In order for sales professionals to sell and meet the market’s needs, they need to know what the people want and for how long they will demand it.avXperten’s Chief Marketing Officer, Simon Elkjær.
According to Mr. Elkjær, business intelligence (BI) makes it easier for sales professionals to study trends and provides convenience for sales teams to navigate through obstacles and perform effective planning. To put things simply, business intelligence saves time, money, and polishes a sales professional’s strategies.
What is Business Intelligence?
Before talking about the benefits of business intelligence for sales professionals, let us first see what it actually is.
Vipin Chahal, the founder of Return Policy Guide describes business intelligence as devices that are intended to break down business information. This presents organizations and associations’ experiences or glimpses into the perspectives that they need to accomplish their objectives and advance their company.
Chahal adds that business intelligence can be really helpful for organizations, as it helps in providing an insight into the business market and assists with the strategy that can add gains to our companies. He points out some of the benefits of business intelligence for sales professionals:
More Efficient Needs Analysis
Increase in sales to the existing customers, as we get well aware of their buying preferences. With this, it becomes easy to predict the demand trend and get a clear picture of their needs.
Melanie Green, the Content Director of app and website development company, KitelyTech, adds that business intelligence has made it possible to better target prospects and leads than ever before, which can have a significant impact on conversion rates. Instead of wasting resources on trying to sell products or services to customers that really will not buy them, business intelligence enables companies to act smarter and only target their best chances.
Better Customer Care
Business intelligence helps in providing better customer care services. Considering a company is well aware of its market’s needs because of BI, they will be more than capable of providing them with services beforehand. Ultimately, it strengthens their relationship with their consumers, providing better services and earning loyalty in the process.
Jayson DeMers, the Chief Executive Officer of EmailAnalytics, also says that sales professionals can uniquely benefit from business intelligence through one metric in particular: average response time. Whether they are responding via email, phone, text, or customer relationship management (CRM) software, the response time has been a critical key performance indicator (KPI) in closing sales. In fact, one study found that 35 to 50 percent of all sales go to the first-responding vendor. So, implement a way to measure response time and focus on improving it.
More Informed Decision-Making Process
Business intelligence has helped sales professionals make data driven decisions, as it provides a proper statistical response of the customers. With all the data in hand, this, in return, makes their decision-making process easier.
When properly utilized, business intelligence offers the sales professional proper data for deep decision making, says AEGIS FinServ Corp President Jim Angleton. Most companies offer subscription service for remote workers and the return on investment with the data collection provides a unique opportunity to be well informed over the competition.
Better Interdepartmental Integration
The statistics from business intelligence studies act as a support of information and a guide for other departments like marketing, finance, production, etc. In the words of Senacea founder and Chief Executive Officer Michael Sena, well-structured business intelligence programs create invaluable feedback loops for sales teams.
The reps are not only able to benchmark their performance against their peers, but also better integrate their work with other teams. BI data may inform decisions related to sales and marketing funnel integration, conduct product pricing strategies, and even shape the customer service domain.
More Advantageous Negotiations
Business intelligence can help sales professionals get the relevant truth from all the business data that it provides. It allows them to get the true position and sales of the organization and what they need to focus on to get effective results.
Joseph Chong, the founder and Chief Executive Officer of Acxtron, adds that from the rich information presented through well-designed business intelligence dashboards, it can help guide sales professionals to take the necessary steps to better manage their demanding clients or to focus their efforts on their important clients. For example, a sales professional could quickly view the preferential discounts given to a client over the past years. Armed with that information, a sales professional could leverage that for more advantageous negotiations in the future.
Business intelligence really does wonders to not only sales professionals, but the company as a whole. It paints a clear picture of what is out there and presents a concise yet informative overview of the market, so that an organization can make the necessary adjustments and follow through.