Few understand the role of client data and analytics more than Ben Roles, Introhive’s new Senior Technical Solutions Manager. With a background in developing unique CRM solutions for businesses spanning several industries, Ben has seen first-hand the effect successful data analysis can have on business growth and development.
Here at Introhive, we are thrilled to have Ben join our team. Equipped with architectural and technical knowledge of CRM solutions that improve business processes, Ben will be a vital player in helping our clients achieve maximum ROI from their CRM systems.
To welcome Ben to the team and share his unique insights with you, we sat down with him to chat about business development and what he thinks helps firms get a return from their CRM. Here’s what he had to say.
A Growing Demand for Analytics
Client data and analytics is not a new concept for many firms. But according to Ben, there is an increased requirement for accurate analytics as it pertains to developing your business.
“Firms often wonder ‘we have a CRM, but now what?’ They want to know how they can make sure the data is going in, is up-to- date, and has an analytical layer that helps them grow their business,” Ben says. “By finding out the things that work and the things that don’t, firms can reduce their cost of acquisition.”
Without layers of client data and insights in their CRM, business development teams will have a harder time closing deals, which creates a longer sales cycle. In addition, data can let your team know which tactics they should eliminate, saving time and money. Combine these two facts together, and you have an increased demand for accurate, actionable client data.
How Firms Can Better Leverage Their Data
One of the top CRM challenges for firms is adoption. In fact, a CSO Insights report found that 56% of top performing sales organisations have a CRM adoption rate less than 90%. Even top performing companies have business development professionals that are left in the dark, unable to see or use the insights that are locked within the CRM. But luckily, Ben has a solution.
“You want to get access to client data in the most passive manner possible,” Ben says. “No one likes changing the way that they work. Your CRM should identify who you’re talking to, what they’re doing, and more without changing your business’ workflow. This is why tools like Introhive are so important for firms.”
The secret to using your CRM’s client data is making it as unobtrusive as possible. Through features like CRM data automation and relationship intelligence, business development teams can gather actionable client insights without needing to perform additional, mundane tasks.
The Future of Analytics at Firms
Making sure your firm stays ahead of the game is essential for securing your firm’s longevity. When asked where the future of data and analytics was headed, Ben was certain of the answer.
“Artificial intelligence is coming into the fold and will become a fixture in data. AI can help identify correlations and data patterns automatically and can even analyse client sentiment,” Ben explains.
Why is AI-powered data important for your firm’s future?
According to Ben, it can increase your upselling opportunities. Most business development teams focus on acquiring new clients, but that can be up to five times more expensive than selling to an existing client. By knowing what works with a specific client, your team can sell more to the clients you’ve already won. Artificial intelligence is the tool that will help you automatically identify who to sell to and what the offer should be. And for AI to work, it needs accurate client data—something Introhive is already helping firms deliver. With a base of automated, up-to- date client data to power it, artificial intelligence can flourish and provide a wealth of new opportunities for firms.
Enjoy the Benefit of Third-Party Tools
Before we ended our conversation, Ben shared an interesting point that “companies are becoming increasingly invested in technology.” This investment has caused many firms to become more focused on their technology in-house instead of their core business (i.e. finance, legal, etc.). If they partnered with a third-party vendor instead, they could reduce their cost of ownership and re-focus on their products and services.
Take Ben’s advice to heart and avoid trying to create an optimised CRM solution on your own. For more information on how to implement a CRM system that works, find out how CRM automation can help you collect and take advantage of client data.