This is a familiar story to many readers in the sales department. Sales are down and fewer deals are being won by reps who are known to be high performers. Earnings levels are stagnant and growth is disastrous. Times are tough in nearly every industry, and CRM reveals so many entries along the lines of “no decision” or “no budget.”
Of course, the current economic downturn affects all companies and therefore all sales departments. But not all of the lost revenue is due to the macro climate, and the real reasons why deals aren’t making progress are complex. Entries in the win/loss field for salespeople are often incomplete or contain biased statements such as “the product doesn’t have features” or “the price was too high”. Did the results come from individual rep performance, or did competitive pressures change? So far, the answers have been speculation at best.
The real reason for the sharp drop in revenue was what Amit Bendov was looking for in 2015. Amit was the CEO of one of the hottest enterprise analytics startups at the time. He did what serial entrepreneurs do best. upon.
By listening to his company’s customers and prospects, he found the answers he needed to explain sales trends. All peaks, all valleys, successes and failures. Customer testimonials helped him see the reality of what was happening in the business.
But Amit found that the way they collected, collated, and processed these customer insights wasn’t scalable. This was the driving force behind Gong, a platform that started as a conversational intelligence tool and has evolved into the market-leading revenue intelligence platform.
Previously, companies that needed insight into sales force performance relied on a combination of intuition and historical data.
That was the situation for a while, but recently things have changed.in us last article We referenced the Gong Revenue Intelligence Platform in the context of the benefits and evolution of revenue intelligence methods. The Gong platform captures many types of person-to-person communication itself and through integration with over 100 other popular business and sales software solutions. These include video calls, phone calls, emails, calendar meetings, text messages, offline meetings, content sharing, and more. This gives businesses a complete picture of the customer-prospect relationship.
We then use industry-leading machine learning and AI to transcribe and analyze those interactions. Gong presents actionable insights from the overwhelming amount of data available, based on a deep understanding of what’s really going on.
- What transactions are at risk and what steps does Gong recommend to minimize that risk?
- What competitors are being talked about in business talks and how often?
- Are your sales reps using the latest messaging or sales methodology you have implemented?
- What percentage of revenue is affected by the macro-climate and how will it affect sales forecasts?
These are the types of insights that can greatly improve your sales metrics. For Virgin Pulse, there was a 4x increase in conversions at the top of the funnel. John Burke, Virgin Pulse’s Senior Solution Consulting Leader, said: Everyone using Gong said he brought in 30% more revenue year-over-year. “
Gong helps busy sales managers (and frontline sales reps too) identify specific coaching topics to elevate mid-level employees to top performers. Iron Mountain Sales Her Training Her Manager Christina Mahurin said: […] to increase your chances of closing a deal. ”
The same sources of insight can be used at the board and management level. It’s a matter of asking different questions. Decision makers get real-time feedback on how the market is reacting, including price changes, new product introductions, and competitor movements.
More mundanely, managers can see how sales teams are talking about new product ranges, see contextual analysis, read key phrase counts, and leverage sentiment analysis. Each of these insights takes months (if not years) of dedicated data science capabilities to create the necessary data models and presentation layers. But the Gong Revenue Intelligence Platform has all the functionality out of the box.
The impact of AI on sales functions is transformative, from video call transcription to determining customer intent. Today, less than 40% of the time a seller actually spends selling is he. Using technologies like Gong increases that metric, but it mostly automates mundane tasks like taking notes, updating forecasts, and drafting emails.
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The Gong Revenue Intelligence Platform maps the relationship between a customer or prospect and your company in every interaction, including calls, text messages, offline meetings, and more. cutting-edge analytics Highlight risks based on real-time data. Of course, once patterns emerge, more direct training activities can be initiated based on where the message is most effective. As clichéd as it sounds, the Gong platform can turn problems into opportunities.
The data revolution has been on the doorstep of every business function for the last few years, with some areas of an organization being better served by technology than others. Recent years have seen some significant technological advances in HR and marketing technology, as well as the payment platforms that underpin international retail. But sales teams have survived on traditional tools like CRMs. A CRM is sometimes just a Rolodex (or a basic repository for recording facts).
Sales teams and leaders continue to survive on intuition, underlying data, and industry experience, but that approach is unsustainable in a data-centric world. The Gong Revenue Intelligence Platform enables B2B sales teams to leverage the new generation of machine learning, AI, and automation to improve productivity, win more, and make more accurate forecasts.
check out our previous article Some of the issues facing sales teams in an environment where technology is giving future-minded users a huge competitive advantage.and head Go to Gong.io website See for yourself how a modern revenue intelligence platform can transform your sales force’s long-term outlook. Sign up for a free demo of the platform.
