Regardless of industry, geographical location, or company size, one truth reigns supreme: strong, positive, relationships are important to the health and growth of your business. As organizations around the world pivot strategies and seek new ways to meet ever-changing market demands, leveraging past relationships to generate new business has never been more important than it is today.
There is no shortage of literature filled with suggestions on how best to use past relationships to fuel future sales success and business growth. A quick Google search can give you the top 10 ways to leverage relationships to drive revenue but there’s another spot you should be searching, instead: your company’s own contact data.
If you’re thinking, but we’ve already sold to those people! – you’re right, but, you might also find some golden nuggets.
If you look back on your individual or organizational relationships in the past, there’s a good chance you’ll be able to quickly identify accounts where you really blew expectations out of the water. There’s also a decent chance that some of your contacts at that account have moved on to other companies, including some that may be your current prospects.
Identifying happy clients from your past who now work at one of your prospect accounts is a great way to kick-off new business conversations. It’s not only five times easier to get a block of time in their calendar but, when you do, it’s also three times more likely to end positively than if you reached out to another contact at that account with whom you don’t have a prior relationship. And, in the midst of our current global economy, these are opportunities no one can afford to ignore.
Of course, this isn’t ground-breaking news: anyone in a revenue-generating position has probably been doing this to some degree throughout his or her career, and there are plenty of ways you can do this. Perhaps you’ve connected with clients on LinkedIn in the past and can recognize they’re now at a prospect account; maybe you take some time to do Boolean searches or manually sift through your company’s CRM or billing data but, doing it individually brings to light the old adage: Many hands make light work.
While leveraging your individual relationships from the past may help you reach your individual performance and sales targets, leveraging the entire relationship capital of your organization is a true game-changer. But how?
As an organization, employing a strategy designed to set your sales team up for success begins with truly understanding the total relationship capital of your organization. By mapping those relationships to uncover context and the strength of the relationships held by your people you can begin leveraging those relationships appropriately. At the organizational level, this exploration of the sum of relationship capital is an underutilized way to generate new business often due to a lack of CRM adoption, the inherent cost of manually sifting and cleaning CRM data, and a lack of trust across the organization when it relates to CRM.
With Introhive, you can:
If you’re ready for leveraging business relationships to fuel your company’s future success, contact us today to request a demo.