Faced with unique challenges that hamper growth, businesses are discovering an effective approach that has revolutionised the way they can use data to execute marketing campaigns that ultimately deliver results.
The cornerstone of success in the business world is the ability to build honest and lasting relationships. Leading organisations have identified the value of data sets held within the firm’s collective relationship network. They have recognised the need for AI-powered Relationship Intelligence to derive meaningful insights that can help them scale their operations.
Artificial Intelligence (AI) is already disrupting business processes in virtually every industry. As AI technologies continue to proliferate, they are becoming indispensable for maintaining a competitive edge. Relationship Intelligence in particular can help unearth the quality and strength of relationships in the organisation’s collective network — what’s commonly known as an organisation’s relationship capital.
How can Relationship Intelligence impact business growth?
- By gaining insights about clients where communications are weakening, a firm can act swiftly and improve client retention.
- Insight into real-time data analytics means it allows you to see which other key co-worker, client or partner has a relationship with a prospective lead, thus revealing referrals and warmer introductions.
- Notifies you if a contact has moved organisations. This has the potential of creating another business opportunity for your firm.
- The ability to cross reference inbound enquiries and marketing responses makes it easy to see if your firm has had a past interaction with a prospect and also the nature of the relationship established.
Reach the Right Customers
Growing your business is not just about engaging the most number of customers. It is about engaging the right ones.
Relationship Intelligence can help create various customer segments based on demographic, technographic and firmographic data collated via the platform. This makes it easier to identify target customers, prioritise deals that are likely to close, and personalisation your marketing efforts.
Another significant source for profitable business are your referrals. The platform taps into your “hidden” network and helps you use these referrals while prospecting — thus shortening your sales cycle and enhancing your ability to win. Since these referrals can significantly drive your revenue, they are equally valuable. Firms require visibility of various touchpoints to ensure effective management of these relationships, therefore protecting their revenue sources.
Gain Perspectives from Complex Networks
We have established that relationships are critical for your firm’s success. But this success hinges on the need for visibility and transparency of how your key relationships work within and outside your organisation.
Relationship Intelligence can highlight the strengths and weaknesses in the intricate network that would otherwise go unnoticed. By identifying waning relationships, you can take proactive measures and make sure you don’t let an opportunity slip. It can also be used for identifying cross-selling opportunities which not only increase your firm’s revenue, but can also protect you from losing a client to a competitor.
The Bottom Line
Organisations with data-driven cultures will see great value in this. They can bring a data-informed, strategic approach to their business development efforts. In turn, this promotes greater internal collaboration as they extend their network’s reach into the marketplace. As a result, your teams make smarter decisions about where to invest time and money to drive a greater return on investment.
With Mitibase’s Relationship Intelligence platform, you can embed relationship data into your workflow. You can ensure every action taken at your firm is driven by AI insights delivered at the right time. It provides your team with insights to form a bigger picture that improves strategies or drill down into minute details to make tactical adjustments. This increases your chances of converting opportunities into wins.
Want to learn how you can take advantage of your organisation’s relationship capital? Get in touch with us!