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Revenue intelligence is a holistic view of what is happening in your business. The insights gained through revenue intelligence software offer you the right action items to grow your business.
Modern sales teams employ a whole bunch of tools to gather, analyze, and report on crucial data points. They understand that data is contemporary business currency and vital to the pipeline’s health. Sales can locate potential hot opportunities and pitch the right set of offering to prospects, leading to more closures.
But here comes the challenge.
Due to organizational silos, getting the right intelligence from marketing, sales, and customer success teams gets confusing. The data is dispersed across different platforms, making it nearly impossible to have a holistic view of the pipeline’s health and gather actionable intelligence.
Businesses suffer from productivity and revenue losses when no data collection and analysis practice exists. When the organization cannot distribute intelligence across different teams, it results in productivity and revenue losses.
This is where the Revenue intelligence comes into play.
In this piece, we will dive deeper into revenue intelligence in general and specifically into Gong revenue intelligence to advise you on whether it is a worthy investment for you or not.
What is Revenue Intelligence?
In the simplest terms, revenue intelligence is a data-driven technique to sell. Employing machine learning and automation, RI creates transparency across the revenue cycle by gathering scattered data and putting it in one place.
Revenue intelligence leads to improved performance measurement, better revenue forecasting, and instant recommendations for future action items.
An avid sales leader would like to know the answers to critical questions like:
- How does my sales pipeline look?
- What is the level of interaction with critical accounts?
- Which competitors are on the top of my prospects’ minds?
- What has been the biggest challenge for my customers?
- How effective is my team’s client communication?
With questions like these, you gain better visibility about the current status and more clarity about the future course.
Emergence of RI platforms:
In the post-COVID world, where most of the business interactions have been digital, the need and impact of revenue intelligence have been phenomenal. According to research firm Forrester, the technology landscape around sales and customer success has totally transformed the modern selling experience.
Any organization that aims for higher growth will need a solid revenue intelligence platform to support the ambition. This realization has led to the mass adoption of revenue intelligence tools like MeetRecord, Gong, and Chorus
Business applications of Revenue Intelligence Software
Marketing and sales leaders are constantly faced with revenue and growth challenges. They are on their toes to find the best channels, the best message, the best source, and identify the right mechanism to meet the targets..
By employing the best revenue intelligence software, they can make sense of everything. Revenue intelligence tools provide you with a strategic framework to track sales activities and ensure they are in line with the strategic goals.
There are numerous business applications and advantages of revenue intelligence platforms, but they are generally helpful in the following areas.
1. Streamline your data
Data is the modern business currency, but managing data is an equally complex task. When it is too much and uncategorized, it gets jumbled and confuses you.
Revenue intelligence solves this issue by streamlining your data and automating data collection and synchronization across different channels. As a result, you do not have to go back and forth among various platforms.
2. Save time and money
Half of our sales efforts and lead generation budgets are wasted due to poor or hard-to-reach leads. When you employ RI and streamline your sales data, the process gets a lot easier and better.
Your team gets the desired information in seconds and can make the right call to reach out or drop a lead. As a result, their time is more spent nurturing a relationship rather than finding information here and there.
3. Better sales forecasting
Sales forecasting is a very complex task, particularly in the absence of credible intelligence. We tend to overestimate or underestimate things.
With revenue intelligence software, your forecasting becomes more accurate and streamlined. Since it is based on data and not guesswork, the probability of accuracy soars up.
4. Healthy sales pipeline
There are two data sets that determine the health and future of your pipeline: historical data and real-time data. With the revenue intelligence tool, your sales team can take a look at the data and determine the best opportunities to take action.
You can also leverage the intelligence to see if any account or opportunity is at risk and direct the team to act accordingly.
5. Prospect Intelligence
The best revenue intelligence software will help you build a people database as well. You can collect potential customers’ personal information, career stage, geography, behavior, and interests. As a result, you can segment the audience and apply a lead score, making your future tactics a lot more informed.
These are just a few examples of advantages, and you can add more based on your individual use cases and the number of integrations.
Gong Revenue Intelligence
Gong is the market leader and category maker in the revenue intelligence domain. Gong revenue intelligence platform describes itself as “the new way of operating based on customer reality instead of opinions.”
In order to do that, the Gong revenue intelligence platform combines marketing, sales, deals, and people intelligence and puts them in one place.
Once the data is gathered in one place, then comes the real job of the revenue intelligence software. The platform employs machine intelligence to offer deep intelligence into the potential revenue opportunities.
Gong revenue intelligence platform captures your customer interactions across various channels like emails, messages, phones, video conferences, and others to understand the interactions and help the sales team identify any potential deals. Since the platform gets easily integrated with a whole bunch of automation and customer data platforms, gathering intelligence gets a lot easier.
Gong Revenue Intelligence Principles
What do you do when trying to figure out the outcomes of a sales call? Reading the notes through CRM or getting a brief from the sales team?
These are traditional practices but a 50 words summary of a 30 minutes call may not capture everything and might miss a lot of important points.
Revenue intelligence for sales teams ensures that they do not miss any word of the sales conversation. You also get a report on your team’s performance (talk-to-listen ratio, leads, questions, answers, etc.) alongside better visibility into the revenue opportunities.
Now, the question is - how does the platform do it all?
There are actually certain operating principles and rules it follows and delivers you the hottest insights required.
- Automation – Using automation instead of manual data entry and inputs
- Comprehensive – Getting a comprehensive picture of your customer interactions, not just a fraction.
- Time-bound – Obtaining real-time data for timely decision making
- Unbiased – Forming strategies based on reality rather than opinion.
- Alignment – Putting and integrating the entire company’s data in one place
As a result, your sales and business teams can find clarity about their customers through scattered pieces of information put together.
Instead of referring to dozens of different platforms for different things, they can simply refer to Gong for their single source of customer intelligence.
The platform's effectiveness, however, is very much dependent on how integrated your organizational data is. With a unified intelligence base, the sales team can quickly identify opportunities and outshine competitors.
What is MeetRecord?
MeetRecord is a meeting intelligence platform that helps sales, marketing, customer success, and product teams capture intelligence from video calls and web conferences.
Using a simple and intuitive interface, you can record and analyze all online meetings, track behaviors, advise actions, and grow. Looking at the behavior of top performers, leadership can obtain and apply the learnings across the company. This way, it also helps in coaching and training as well.
A few pointers about MeetRecord:
- Offers integration with HubSpot, Zoom, Gmeets and others.
- Customer success, support, product, marketing, and sales – all can use the platform to capture intelligence from their online meeting
- MeetRecord has custom pricing that depends on the call volume to give you the best ROI. You can get pricing details here and request quote here.
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Gong vs MeetRecord
The primary difference between the platforms is their value proposition and target prospects. MeetRecord is focused on mid-large businesses whereas Gong is geared toward enterprises that have dedicated resources to manage a platform.
MeetRecord offers a decent set of customizations, integration with leading conference tools and CRMs. It offers 24/7 customer support with a dedicated support manager. Above all, with the similar quality of features, its per-user cost is almost 40-60% less than Gong. The total cost for MeetRecord would be $108-#348 per user/year.
Conversely, Gong.io, is built for enterprises and comes with it own complexities. Setting up and getting actionable data would take atleast 4 months. In addition to that you would need a dedicated resource to manage the tool. It offers a whole bunch of advantages, features, and complex integrations to enterprises that have data scattered across different platforms. The total cost for Gong would have base price $5000 + $1200 per user/year minimum.
However, the cost per user and platform workflows are too much to bear for a startup or a mid-sized business. A growing company requires intelligence software but equally wants to keep a lid on the cost.
So, the choice becomes very clear here: Enterprises with big budgets should opt for Gong.io whereas businesses with less complex requirements that need a better ROI on the tool should go for MeetRecord.
Also read: Gong vs Chorus vs MeetRecord: Which is Better?
After knowing these benefits and business applications, you must be thinking of subscribing to Gong. No? In the next section, we shall discuss the same: Who should and should not subscribe to Gong revenue intelligence.
Who Should Buy Revenue intelligence tool like Gong and MeetRecord?
If you are looking for an ideal revenue intelligence tool with enterprise like fetures then Gong is definitely the answer. It offers a whole bunch of features and covers quite a number of channels to extract and integrate data.
Offering easy integration with leading CRMs, email systems, and customer data platforms, Gong is an excellent tool to implement revenue intelligence.
There is a caveat though.
Gong is created keeping big team in mind. It
Gong is not created for very expensive. Depending on the number of people, platforms, and channels you like to integrate, the cost goes to thousands of dollars per user.
If you are a large enterprise that records data from emails, phone, in-person chats, video conferences, and webinars, and do not have sufficient processes to streamline data, go for Gong.
For a more balanced decision, we advise you to check the software directories and see if you could find a better alternative to Gong. Read: Alternatives to Gong - 7 Best Gong.io Competitors for Sales Intelligence
Who Should Not Buy Gong Revenue intelligence?
Gong is a great tool but it is not for everyone. We do not mean to discredit the platform in any way or advise against using it. However, as we noted above, it is a very complex tool and is not built for every business. If you can handle platform complexities and have a budget, take advantage and buy it.
For small and mid-sized businesses that do not have complex data requirements, and have a few channels to apply intelligence, there are many easier and affordable options available. Let’s say you are not looking for end-to-end revenue intelligence but only for phone records and call transcription, go for Otter.
In the last couple of years, the revenue and conversation intelligence market has grown significantly. With the rise in video communication and the mass adoption of Microsoft Teams and Zoom, the demand for conversation intelligence systems has increased.
Now, you can find a lot of smarter tools that can do transcription as well as handle data gathering and intelligence.
While there are many revenue intelligence platforms and software, if you are looking for a balanced tool that has organization-wide use cases and is not just built for sales, try MeetRecord.
Conclusion
The accelerated digital transformation of sales and marketing coupled with the disruption caused by COVID-19 has changed the way selling was done. Buyer engagement insights, customer interaction intelligence, and revenue intelligence are some of the hottest buzzwords in today’s market.
Data is modern currency and we need to use data in every business aspect. Therefore, it has become vital for businesses to have a holistic view of customer relationships and engagement activity.
With tools like Gong Revenue Intelligence, it has become very easy for sales leaders to gain intelligence and plan a better course for growth.
MeetRecord – The best Revenue intelligence tool
Revenue Intelligence is a must have for a growing sales team. It empowers your team to differentiate your competitors and get insights like never before. You are able to streamline your data, bring more predictability in pipeline and increase your win rates.
Take MeetRecord demo to see how it can help your team with revenue intelligence. Request for a demo or sign up for a free trial today (no credit card required).
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