In front of you, a massive chunk of data displays the latest possible customer targets. The data represents companies that serve diverse industries, have varying sales potential, and may be willing to do business with you at different speeds. You pause, thinking about the answer to this critical question: How can you determine which business will most likely close a deal with you?
If you are in sales, you’ve experienced a scenario like the one above a thousand times.
The answer lies in revenue intelligence.
Revenue intelligence is a data-driven approach that improves sales productivity and accurately predicts forecast performance. It also dictates opportunity management, creates engagement scores, and gives actionable next steps – all to help close deals faster. Such an approach can be helpful in many areas of your business, especially in increasing customer segmentation and guiding sales targeting efforts.
The key to enhancing your segmentation efforts is to develop specific criteria that can focus your efforts. There are many possibilities, including industry type, revenue totals, deal movement possibilities, a deal’s impact on your sales forecasting, and more.
Determining appropriate segmentation requires understanding your customer’s business and your own. For example, what companies do you target best? Where do you believe outside circumstances—such as world events or economic conditions—can help you the most?
However, you will also need revenue intelligence to complete any deal you make. Critical pieces of data include:
- What is the customer in question looking for, and how might your business be able to meet their needs?
- How can you close this deal and begin to book revenue from an account?
- What industries does the company work in, and what is your success rate in these sectors?
- What sales methodologies work best to close businesses like this one? Has your company had success in closing these methodologies?
The data earned from revenue intelligence can help you secure these deals. It can also ensure that you segment and target the right businesses.
If your business has limited staff members and more demands on their time than ever, your sales team is likely in an untenable position. So how can you best prioritize their efforts to bring in the most revenue?
Every business has different priorities, metrics, and needs. However, all sales businesses need accurate revenue intelligence to fulfill their goals. This means that your business needs:
- Data and AI-driven opportunity scores to guide sales efforts and marketing time
- Opportunity management software that can ensure your business is monitoring leads
- Weekly trend tracking of team members’ performances
- Appropriate tracking of Key Performance Indicators (KPIs), ensuring that your business and sales team meet your custom business goals
Quarterly reviews are critical for any sales team. These reviews allow you to set goals, create realistic expectations, and identify ways to close deals. Quarterly meetings also help you determine your target accounts and how much effort to put into landing these new clients.
Of course, determining account targets demands multiple pieces of data, including:
- Engagement scores that show how engaged your team is with a customer
- How sales opportunities rank against each other
- Where an account lies in your sales pipeline
Revenue intelligence data is the only way to determine accurate sales targets. This data allows for accurate comparisons and ensures you deploy the correct staff time. From a managerial perspective, it also creates precise and impactful quota management, provides obtainable goals, and grows your overall revenue.
Revenue intelligence can help you utilize your sales team’s limited time to ensure they target businesses most likely to close deals. However, your business must also manage how to focus staff time on already-existing clients.
Revenue intelligence can help you gather data on opportunities to reach new customers similar to current account profiles. Your business can use intent data to understand where opportunities exist. These opportunities can help you generate more revenue and close deals without spending too much time, energy, or money on marketing.
Finding the best business targets isn’t something that happens by mistake. Instead, it happens with data. At Next Quarter, we help you gather revenue intelligence, prioritize your sales team’s time, and ensure you have everything you need to close deals faster. Dozens of Fortune 500 companies trust our platform and with good reason. Our platform is also native to Salesforce, ensuring your sales team understands our intuitive system.
Ready to learn more? Reach out to our Sales team, and learn how we can help your business close more deals and gain access to the data you need.