In business and in life, relationships reign supreme. When you build strong relationships with your customers, they’ll be more engaged, remain loyal, and will passionately advocate for your business — making them key factors in growing and protecting your revenue.
A key qualifier of a successful customer relationship: knowing who they are. Sounds simple, right? But getting to know your customers takes more than just a handshake and a “How do you do?” It takes a holistic, deep-dive approach to know exactly what you need to do in order to gain — and keep — your customers’ loyalty.
That’s where relationship analytics come in.
What is Relationship Analytics?
Relationship analytics serve as a map, from which you can determine the strength of your relationship with a contact. They allow you to get a picture of who you know, and who else knows them. With insights into a contact’s seniority, department placement, and relationship to you, you can navigate the way you engage with your contacts and ensure they are taken care of.
That’s not all these insights can do. Relationship analytics allow you to:
Grow Your Pipeline & Improve Conversion
With insights into who knows who, relationship analytics form a chain of contacts within your database. Think of them as a demonstration of your “degrees of separation” from a contact: because you know Mr. Smith, you’re two degrees away from knowing Mrs. Smith.
Armed with this knowledge, you can set your sights on prospects that could become contacts through warm introductions — and seeing as 84% of B2B decision-makers kick off their buying processes with referrals, warm leads drastically increase your chances of closing a deal.
Understand Why Deals are Won & Replicate the Process
Not only do relationship analytics uncover how well you know someone — they also keep track of the health of your relationship. Based on communications between your organization and your customers, you can keep track of where things went right — and not so right — within the sales cycle. This promotes valuable reflection on your wins and losses, allowing you to replicate successful processes based on real, actionable data.
Maintain Key Stakeholder Relationships & Plan for the Future
Even the smallest amount of current customer nurturing can grow your revenue by staggering numbers. According to research done by Bain & Company, increasing customer retention rates by 5% increases profits by 25% to 95%.
Relationship analytics call out not only where improvements can be made, but how these connections can be salvaged. They give you insight into who your key stakeholders are most connected with at your organization — essentially, who is the best person to reach out when things seem to have gone awry along the line. Nurturing these relationships helps to secure revenue in the face of departures and economic changes, putting your organization in a good place within uncertain times.
Reduce Key Person Risk
When valuable information lies with individuals instead of being widely accessible, you run the risk of losing important insights when staff departures occur. Using relationship analytics, you can bring these relationships out of the silos created by “key people” on accounts, and give your organization the power to adapt along with internal changes. That way, your people can pick up right where a former staff member has left off, and your relationships can remain nurtured and strong.
Introhive delivers the power of relationship analytics with the ease and intuitiveness of AI. Using our relationship intelligence automation platform, you can quickly access analytics and insights to help you understand why you win deals, leverage existing relationships to protect or grow revenue, and turn insights into action.
Ready to see what Introhive can do for your revenue? Request a demo to see it in action.