Businesses both large and small need to work hard to attain customers. And even after someone becomes your customer, you need to work even harder to retain them. Customer retention is, by far, the single most crucial issue for businesses of all sizes.
Tracking client interactions from the first interaction to effective conversion and beyond improves customer satisfaction. What enterprises need is technology that can break down the traditional barriers or silos of information that exist in each department.
Enter relationship intelligence!
It is critical for businesses to understand how effective their outreach was. With relationship intelligence they can facilitate conversations internally, you can strengthen the amount of information you have on your customers and allow each department to provide a better level of service.
Breaking down omni-channel communications
A wide range of communication channels are used to engage customers and without a “single source of truth” a company can miss out on valuable customer insights. Furthermore, processing and handling a huge volume of data manually can get overwhelming.
AI-powered tools like relationship intelligence platforms can save you time by sourcing the right data. The platform can provide the right insights required to build, nurture, and grow client and prospect relationships, and can have a far-reaching effect on productivity for the overall organisation.
Unlock your network’s value
Relationship intelligence allows organisations to research and identify the strongest path to connect with the decision makers critical for success. By mapping business relationships, your sales teams, for instance, can identify individuals (within their organisation and in their extended network) who can act as a referral or provide a warm introduction, and engage with relevance so that they can eliminate the cold call.
If you have a niche product, you will need access to the right data to narrow down your target market. With relationship intelligence, you will also gain a better understanding of what your ideal prospects need, their purchase behaviour, and how they prefer to interact with a business.
Gauge the strength of your relationships
The challenge of keeping a ‘relationship map’ updated made it difficult for business teams to adopt it. Fortunately, platforms powered with AI have automated the process of relationship mapping. What’s more, data being fed is automatically updated, thereby ensuring that contact databases never go stale.
Businesses can analyse trustworthy data to reveal valuable insights — who in the organisation or in the organisation’s collective network has the strongest relationship with a target client, or where there are opportunities to up-sell or cross sell, or identifying new business avenues, etc.
Relationship maps and relationship scoring can help keep track of key decision makers. These insights can typically increase your ROI compared to your traditional CRM system and exceed your expectations.
Optimise your sales strategy
Not all prospects are your ideal customers. With the availability of a real-time data set, you can create a focused profile for your customer type. You can review the list of potential targets and assess whether these are actually viable accounts to spend your resources. You can also use your historical data to map out your ideal customers based on the past success rates, making it easier to identify and prioritise accounts.
No business can afford to be behind in the market. With AI-powered data sets, businesses can constantly analyse market trends and customer’s interests, and make informed data-based decisions that will lead to optimisation of resources and processes.
Proactively identify relationships at-risks
Not all relationships bear the same weight! The platform provides a 360 degree view of relationship strength at both levels — individuals and organisational, and will also proactively send alerts of weakening or at-risk relationships thereby enabling business development teams to take corrective action before it’s too late.
How Mitibase can fit in
Mitibase can provide a deeper understanding of business relationships like never before. Using the power of AI and automation, the platform processes multiple data points per person per day analysing business relationships across the entire organisation’s collective network, and sheds light on the increasingly complex B2B ecosystem that can help win more business.
Have questions for us? We are here to help you. Get in touch and book a demo to understand the workings of our platform.