the other hand, the contact between sales and customers should be optimized, but without sales having to invest more time. Appropriate sales intelligence technologies create a personalized and automated customer journey, which saves time and creates customer loyalty.
How do I find the right sales intelligence solution for my company?
With this article we want
Best Practice: The Digital Product Selector
Since FoxBase is itself a proud developer of sales intelligence software, allow us to finally present it as a best practice example. The Digital Product Selector is SaaS software with a focus on lead qualification, but at the same time optimizes the customer journey and thus also sales enablement & sales engagement. Our motivation arose from the big problem that we recognized in the B2B environment in the complexity of the products: B2B buyers have to torment themselves through long research and compare products down to the smallest detail in order to find the best for their company. That is why we have made it our goal, on the one hand, to make the buying process easier for B2B customers and, on the other hand, to help B2B sellers to better understand their customers - using data, how could it be otherwise?
The principle of the Digital Product Selector is easy to explain: It leads the customer immediately to the most suitable product. This is done through a questionnaire that is integrated into the online shop or other digital touchpoints, for example. Here, interested parties can specify in much more detail than with conventional filter functions and at the same time in customer language what exactly they are looking for, just like in a good sales pitch. The AI identifies the products in question and forwards them. The results page can lead to a direct purchase or, alternatively, to the right contact person or to an individual offer request. At the same time, B2B sales receive all data, for example via a CRM connection or alternatively via PDF. In this way, he immediately sees the needs of those interested and can prioritize leads without having to invest time. On the one hand, the customer feels that he has been picked up and accompanied through the buying process, while on the other hand, the sales department has more time to invest in existing customers.
There is also an integrated insights portal, which we regularly analyze with our customers. This is where the traces that those interested leave behind during their visit are tracked. The data reveal, among other things, how many or where and when interested people jumped off, which products are the focus of interest and which products have been ignored. With this data you can better understand your customers, recognize market trends and adjust your strategy accordingly. If you still don't believe us that sales intelligence technologies bring sales significantly further, we will be happy to help you with numbers, because the Digital Product Selector shortens sales cycles by up to 90 % and increases sales efficiency by up to 40 %. Curious? Then read on ours Product page go on and come towards us.
Now there is nothing left to say except: To the sales intelligence, done, looos. 😀 We wish you happy work!