Revenue operations was the buzzword of marketing in 2020. We predict that 2021 will be all about revenue intelligence. This smarter way of operating will help your team drive more high-quality leads and close more sales.
Revenue is always front of mind for sales and marketing teams, there’s no doubt. It’s our ultimate end goal when we’re looking at trying new channels, creating new content or sharing new ad types. So, why don’t we use it when it comes to reporting back on, and optimising our campaigns?
Well, there are some hurdles in regards to data matching and collation to get over first.
This blog will help you understand:
- What revenue intelligence is
- Why you need to be using revenue intelligence in your business
- How to get started with revenue intelligence and what to expect
What is revenue intelligence?
Revenue intelligence is the process that collects, collates and manages data from your sales, marketing and customer success teams. Revenue intelligence automatically builds a holistic view of your sales pipeline and marketing sources to help your teams make data-driven decisions.
Why does your business need revenue intelligence?
Believe us, we know it can be hard to keep up with these new terms. But revenue intelligence is one that’s only going to grow in the coming months and years.
As competition rises between companies and new technologies help advance outputs, businesses are right to expect more out of their sales and marketing teams. But how can revenue intelligence help you optimise your business? We have it down to these three main reasons:
Your data is limited without revenue intelligence
Without revenue intelligence, you’re relying on what data you get automatically within your CRM. And we can say with confidence that it’s not much.
While your CRM is great at managing your leads, it’s not great at pulling data out about your leads. And why would it be?
Your CRM isn’t linked directly to your website. So, actions a lead or user takes on your site won’t get passed over to your CRM.
Related Article: How to integrate your CRM with Google Analytics
Unfortunately, that means you miss out on data like:
- Lead source
- Website pages viewed
- Sessions and more
With revenue intelligence, you can fill in the gaps.
Your data is subjective without revenue intelligence
Does your sales team call leads?
If so, they probably ask them “how did you hear about us?”
And while you’ll get some insight, how accurate is it going to be?
A lead could have seen a PPC ad for you but told your sales rep, Google. That doesn’t help your marketing team understand how their paid advertising is driving leads. And because of the disconnect between your CRM and your website, there’s no way to work around this (unless you’re using an attribution tool like Ruler, read more about how Ruler tracks leads from your paid efforts).
And that’s just one example. When your lead source isn’t set automatically, it can easily be changed. That means a lack of information for your marketing teams and inaccurate data for your sales team too.
Your data is stale without revenue intelligence
When you’re relying on manual input of data on your leads and opportunities, you can bet it’s going to be stale.
Your sales team wants key information that will help them close leads. And marketing wants data that will help them optimise their campaigns to drive more of the same.
Without revenue intelligence, it’s hard to achieve either of those goals.
Getting started with revenue intelligence
So by now, we bet you’re wondering how to implement revenue intelligence, and how it all works?
Let’s walk through how it works with Ruler.
Tracking leads with revenue intelligence
Ella is searching online. She lands on your ranking blog organically and reads it.
Now, without revenue intelligence tools (or a marketing attribution tool), the only way you could view Ella is as one session that occurred on a particular day via Google Analytics. Ruler, however, is tracking Ella. It has captured her original source as well as which pages she’s engaged with. Of course, as she’s not a lead yet, she’d be an unknown user in Ruler.
Ella returns a few days later via a direct search. She browses your site, landing on key pages but doesn’t convert.
Ruler again tracks Ella, storing this session’s data along with her previous session data.
A week or so later, Ella returns. This time via an organic search to a blog on your site. This time, she converts via a CTA banner on your blog, downloading a piece of content from you.
As she’s converted, i.e. she’s given her email address in exchange for a piece of content, Ruler fires all of the data on Ella over to your CRM.
At this point, your CRM (without Ruler) would have this information:
- Her name
- Her email address
- Which eBook she downloaded
And that’s it!
If you had set up form fills as an event on Google Analytics or Google Tag Manager, then you would also see which channels drive those eBook downloads, but you can’t get more granular than that with these tools.
But what about if you had revenue intelligence in place?
At the point of a new lead, the data in your CRM looks very different.
- Lead source
- First-click and last-click source
- The page converted on
Plus, in Ruler, you’d have the full customer journey to date.
But it gets better when revenue is involved.
Tracking revenue with revenue intelligence
Let’s return to Ella’s customer journey. She’s downloaded an eBook and so is sent a specific email campaign promoting your product or service.
She clicks on the link and calls your business. On that call, she converts.
Now, without revenue intelligence, it would be a bit like this…
Your sales team would field the call and close the sale. They’d ask Ella, “where did you hear of us?” and she might say “Google”.
And she wouldn’t be wrong.
But you don’t know exactly which page started her customer journey. And, there’d be no credit to the email campaign that led to her picking up the phone.
With revenue intelligence in place, all of that data would be at your fingertips.
Related Article: How to Track Marketing Leads
And, even better, when the revenue is added to Ella in your CRM, Ruler would scrape it and fire it to your analytics tools. There, it’s accurately attributed meaning you have clear revenue reports where you need them.
So, do you need revenue intelligence?
If you generate leads, then yes.
With revenue intelligence tools and marketing attribution, you can ensure you know exactly where leads that result in revenue are coming from.
It means you can quickly and easily optimise your outputs for what you know is working. And, it gives you the freedom to test new initiatives and track results quickly, and accurately.
So, what are you waiting for?
Get started with Ruler Analytics and start making more out of your data. Book a demo with our team to see the data in action.