Commercial Intelligence: As the competitive market becomes fiercer, it is normal for companies to look for new strategies to reinvent themselves. Therefore, they rely on commercial intelligence tools, a methodology that brings a new vision to revolutionize sales.
When it comes to getting ahead of the competition, business intelligence is the primary key to making it happen. If this area works well, the generation of qualified leads will increase.
What Is Business Intelligence?
Commercial intelligence is strategic actions to improve sales results from customer data from the company itself and the market niche in which it operates.
The purpose of this information is to be the basis for making business decisions. They must be organized to facilitate interpretation and reduce the risk of errors. Who does this type of work be in the sales and marketing areas?
Commercial planning identifies bottlenecks and anticipates possible failures that hinder sales intelligence. From the planning, it is possible to think about the necessary improvements for the company to grow.
By deploying commercial intelligence, your team becomes more competitive in the market. In addition, productivity also increases, as strategies are well defined, and the team knows how to act even in the event of frustration. Due to excellent planning, the conversion rate in negotiations that would not work out very well often increases.
What Data Is Essential For Business Intelligence?
For data analysis, it is essential to know what information to collect. When you have the correct information, it is easier to prepare for decision-making. Deciding on intuitive grounds is a thing of the past; now, it is necessary to strategically show why to take action x and not to take action y. We have listed below some categories of information that your business intelligence can focus on:
Customer Market Information
- Demographic and consumption profile
- Objective and subjective factors essential for the purchase decision
- Trends in their areas and segments
Information About Your Sales
- Average ticket
- cancellation fee
- Sales conversion rate
- LTV – Lifetime Value
- customer satisfaction
Information About Your Products Or Services
- Sales performance of each product or service
- Level of customer satisfaction with products and services
- Knowledge of the sales team about the different solutions
Competitor Analysis
- Main competitors and their characteristics
- Competitors’ answers and their strengths and weaknesses
- Pricing and discount strategies practiced by them
- Positioning in each market
Scenario Analysis
- Economic performance forecast in each country, state, region, and city of operation
- Monitoring of new laws and regulations that may affect your company
- Behavior and consumption trends for your target audience
Commercial Intelligence: Discover Four Tips To Boost Sales
After knowing what it is and how to carry out commercial intelligence in your business, we will show you four tips to boost your company’s sales. An intelligent sales funnel takes time, work, and a holistic view.
Monitoring Of Rankings, Indices, And News
Anyone who wants to improve the sales results of their business must, of course, be aware of what is happening in the world since the competitive market depends on several pillars to be up or down. It is also possible to identify risks and opportunities through this tip.
Process Automation
Process automation helps business intelligence practices because the analysis part needs reports, and those reports don’t need to be run manually. If your company gains service time, it can focus on what matters: sales growth. Therefore, your sales team must have automation tools.
KPI Monitoring
Monitoring the KPIs daily can bring insights to improve the company’s performance. The more you analyze these indicators, the more ideas can emerge for innovating business intelligence.
Use Of Database
Using a database helps develop studies and plans to increase the success of the company’s commercial intelligence. For example, when you want to expand a product in a specific segment, it is crucial to analyze the revenue over the year and the size of the market that this product encompasses, among others.
Commercial intelligence is a very decisive part of your sales strategy. When approaching a potential client, the more your team is prepared and grounded in market information, the greater the chances of conversion.
Also Read: How To Boost Your Business Through Online Consulting?
