How Revenue Intelligence Helps You Understand Your Customers
Revenue intelligence is a relatively new concept that is only available because of the advancements seen in artificial intelligence. RI gathers sales and product usage data from a variety of sources, including past and current customers. This information is analyzed using AI to identify metrics and trends of customers that can be used to increase revenue.
RI requires information to be gathered from multiple teams, including marketing teams, sales teams, and support teams. All of this information is gathered into a singular source of truth. Data can then be used to create the maximum input.
How RI Can Benefit a Sales Team
As its name implies, your company’s sales team is focused on selling more of your product or service. RI provides a sales team with a different level of insights that open up sales opportunities. Targeting data and forecasting information are used to identify advanced buying signals. This allows sales reps to prioritize leads and personalize their interactions and communications with potential leads. The end goal is to generate more revenue by using RI applications.
Your sales team minimizes waste and increases productivity because they can identify prospects that are likely to close and prospects that are a waste of time. RI helps your sales team predict which contact will respond, which channel they will probably respond through, and what time of the day they will respond. RI collects information from several data points that your sales team can process. These include:
- Site visits and interactions
- Incoming and outgoing phone calls
- Email opens
- Content download
The Role of RI in Successful Revenue Management
Artificial intelligence makes it possible for your company to compile all the data you have been collecting from customers from various sources into one place. Instead of guessing what your customers are thinking or saying and instead of basing your decisions on analytics compiled from multiple online tools, revenue management creates a unified source to gather information that gets you into the minds of your customers.
You can access all the topics that people have been discussing related to your product or service through various modes of communication, including email, online forums, social media, etc. This gives you insight into what people are saying. It gives you the ability to use that information to impact their buying decisions.
How Revenue Intelligence Helps You Gain Insight into Your Customer’s Thinking
Businesses that do not take advantage of advanced computing opportunities to gather insight on their customers will fail. Competitors who are taking RI seriously will devastate them. The sophisticated AI that is being used by businesses today gives unprecedented insight into what’s driving customer behavior. Successful companies are making use of this information by using RI for their business needs.
Many marketers focus on generic demographics, such as age, profession, and the location of their buyers when determining how to market to them. But these data points are surface and don’t provide enough information that allows marketers to speak directly to their audience. RI can be used to gain insight into the industry blogs, social media outlets, and professional forums your customers are visiting.
This information can be used to create a plan to engage with customers now and engage with them later. Predictive modeling software can identify cyclical patterns and trends that might impact customer’s decision-making. Historical behavioral data can show what information your customers have been interested in the past. This can affect marketing and content strategies in the future with the goal of attracting new customers and keeping the customers you have.
RI Helps You Put Yourself in Your Customer’s Shoes
Empathy, which involves putting yourself in the place of your customer, is key to understanding a customer’s buying journey. This means understanding how your customers interact with your brand before they purchase, during the purchase, and after the purchase. You can understand what influenced your customers to purchase your product for the first time. Your sales and marketing teams can work together to get a well-rounded perspective of what motivates your customers.
RI is making it easier for businesses to understand customer behavior. There are several general RI techniques. To achieve the most success, you need to tailor your techniques to do what is right for your audience.