When you monitor the processes involved in revenue operations, you can increase efficiency.
Monitoring the revenue operations process also gives you the power to predict revenue.
This also allows you to adapt and grow as the deal matures.
But to monitor the revenue operations process, you need sales analytics.
When you have powerful sales analytics, you have a common ground, a shared vision, a common synoptic for every sales team member.
When every member in the sales team sees the common ground, they can achieve results better.
ANALYTICS SOURCES THAT MATTER
Start with your Customer Relationship Management (CRM) platform.
CRM platforms are perfect for fielding conversations made between customers and prospects.
A research showed that a 5% increase in customer retention rates translates to a profit increase of between 25% and 90%.
It is no doubt that CRMs mean business.
Since CRMs are built to have reliable backup facilities, they are equipped to store lots of information.
This means you can track every point of interaction ever made with any customer or prospect at any time.
Remember that while you can use your CRM platform to extract data and records pertaining to your prospects or current clients, CRMs have their limitations.
CRMs cannot be used to gather actionable intelligence from the data it has recorded.
To analyze your CRM data, you will need a sales intelligence tool such as Draup to do the job.
Many sales leaders forget to consider emails as a prime source for sales intelligence. Most business transactions are opened and closed in emails.
But the medium of emails being private, what happens between a prospect and a sales executive remains between them.
When you bring a sales analytics tool into the picture, the equation changes.
Sales analyticstools help companies have access to conversations between sales executives and prospects. This means, when a sales executive is transferred to another department or leaves a company, the company still has access to the lead.
Just like the CRM, companies tend to overlook the meeting data of their sales representatives.
Meeting data is especially important for companies.
According to the Marketing Metrics book, companies have a 60% to 70% chance of convincing an existing customer and only a 5% to 20% chance of selling to a new prospect.
So, meeting data helps companies understand the deal progressions and help them nurture the lead efficiently.
A Gallup study shows that 71% of all your customers would have no reservations to do business with another company offering similar services if they are getting a better value or customer service.
Therefore data-driven insights can help process your decision and make sales nurturing efficient.
But do keep in mind that all sources collected for data analytics need monitoring and moderating.
This is where a platform like Draup comes in.
Draup is an AI-driven sales intelligence platform that empowers sales teams with comprehensive account and stakeholder intelligence that enables microtargeting. The platform allows account management and sales teams to contextualize information about prospects through its proprietary AI/big data frameworks that evaluate characteristics across industries, companies, and multiple stakeholders.