The Definitive Guide to Industry Intelligence
Industries and markets are in a constant state of motion, and moving at the same pace is crucial for enterprises. Keeping an ear on the ground is the need of the hour to prevent missing the next big industry trend. The most significant facet of sales enablement for sales teams is Industry intelligence—the collection and distribution of data about an industry, going as deep as tracking deals, emerging digital technologies, and regional and global trends.
Companies use industry intelligence to see what kinds of projects other companies are working on and to evaluate the success of product releases, marketing strategies, and so forth. They want information on sales data, incoming orders, and expenditures on marketing and outreach. There may also be an interest in the wages and benefits employees receive, as this information can be helpful for recruiting.
The use of data and AI has turned vital for modern sales enablement as data gives sales executives insight into the industry and allows them to utilize their time and efforts more strategically. A recent report pointed out that high-performing sales teams are 4.9x more likely to use AI than other sales teams.
Let us look at how Industry intelligence can help enterprises track the larger trends and make use of emerging opportunities in the best way possible.
Understand the Global & Targeted Business Ecosystems
One of the most potent things industry intelligence can do is offer a 360-degree view of the global business ecosystem with specific filters to target what you need. This helps sales enablement teams understand the ground reality at a location as they try to approach a new market or innovate in the existing one.
A team looking to win deals in Chicago might want to understand a lot of factors, including:
- The market landscape by accounts concentration & total funding.
- The top employers in this area
- The top startups
- Top companies hiring for talent
- Talent characteristics
- Business environment
- Recent acquisitions and funding
Having access to this information empowers decision-making before expanding into new territories, and as discussed above, the use of data and AI to make data-driven decisions is the need of the hour.
The same analysis can be done across industries too and can help sales teams find out:
- The top outsourcers & their outsourced workloads
- Top tools & technologies
- Top service providers
- Recent acquisitions & funding & more
Keep Evolving with Insightful Signals
Staying updated about the market is crucial considering the moving pace of emerging trends these days. And being late to ride a new trend isn’t suggested because your competition may already be riding the wave, and that poses a significant risk to your business.
Companies need to know what is changing in the market to prepare appropriately and be aware of planned releases from the competition. The ability to quickly adapt to changing market conditions is important for companies that want to stay competitive and retain their market share.
The market can be tracked real-time through Signals, as found on sales intelligence platforms like Draup, that are continuously updated with relevant information on 16 categories across 33 industries.
These signals are categorically divided into Strategic and Tactical and are classified under:
- Center setup & expansion
- Executive movement
- Market activity
- Product launch
- Mergers & acquisitions & more
Further, subscribers to the Draup platform also receive a fortnightly email with curated signals and updated research on emerging technology use cases, digital themes & business intentions from our Braindesk team.
Identify emerging use cases and assess potential ROI
Post COVID-19, every industry in the world has been moving at a faster pace being backed by digitization and emerging tech. As global businesses compete to bring the next big revolution, understanding the emerging use cases in each vertical is the need of the hour to ride the latest trends.
A sales enablement platform like Draup enables sales teams to explore emerging use cases as well as competitors working on them. One can explore these use cases by filtering through three categories, each built for a specific purpose.
- Categorization by business intentions
- Categorization by digitization
- Categorization by Technology areas
Each category looks at a certain aspect of the use case and suggests relevant products/solutions to utilise it. They even suggest some common customer scenarios to help understand the impact of a use case over a certain problem. This information can help companies stay ahead by learning to adapt as the trends of the business ecosystems change.
Draup is an AI-driven sales intelligence platform that empowers sales teams with comprehensive account and stakeholder intelligence to empower their sales enablement practices. Be it account management, sales pursuit, or account intelligence teams, Draup enables all divisions of the sales organization by providing finer details about prospects.