In this video, Mindtickle’s Lindsey Plocek shares three different use cases for why CROs are focused on revenue intelligence. She explains the different ways sales leaders and CROs now have visibility into deal health and can more accurately forecast with revenue intelligence. She also outlines how sales coaching is data-driven with managers now able to have more impactful coaching conversations with more reps. Finally, talks about focusing on the entire customer journey rather than just deal closing. Watch this video if you’re a CRO curious to know more about how organizations can use revenue intelligence or if you’re another leader trying to make a business case for investing in it.
- CROs can now address known deal risks and identify low customer engagement. Reps and managers can see things like where they need to multithread or when competitors are mentioned.
- Leaders can now forecast based on reality rather than opinions. Historical performance and deal nuances go into deal health scores so CROs can more confidently and accurately forecast.
- More reliable data means managers can do more accurate, holistic deal reviews.
- Fewer managers can manage more reps and have data-driven conversations about each deal.
- Orgs are now focused on the entire customer journey – not just closing a deal. Every single handoff in the process now has full transparency and visibility.
Hi, everyone, I’m Lindsay Plocek with Mindtickle and I’m going to be talking about why CROs are focused on revenue intelligence right now. Let’s start with a couple of use cases and what revenue intelligence even means.
The first is really solving buyer engagement issues at every stage in your sales cycle. Revenue intelligence will basically transcribe and score every email meeting and call so that you can really focus on those truly engaged winnable deals. Your team can go in and they can address known deal risks, or issues of ghosting or low customer engagement to really win more.
This is a little bit of what it looks like. Our reps like to go in and, and self-coach or get some guidance from their manager on where prospects are unresponsive, where they need to multithread, where a competitor was mentioned. And so that is the first use case.
The second solves meeting to forecast on reality and not opinions. So a lot of folks, forecasts historically in CRM data was very inaccurate. With revenue intelligence, we can forecast with 95% or higher accuracy, because we take into account each rep and team’s historical performance and some of the unique nuances of each deal by scoring deal health. And that helps us forecast with more confidence.
The third use case is really about improving pipeline gen and win rate by building a data-driven coaching culture. So historically, people wanted to do dealing call reviews. But it was a little difficult to scale when you didn’t have that single pane of glass view when you didn’t have really great data. Now we’re seeing more managers, or excuse me, fewer managers can manage more reps. And they can do two or three times more deal and call reviews by leveraging revenue intelligence.
Some of the other reasons why I think this is happening now at this moment in the market. The first is really alignment. So we’re moving away from a world where people are just focused on revenue and sales to one where they’re focused on that entire customer journey. Every single handoff and every single stage in that process needs to provide full transparency and visibility and a follow-up playbook.
Increasingly, we’re also seeing that more people are involved in closing a deal. So there’s a bigger need for collaboration. And this can play a big role in that data and insights specifically on how people are performing in the field, not just the activities they’re doing, but the quality of their communication with customers whether the engagement is real or not.
Perhaps even more importantly, unlocking those really great customer insights on what customers are saying or doing or responding to. So that you can ultimately improve that customer experience and really personalize it.
And as I mentioned, a culture of coaching is a really important one. And this helps with that. So we at Mindtickle recently put out a report [The 2023 State of Sales Productivity Report] on this whole topic of driving revenue productivity. We interviewed CEOs and executives from 400-plus companies, so you can go and check that out.
For those of you who aren’t familiar with us, we offer a revenue productivity platform. We give reps all of the training content and insights they need to drive deals forward. And those that include solutions for sales enablement as well as sales operations. So please, if you have questions, drop them in the comments and we’re happy to answer them.
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