How Introhive enables firms to free up resources and do more with less
Profitability is always top of mind, but never more than when the global economic outlook is bleak. In a year predicted to be one of financial uncertainty and feared by many as the starting point of a new recession, most businesses are scaling their resources back. Inflationary pressures coupled with stock market volatility, hiring, and supply chain disruptions have been severe economic headwinds that are challenging businesses’ budgets and impacting their bottom line–regardless of industry. Budgets and head counts have already begun to dwindle, and companies will be pushing their resources for more as they look to increase productivity and efficiency across their organizations. In 2023, the focus must shift from growth at all costs to profitability. Firms that prioritize improving profit margins and operational efficiency–getting more out of less–during recessionary times will set themselves up for success in the future.
In this article, we’ll unpack why focusing on client retention and growth is an innovative and effective strategy for businesses looking to weather economic downturns and come out stronger on the other side.
In the time following the 2008 recession, a Harvard Business Review study that looked at strategies employed by corporations during the past three global recessions (1980, 1990, 2000) found that it was the companies who both cut costs and invested in growth during their economic downturns–doing more with less–that performed the best post-recession. Ironically, organizations that only cut costs drastically and those that only invested heavily in growth initiatives had the lowest probability of success following an economic downturn. The balancing of cost-cutting and investing in the right areas of growth led to later prosperity. Now that we know the winning strategy, let’s break down how Introhive’s Customer Intelligence platform can enable firms to do more with less by focusing on client retention and growth.
Analyze Existing Expenditures
The first step in refactoring business for turbulent times is due diligence; audit and analyze expenses to see where teams can cut back. That includes looking at annual, monthly, and one-off expenses for software and technology stacks, services, and even employee headcount allocation. At the same time, companies need to determine how their teams can improve efficiency and productivity levels with a leaner set of resources. One of the most effective ways of increasing productivity is by freeing employees’ time to focus on the work that drives the needle.
Introhive’s Customer Intelligence platform is a solution that helps teams prioritize their most impactful work by taking mundane data tasks off their plates, giving them time back in their day, and transforming this data into actionable insights–all without requiring any behavior change. In essence, it enables your teams to do more with less. Here’s how to free up valuable time and maximize efficiency and productivity with Introhive.
Automated data capture
Introhive automates data entry processes by passively capturing data–or “digital exhaust”– from communication systems rather than relying on manual data entry, which can be prone to errors and time delays. With SmartSync, an organization’s client data and capabilities can be seamlessly embedded within its customer relationship management (CRM) system, the primary system of record for go-to-market teams. With every contact and activity captured and enriched automatically, go-to-market teams are empowered to grow the business with rock-solid, compliant customer data. In professional services, where many professionals bill hourly, time is money, so freeing up this precious time empowers them to reallocate it to impactful work or delivering services.
Streamline Data Management
While entering data can be painful, maintaining data is even more cumbersome. People change roles, and companies and teams re-organize–so ensuring data is accurate can seem like a never-ending process. According to Salesforce, data becomes stale–or begins to decay–at 70% per year. But fresh and accurate data is crucial for effective relationship management, marketing, and business development. Because of this, some organizations have entire teams dedicated to data management and maintenance, but they don’t need to. Introhive transforms data quality management from a reactive, time-consuming process into a seamless one. Our proprietary multi-source data enrichment ensures that all contacts are up-to-date in real-time and removes any stale or duplicate data. Introhive doesn’t stop there; it enables firms to be more effective, too–ultimately increasing trust in the data and ROI on campaigns.
“I have always believed that if you’re going to give people a bit of technology, it’s either got to make them more money or more efficient. I firmly believe that Introhive does both!”Head of Platform, Client Care, Commercial Real Estate Firm
Simplified relationship management
With automatic data capture and enrichment, go-to-market teams have everything they need to better leverage the relationships they already have. Relying on existing business relationships is one of the easiest ways to do more with less. Tap into existing networks to identify opportunities, open paths of least resistance, and intercept buyers before they start their purchasing journey. With Introhive’s portal, you can quickly reveal who knows who throughout your organization to build hyper-targeted campaigns or get warm intros that accelerate the path to revenue by utilizing relationship scores and harnessing the power of the organizations’ collective network.
Harness Actionable Intelligence
Detailed data is only useful if it can be turned into actionable intelligence that is available for teams to digest. Introhive’s Briefing Intelligence can help teams be better prepared to meet with a client by providing rich, curated data delivered directly to client-facing teams when and where they need it. Introhive transforms your foundation of trusted client data into a wealth of actionable intelligence and surfaces it alongside valuable contextual information about your prospective and existing clients directly within the systems client-facing professionals use daily–email, CRMs, etc. Armed with intelligence at their fingertips, professionals can find and win work more effectively because customer engagement is driven by a keen understanding of where relationships, influence, and trust have already been established.
Customer Intelligence Delivered at Scale
When the platform is adopted at scale, Introhive is a force multiplier for firms. It can play a considerable role in helping revenue teams achieve and maintain greater levels of efficiency and effectiveness by reducing the “toggle tax” and embedding insights right into employee workflows. With less time focused on mundane tasks, and access to powerful insights that enable strategic productivity – go-to-market teams are doing much more, with less.
To learn more about these solutions and how they may apply to your business, book a demo of Introhive here.