Relationship intelligence is only as smart as the data behind it. As you build out your contacts, you need to ensure you are collecting the right information to give your business development teams the right data that can help them close deals.
But with only 45% of organisations using CRM to store their lead or customer data, your sales and business development teams could be missing out on valuable relationship intelligence and insights. Not having that data, or a full understanding of your current customers means you could be losing out on opportunities with organizations you already work with, as well as prospects. And that could affect your revenue.
How exactly does relationship intelligence affect your bottom line? Below, we explore the many ways relationship intelligence can help you grow revenue and reach your business development goals.
3 Ways Relationship Intelligence Grows Revenue
Identifies opportunities for growth
One of the best ways to generate more sales is to understand your current business relationships. Who are your best clients and what makes the relationship work?
In the legal field in particular, instructions can come and go. A company may have short-term legal needs, which can lead to one-off projects with a single department. For example, maybe you did one or two matters for the company a few months ago. The results were good, and the company’s legal spend is likely to be high, but you haven’t worked with them again. Why? A situation like this offers an opportunity to analyse your relationship with the company and explore other areas to work together.
Think about a restaurant as an analogy. You’ve finished a great meal. Drinks, starters, main course. The service was good, but nobody asks how your meal was at an appropriate time or offers you the dessert menu. While everything went well with what you ordered, you weren’t offered anything else from the menu and you don’t return because the restaurant didn’t take the next step to find out how it all went or win your future business.
There are always additional business opportunities, and taking the time to analyze and develop your existing client relationships will help you uncover them.
Builds on your current relationships
Once you have a clear picture of your current business relationships, you need to look for places to expand. It’s important to find the value unique to your situation, but two common opportunities include:
- Good business relationships where you are doing a small amount of work.
- Clients who are spending a lot, but the relationship isn’t strong, or is contained to only one or two employees on each side.
Both of these offer the chance to expand business or build new connections, and relationship data gives you extra insight into how to leverage those opportunities. For example, maybe you have a strong connection with senior people in the clients’ business, but not so much with junior members. This could affect your long-term potential as those junior people client-side will in time rise through the ranks, potentially becoming future key contacts. By mapping your relationships within a company you can easily spot gaps.
Without insights into your current business contacts you’re left with gaps, which makes it likely that you’ll miss opportunities to generate more business.
Provides personalisation opportunities
All the data you’ve acquired from relationship intelligence means you’ll have more personalised information. Using it gives you a greater chance of reaching out to the right person and creating a more meaningful, two-way dialogue.
This will also make your marketing and outreach more efficient. You’ll be targeting the right people with your marketing efforts and connecting in an effective way with the key stakeholders, guiding them along the buyer journey.
Without that strategy, data, and relationship intelligence, you might be filling your CRM with contacts, but you’re probably missing out on revenue.
How to Improve Your Relationship Intelligence
Engage with clients and prospects
There is no substitute for engaging with clients. Having all the data in the world only matters if you make it actionable.
Law firms, for example, tend to be problem solvers. Solving a problem is great for your client, but it can lead to a singular, need-based relationship that could leave additional opportunities unexplored. One way around this is to engage with your current clients outside of billable hours. Whether it’s account managers, business development, or the lawyers themselves, someone should stay connected to current customers to understand them better. Get to know their questions and concerns:
- What are their challenges?
- What are they satisfied with?
- What are the additional business opportunities?
By nurturing that connection and having an ongoing discussion you’ll be able to better focus on the client’s needs. In doing so, you can also easily acquire more data from current contacts to power your intelligence that could lead to quick business.
Use relationship intelligence automation
It takes time to analyze your business relationships. But through tools like Introhive’s relationship intelligence automation (RIA), you can automatically uncover actionable insights that accelerate sales and strengthen relationships. The insights RIA can provide comes from a detailed analysis of each contact’s transactional data, social contacts, activities, and behavioral information, giving your team a more holistic picture of their contacts.
Working alongside your CRM system, RIA is also able to map all of your relationships so your team can quickly identify mutual connections that lead to warm introductions.
Improve your revenue with relationship intelligence
You have plenty of business relationships already, but how well do you understand them? By making a few changes to how you collect data, interact with your customers, and analyze the results, you’ll be on the fast track to earning greater revenue in no time. And Introhive’s relationship intelligence automation can help. Request a demo of RIA today.
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