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It’s going to be a challenging time for sales teams in the UK and across the world with huge uncertainty over what is coming next. As sales start to drop, businesses typically cut costs, reduce prices and postpone new investments. But even during the toughest circumstances, there is opportunity for growth and for firms to come out far stronger on the other side, especially if they apply revenue intelligence to their data sets.
Revenue Intelligence can now be used to:
Using such techniques can increase win rates by 20%, average deal size by19% and take forecast accuracy over 95%; vital to achieve if you are going to be fighting for your portion of what might be a smaller pie!
IRIS Software Group is one of the UK’s largest private software companies, supplying business critical software and services to more than 100,000 accountancy practices, businesses, charities and public sector organisations. To support ambitious growth plans, IRIS implemented a revenue intelligence platform using behavioural science and AI to identify and promote successful sales activities across all the teams. In turn this has led to much faster sales onboarding, process alignment and empowered them to improve efficiency, productivity and success.
“In order to grow, it’s not uncommon for businesses to crank the handle faster. While short-term gains are possible, there’s a matter of sustainable scale to consider and importantly, the wellbeing of colleagues. Our strategy was to find a platform of tools we could use to support sales teams and existing procedures. One method we were already exploring was the possibility of harnessing AI and behavioural science techniques to identify and promote successful behaviours within teams.” David Turner, Chief Marketing Officer, IRIS Software Group.
EG, part of the LexisNexis Risk Solutions Group, is a trusted source of data and intelligence in the commercial real estate industry. Using revenue intelligence, EG identified key sales behaviours to enable the team to increase win rates. By breaking down the sales cycle from the initial lead through to deal closure, sales managers were able to highlight stages where issues and dropouts were most common. They then used revenue intelligence to incentivise key behaviours that would prevent these issues. The company were able to benchmark successful engagements and develop targets, with results displayed in real time on personalised dashboards.
“We identified an issue with converting leads and engaging with prospects throughout the sales cycle. Integrating revenue intelligence into our CRM has been vital in tackling this; we have been able to pinpoint key behaviours that correlate with greater sales success. In 2021, the average number of these behaviours performed by our salespeople was 3,000. Those who performed more than the average achieved at least 93 per cent of their sales target. This is a clear correlation between the behaviours identified by the revenue intelligence platform and the upskilling of our team to close more deals.” Schuyler Michael, Head of Sales Operations, EG.
