CRM solutions have made life easier for sales teams, customer service representatives and marketing teams by offering them an end-to-end view of a customer’s journey, and streamlining workflows to a large extent. But, the CRM providers do not address the quality of data captured on the platform. Instead they leave it to their customers to employ processes to ensure the hygiene of the CRM database.
Another area where traditional CRM solutions fall short is that the platform doesn’t focus enough on human interactions. The software doesn’t capture the nature of the relationship between different individuals, and between an individual and an organisation.
With the advancement of AI, large quantities of data can be interpreted accurately and businesses can generate great actionable insights from these data sets to reach their specific goals. Further , if data can be obtained from various customer contact points, it can support companies in reaching the right customers, generating personalised marketing responses. This means retaining more customers, gaining a competitive advantage and driving revenue growth.
It’s time to take your CRM to the next level. And Relationship intelligence is what you need!
Relationship intelligence is the process of gathering and analysing information about your organisation’s relationship network with current and potential customers, and to build deeper relationships for increasing the likelihood to sell and up-sell.
How can Relationship Intelligence help your business?
Relationship mapping and scoring
Relationship mapping is easier said than done. According to a research conducted by Forrester, CRM platforms of 60% of the companies surveyed had ‘unreliable’ data with missing contact information and activity data.
What makes it even more difficult is that people handle data entry differently — the possibility of having full visibility of your customer interactions and in real-time is low. Additionally, people change jobs, change titles, and often don’t update their contact books/ social media profiles until a few months into a new job. Tracking these manually is tedious, but on the flip side —can create multiple blind spots.
It’s also not about who you know or the number of people you know. For increasing your revenue streams, you also need to be aware of the hidden relationships in your ecosystem which is larger than your current network, and how well you are connected with each other. There is nothing more effective than warm introductions and referrals to get your foot through the door.
Relationship intelligence can enrich the data fed into your CRM accumulated from different external sources. It even records the interactions taking place between the prospects or existing clients and all areas of the business into a central location.
The platform then leverages your organisation’s collective network to identify the strongest path to a decision maker, to unlock new business avenues, and to extend your reach in the marketplace. The strength of relationships, however, influences the outcome.
Improve your ability to retain customers
While revenue and growth rate are important metrics to track, monitoring your retention rate should also be a top priority. Research shows that nurturing existing relationships can be 5 times more cost effective than attracting new ones. But how to know where to pursue further opportunities?
Using AI to power relationship mapping, businesses have access to up-to-date records of all roles, restructuring at a client’s organisation and of any relationship fluctuations. This provides them with the necessary insights to strategize for opportunities to expand or cross-sell.
The platform also sends out alerts to signal waning relationships, thereby enabling you to take proactive steps at the right time.
Increase your visibility
Why exactly do you need a CRM? Is it to ensure your pipeline is full, or to have more visibility on your sales activity? With access to real-time relationship analytics — CXOs, sales executives and RevOps have a clear-eyed view about how the sales relationships are performing so they can drive business growth, and take necessary steps to mitigate risks.
Go beyond your typical CRM
Incorporate relationship intelligence within your organisation’s existing CRM to reveal the people who will have the biggest impact on your business goals. With this intelligence, closing a deal would be easier than before.
Get started today with Mitibase. Reach out to our team to know more about automating and enhancing your customer relationship management.