Published on April 1st, 2019
In most fields nowadays, better decision making can be done if it is based on thoroughly conducted and well-interpreted results. In retrospect, anything can withstand any test if it is well thought off and based on user data. In the case of business, it proves to be right in terms of sales intelligence.
According to Webspotter sales experts, sales intelligence is gathering all relevant information from competition or not to increase the chances of garnering sales opportunities. It is a combination of everything there is to know about the current market, pricing trends and promotions in addition to competitive data from other companies. These can all help in making decisions that ultimately benefits a salesperson or a team the edge in sales.
Since sales intelligence is grounded on the basics of research, similar to methodology, there are techniques to help you with sales intelligence. These techniques help get the information necessary to make right sales decision.
1. Generate Information About The Company’s Sales Activities
This area is under operational intelligence. Before people can do good business with other people outside of the company, a sales team needs to be aware of their processes and activities. The information required to be recorded and tracked here is day-to-day operational meetings, updated targets and a record of quotas and forecasts.
These are only among the important details that a sales team need to consider from the home front to ensure that they know what is going on within the team and how to improve it.
Reports related to operations also include:
- Number of sales calls
- Value of deals
- Sales performance metrics
- Actual performance vs. forecast
2. Interpret Operational Intelligence To Make Projections
With the information gathered from tracking operational activities, it can be used to dissect what is causing certain trends and thereby help in projecting a collective effect. In this case, a diagnosis is done and a series of analyses is conducted to get to the root cause of the observed trends. Since this technique banks analyzing information, historical data also comes into play.
Historical data can be related to the most present ones to see if there are emerging trends or there are sudden changes in the way that a sales team operates. Combining the two gives analysts a bigger picture of how the team does in the playing field. At the same time, it gives them an idea as to why it is such and can provide enough information to plan and project.
Here are some specifics generated from diagnostics:
- Characteristics of operations
- Correlations of operational elements
- Integration of data from numerous sources
- Looking at long-term projections from collated performance analysis.
3. Gather Competitive Intelligence And Market Trends To Boost Planning Stages
This is an assessment of the market itself and the way that competitors in the field handle their sales strategies. This can also mean a lot studying marketing techniques. In this area, a thorough scouring of sales promotional especially the ones done on websites which target a more significant portion of demographics is crucial.
Since this is technology-based, tools for this technique are also anchored on web technology. Companies can use webspotter to check on how their competitors are doing.
Other specific data that can be gathered through a webspotter:
- Leads on potential customers by looking at their activities on websites.
- Competitor activities that can deduce potential leads to customers.
This type of intelligence gathering is one that depends on consumer and competitor activities. Ultimately, it gives the sales team a way to capitalize on the trend observed and tweak it to win over customers and open more sales opportunity.
Sales intelligence not only enables a sales team to improve performance but also helps the managers identify the strengths and weaknesses of a sales program. In the analyses alone, some factors can be classified that could be improved through intervention like compensation schedule and metrics. There are motivational decisions from the management based on data gathered through sales operation.
Within the sales team itself, sales intelligence enables them to make good decisions that apply to current trends and well within the range of their operating limits. The insights here are efficiently turned into action and better projections because of the techniques implemented which are both logical and practical.