The level of competition in the global market is at an all-time high. Expect it to continue to rise. The market today has a lot of leaders dominating in different industries. Apart from these multinational companies, you also find that the level of competition amongst startups is fierce and that competition extends even to the large corporations as well.
With the improvements in technology and the evolution of manufacturing processes, product design is now almost seamless. Compared to the past, designing and bringing products to life is a lot easier. However, the problem that still remains is selling the products.
A lot of companies are now directing very significant percentages of their budget to their marketing and sales departments. The reason is that marketing and sales happen to be the only chance that businesses have to stand out from the competition while remaining in the game.
This is the reason that innovative methods are continuously being explored by businesses to find better ways of selling their offerings. With respect to these innovative methods, a very important aspect which has provided lots of benefits for sales appears to be sales intelligence technology. The value of sales intelligence to business processes continues to soar.
Defining Sales Intelligence
Sales intelligence can be defined in so many ways. It can be defined as the process of collecting data as well as insights and automation which gives sales professionals the capability of controlling the data of clients as well as leads.
For a more simplified definition, sales intelligence basically comprises of a collection of important information that assists businesses to refine or fine-tune their sales processes.
The Process of Gathering Intelligence
The technical process of gathering business intelligence involves two key methods which are – Gathering information and analyzing such information.
This doesn’t have to be too difficult since information can easily be accessed in this digital age. The only challenge is the time companies must invest to collect sales intelligence online.
Competitive intelligence gathering can be likened to the process involved in sports scouting. You need to implement processes that will help you to discover what your competitors are doing, not doing, and come up with the best decisions using that information.
How exactly is data collection carried out by sales intelligence companies? With respect to collecting data internally like sales statistics as well as SQLs, spreadsheets can easily be used to gather data.
However, most highly-sought-after data usually come from using scrapers. Competitive intelligence is gotten through scouring the websites of competitors as well as their business ads. Business reviews can also reveal to you practices that appeal to your clients the most. Although you may not incur direct financial expenditures to do this, it takes up a lot of time.
Industrial espionage is also another technique employed by businesses where they pretend to be customers to get access to information.
Using Web Scrapers to Gather Intelligence
These processes of gathering competitive intelligence are dependent on time and this is where sales intelligence tools come in. Web scrapers have the responsibility of accessing different websites to look for essential information that is highly relevant. They then go ahead to aggregate the collected data in a manner that is sensible. Then, a customized dashboard can be used to view all of the data aggregated by the scraper.
Some of these data can be difficult to access and collect but sales intelligence companies are now using proxies for sales intelligence scraping to get the job done. It is for this reason that you find individuals that are into tech with the ability to clone a highly rated sales intelligence platform just by making use of some coding and the right proxies.
The process doesn’t just end with collecting and aggregating information from your competitors. These sets of data need to be reviewed thoroughly. A SWOT analysis is one way to carry out this review as it helps your business reach logical decisions.
After collecting competitors’ data using web scrapers and analyzing them, what you get is referred to as an intelligence digest. This gives you actionable insights into your industry and how competitive it is. You get to make better sales decisions.
In the Global markets today, the importance of sales intelligence cannot be overestimated. The trends and methods that continue to spring up in the industry of sales intelligence on a daily basis keep increasing. But how exactly can companies who make use of sales intelligence technology benefit?
The Benefits of Sales Intelligence
It may be difficult for some businesses to really understand how important sales intelligence is and what it stands to do for them. However, below are a few ways incorporating sales intelligence can put your company in a better position to succeed –
- Enhanced productivity with optimized follow-ups
If you are part of a sales team, you do not need to be told about how futile blind-calling cold leads is. Making use of sales intelligence technology can help to track leads at different sales stages and prioritize follow-ups.
Every marketer knows how important it is to personalize products. Personalization improves selling opportunities because it helps you discover what drives your clients. Your prospects have goals as well as challenges that have to be met. Making use of sales intelligence technology can help you obtain behavioral data as well as contextual insights which are vital to optimizing follow-ups as well as consultations.
- Better decision making
Most of the time, bogus situations arise and this presents a huge challenge for decision-makers at companies. Sales intelligence technology makes it possible for better decision-making by providing improved analysis of every revenue channel as well as departmental workflow. This helps the principal executives carry out improved forecasting as well as strategic development planning.
- Improvements in the time needed to close leads
The length of time needed for your prospects to determine whether they really need to purchase your offerings are different. By making use of sales intelligence technology, you can create inquiry categories as well as MQLs. It can also help you to easily spot out leads that are ready to make a purchase and separate them from the undecided ones.
Sales Intelligence Platforms
Many sales intelligence companies are out there designing a wide range of sales intelligence platforms. The objective of most of these companies is to help you to enhance sales by offering a wide range of options and solutions. But out of all the players, there are quite a few that are exceptional because they offer very exceptional features.