Commercial Intelligence tools are here to stay. They are the latest trend for lead generation as it is increasingly difficult to attract customers and this is crucial for companies to grow. Here we explain how to use Commercial Intelligence to get more profits
These tools help eliminate much of the hard work to boost sales by making marketing efforts more efficient.
Attracting new customers to your business is one thing, but closing a sale is something completely different. One reason is that you may be talking to the wrong customers all the time, therefore, an important factor in the sales process is to identify the right customers. It is easy to think that you have identified people, but without data and analysis, it is difficult to know and sometimes you give blind sticks. One way to know if it is on the way is to use a Commercial Intelligence Solution.
Table of Contents
What Is Commercial Intelligence?
Commercial intelligence facilitates the collection, integration, presentation, evaluation, and analysis of customer data. It is the way through which you obtain relevant information about the impact of your marketing campaigns and sales actions.
The tools also help you see the perspectives you are selling to, where they are from, and create specific solutions for each case. The main challenge with Commercial intelligence is the type of content of sales organizations. The data is only useful if they help in the actual sale.
For example, if the only data you get is a name and an email address, you may not be able to do much with them. Business intelligence is only useful if it delivers as much information as possible. The more you know about your prospect, the easier it will be to sell them.
The information collected by these tools allows your commercials to perform more conversions. They should also be able to deepen existing relationships through cross-selling and growth.
Also Read: How To Start Your Own Business From Scratch
Factors To Consider When Choosing A Commercial Intelligence Solution
The process of buying a Sales Intelligence Solution is an investment that should be approached with caution. Your choice should help you generate more and better potential customers, as well as convert customers into long-term clients.
Commercial intelligence technology develops its sales in a relevant and specific way. They keep you alert about what is happening in your sector. As such, you can take the right steps at the right time.
What should I consider when choosing a tool?
1. How Often Will You Update Your Data?
A good part of a company’s data will be obsolete within a year. This is a good reason to ensure that the technology you adopt has a regular update system . You should try to keep the information up to date to remain relevant when prospecting new customers.
2. How Will You Avoid Duplication Of Data?
If you already have potential customers in your database, and you don’t want a solution that duplicates the same information. Ask the seller if your tool can filter your database to avoid duplication. This should be well established before software installation.
3. Is The Solution Compatible With Your CRM?
Most companies have a CRM system that they use to search for companies. The commercial intelligence solution you choose must be compatible with your CRM. One way to install the solution is as an independent interface not connected to CRM.
The other most used way to install the solution is to integrate it into your CRM. The approach is more practical since it integrates everything in 1 and your commercial team does not have to keep moving from one interface to another in search of the data they need. This eliminates the risk of data loss and loss of time. Having a system that provides real-time information is better to be more efficient.
4. How Do You Collect Data And Information?
The way your business intelligence tool collects information can help your sales team or contaminate it with inappropriate information. Ideally, the software should collect information from various sources, such as social networks or crowdsourcing. However, too much information can be difficult to classify and use properly.
The varied information enriches your company by letting you know what is happening around you. Then, you can evaluate the potential of the information by its context. Eventually, you can determine the list of potential customers ready to be contacted.
Not all the solutions you find have this advanced technology at your disposal. Most of them use basic algorithms that search based on keywords. This leaves you with the task of ordering the information to choose what is relevant. Remember to check the scope of the sources your software uses and the technology you use in data collection.
Also Read: Top Trends That Will Give You Business Ideas
Benefits:
Business intelligence solutions are designed to help the sales team perform their job better. the main advantages are:
1. Increased Productivity:
Intelligence tools can automatically prioritize tracking. They can also classify potential customers into groups based on their Target. This helps to reduce the amount of time they spend in the manual analysis that sometimes leads to unqualified potential customers.
2. Rewarding Conversations:
As a retail merchant, business intelligence tools help you better understand your potential customers. From a customer’s perspective, it is annoying when a seller does not understand their needs. The conversation will revolve around the product, rather than the preferences and objectives of the buyer.
Commercial intelligence shows the sales team the areas where most customers will be most receptive. Conversations should be directed towards those areas, seeking value around those points.
3. Smarter Sales Strategies:
Thanks to the key information provided by these solutions, the sales manager will be in a better position to decide the actions to be carried out.
They can propose strategies to improve the conversion rates of potential customers and, consequently, increase sales.
And Where Can You Start?
Commercial intelligence is a concept that companies must adapt to stay ahead of the competition. By identifying your potential leads, you will reduce the information that can help convert sales. Using Business Intelligence and Smart Data in the right way will make your company enjoy the benefits of increased productivity and better lead conversions.
When choosing a commercial intelligence solution, make sure it is compatible with your CRM. Nor should you duplicate existing data and keep the information up to date. To take advantage of your competition, you must obtain real-time data from the sector as trends change.
Also Read: Reasons To Implement An ERP System In Your Business
