Using Business Intelligence in Your Research
When you’re preparing to contact a prospect, you want to ensure you’ve done your due diligence. Research is more straightforward when you incorporate business intelligence. Sales teams and individuals have the chance to improve their performance and achieve their sales goals using robust tools that serve insights from top companies.
What Are Ways to Use Business Intelligence in Sales Processes?
According to Investopedia, business intelligence is defined as the procedural and technical infrastructure that collects, stores, and analyzes the data produced by a company’s activities. Here are some ways you can use B2B sales intelligence for your research:
Market analysis: Analyze market trends, new product launches, and other competitor activity to identify opportunities and adjust your sales strategy accordingly.
Sales forecasting: Predict sales trends and forecast future sales based on data that can help you allocate resources, plan your budget, and make informed decisions about future sales targets.
Customer analysis: Identify your most profitable customer segments to understand them and tailor your sales approach to different customers across various sectors.
Informed Decision Making with B2B Business Intelligence
B2B sales intelligence is essential to making informed, data-driven decisions about your sales strategy, leading to better results, increased profitability and productivity. Salespeople are only spending about one-third of their time selling. This statistic highlights the importance of prioritizing your leads to sort out the most promising prospects and managing your time accordingly.
Let’s explore some scenarios in which you’d use business intelligence.
You have a meeting scheduled with a prospective client. Before the meeting, you use business intelligence to research their company and industry. You gather data on the latest key events in their business and compare competitor performance.
This information allows you to tailor your sales pitch to address their specific pain points. You can explain how your product or service can help them improve and increase customer satisfaction and sales.
Using B2B sales intelligence to inform your sales pitch, you can show clients that you understand their business needs and offer a solution that will deliver tangible results. This can help you close the sale and build a long-term relationship with the client.
Using business intelligence in your research also enables you to analyze financial data. Financial data you find in B2B sales intelligence tools like Owler can be used to better understand a company's financial health, including revenue growth and other key metrics. You can then pursue companies that are most likely to have the budget to invest in what you are offering.
When you want to successfully anticipate how many deals you can expect to close in the next quarter to meet sales targets, you can use Owler Max to research target companies. The advanced features of this tool give you unlimited access to millions of company profiles, including the firmographic data you need. As you view companies in your target market, you can filter them based on categories, including company size, industry, location, and other relevant criteria to gauge their potential interest in your product or service.
If you are a sales professional looking to stay on top of the changing landscape for businesses, industry news is immediately available and accurate when using business intelligence such as Owler. Sales professionals who use intelligence tools to monitor news related to their target companies stay up-to-date on changes that may impact their sales, such as new product launches, acquisitions, leadership changes, etc.
When it’s time to look at what your competitors are doing and what is working right for them, it helps to identify these areas using B2B sales intelligence. You can gain insights into companies in a specific market and identify their key competitors, partnerships, and more. This information can help you, as a salesperson, identify areas where your business can differentiate itself from competitors and tailor sales pitches to the right market.
Sales Intelligence Leads to Success
As a salesperson, you need access to accurate, timely data to find success in your sales process, meaning it’s worth complementing the research you already do with additional insights sourced from sales intelligence.
Sales intelligence is central to identifying a customer’s needs, observing pain points, and delivering a solution. Increase your chances of closing more deals by utilizing business intelligence. Get started today with a demo of Owler Max.