Read the full blog to understand how Buyer Intelligence can boost your sales in 2023.
Buyer intelligence is the compilation of data drawn from buyer interactions, product usage, strategic partners, and CRM. It is used to predict a buyer’s behavior, thus providing insights to guide reps in capturing a buyer.
B2B sales can be tricky if sales teams don’t understand whom to approach and how to get them to accept the offer.
Buyer Intelligence helps sales reps predict who’s most likely to engage, what time of the day they would respond, and which communication method they prefer.
Most of the time, sales teams approach the wrong prospect, which results in the rejection of the offer. Understanding the prospect, how they behave, and how much influence they have on company deals is critical before approaching.
Data and AI form the foundation for modern sales enablement. Data-driven insights provide sales reps with buyer insights, allowing them to put smarter efforts. A study pointed out that high-performing sales teams are 4.9x more likely to use AI than other sales teams.
Combine the power of Big Data and AI, fine-tune it to buyer-specific monitoring, and you get buyer intelligence.
What is Buyer Intelligence?
Buyer Intelligence is the sourcing, analysis, and interpretation of buyer data, including interactions, preferences, triggers, and buying behavior.
It provides you with the ability to understand your buyers better by helping to discover how they make decisions and what moves them and what doesn’t.
Let’s learn how AI-backed Buyer Intelligence can help your sales team micro-target and approach the right prospects, and close high-ticket deals.
How does Buyer Intelligence work?
Buyer intelligence works by combining AI and Big Data with other backend systems to source, analyze and extract insights from millions of data points daily.
Since it is an integral part of sales intelligence, it performs almost similar functions.
The key functions of buyer intelligence include identifying key decision makers, analyzing their persona and behavior, and extracting insights to hyper-personalize the sales process.
This information is further sorted, evaluated, and presented to the user in one dashboard to deliver an Eagle’s Eye view of the target buyer.
All of this happens 24×7 in real-time, which gives users access to buyer insights and lets them close high-ticket deals in record time through a personalized approach.
Benefits of Buyer Intelligence
Buyer Intelligence brings numerous features to the table depending on how you choose to use it for insights. However, some of our top picks are:
Identifying the right prospects is critical so your sales reps don’t dedicate much time to uninterested prospects and slow down sales.
Buyer intelligence helps you hyper-target your prospects level-by-level to figure out if they’d be interested in your offer. This is necessary to negate the idea of a first-time meeting and build a deeper relationship that turns into a sale.
It goes beyond names, positions, hierarchies, or experience; it dives deep into a person’s traits, deals influence, and more. You can further segment your prospects by companies, industries, business functions, and more.
This provides you with a hyper-targeted list of prospects that align with your sales goals.
Finding Similar Prospects
It’s critical to consider similar buyers who might be interested in your solution. This not only lets you tap into a larger market but also allows you to diversify your sales efforts.
Buyer intelligence finds similar profiles across industries and business functions that display specific characteristics identical to your target prospect.
Some AI-backed buyer intelligence tools like Draup also help you dive deeper into engagement guidelines for similar profiles and the relative difference needed in pitching.
360-degree Buyer Insights
This is perhaps the best feature of buyer intelligence, as it lets you explore much more than generic buyer data available on public platforms.
This unlocks the opportunity to approach a prospect with maximum knowledge and buyer intelligence informs you of:
- Executive experience
- Business units
- Business function
- Level in organization
- Opportunity Index
- Deal size influence
- Budget control authority
- Global Impact
- Skills map
When you understand such subtler aspects of a buyer, you get a comprehensive view of who you’re approaching and how you can approach them best. This boosts your chances of a sale and draws more prospects in as opposed to targeting one prospect at a time.
Buyer intelligence performs a deep dive into not just a person but also their personality. You get specific insights on each prospect that helps you approach with confidence.
The data provided by a buyer intelligence tool includes anywhere from personality traits to roles, interests, and motivations of an executive.
Average sales teams like general prospect data, but winning sales teams know that selling goes beyond generic research because it’s a more personal experience.
Personal experiences are created by personalization, and how to do that is revealed by buyer intelligence. Using psychographic analysis, buyer intelligence can help you win prospects by catering to their unique personalities.
For example, Draup for Sales‘ Rolodex features extensive personality analyses of decision-makers in an organization. This includes metrics such as personality characteristics, personality inference, skills map, and opportunity index.
Sales intelligence platforms like Draup help your teams build hyper-targeted prospect lists with the ability to segment prospects through comprehensive and real-time metrics. Draup’s 360-degree view is built using machine learning models and validated by a team of analysts, ensuring data integrity.