As a business development professional, you may or may not have heard the term relationship intelligence automation (RIA) before. So, what are the benefits of relationship intelligence automation?
Relationship intelligence was designed to fulfill the shortcomings of CRM and provide a full, 360° picture of your organization’s relationships. To do this, RIA automatically collects and enters important data on your prospects and clients from numerous sources into your CRM system. Then, it automatically serves relevant, actionable relationship insights to business development teams so they can go into client meetings with a clear understanding of the client and their needs. RIA not only saves valuable time, but also accelerates the sales process.
The benefits of RIA don’t stop there, though. While at a busy Dreamforce 2017, we met up with EY’s Executive Director, Randy Batson, to discuss how he feels relationship intelligence automation benefits EY and helps them achieve their goals. Here’s what he had to say:
1. Eliminates the Cold Call
The average sales rep makes 52 calls per day, demonstrating that traditional cold calling is still a sales tactic many companies use. However, today’s digital selling landscape is transforming the way businesses approach and connect with clients.
“The days of customers calling you and building the relationship no longer exist. The salesperson relying on the cold call is probably going to lose the deal,” Randy says. (Click to Tweet)
This is where Randy sees the true value of relationship intelligence automation.
“Relationship intelligence allows salespeople to better understand who in their organization has the relationship so that they can eliminate the cold call, get the good introduction, and engage with relevance,” Randy says.
Because RIA identifies who knows who in your organization, warm introductions are made possible, making it easy for you to form strong connections with prospects immediately.
2. Helps You Become More Relevant
According to Influitive, 84% of buyers now kick-off the sales process with a referral. This makes identifying mutual connections between yourself and a prospect all the more important.
“Your buyer is typically 70% of the way through the buyer journey when you initially interact with them. This gives you a short runway to be relevant,” Randy explains. “With relationship intelligence automation, you can engage with them alongside someone they already trust from their network.” (Click to Tweet)
Powered by social, transactional, and behavioral data, relationship intelligence automation pinpoints the mutual connections you have with prospects. This allows you to quickly earn their trust without needing to earn a referral or endorsement.
3. Minimizes Administrative Work
In addition to making countless calls, the average sales or business development professional spends 34% of their day entering data into their CRM and researching leads. As you can imagine, this impedes their ability to interact with clients and focus on relationship development, creating a disdain for CRMs.
As Randy says, “salespeople hate to interact with their CRM platform. So, if we can do something to help simplify that, I think that is ideal.”
At EY, Randy has seen relationship intelligence eliminate time-consuming manual work.
“With relationship intelligence the salesperson is able to clean up their data as they’re interacting with their customers. If they identify a new contact because that was added to an email, it’s done automatically and it minimizes the amount of administration that the professional salesperson has to go through,” he explains.
By automating the data entry process and automatically delivering actionable relationship insights to business development teams, those individuals can spend more time interacting with clients and less time on mundane tasks.
4. Integrates With Favorite Business Apps
Related to the fact that salespeople don’t like using CRM systems, relationship intelligence is a tool that can work within the systems that they do like.
“What Introhive’s relationship intelligence automation does is recognize that salespeople live in Outlook. With this integration, salespeople are not only able to look at who in their organization has the best relationship, but as they’re interacting with their customers and they have to update their CRM systems, they’re able to do that through a look and feel that they’re very comfortable with — and that’s Outlook.”
Because relationship intelligence automation can integrate with the tools that your sales team already loves, your team will actually take advantage of it more. Through automatic pre-meeting briefs, priority client alerts, CRM updates, and more, your sales team doesn’t have to worry about logging into your CRM — they can simply focus on their clients.
Bring the Benefits of Relationship Intelligence to Your Firm
Relationship intelligence automation has a host of benefits that ultimately make your business development team more successful while reducing their workload. Find out what else relationship intelligence can do for your organization by downloading our latest eBook Paint a Complete Picture: How to Master the Art of Relationship Intelligence.