Pro Tip: Take your existing CRM data to the next level. Incorporate relationship intelligence within your organizations existing CRM and reveal the people who will have the biggest impact on your business goals. When that intelligence can be found with a company’s CRM, the time it takes to close a deal shortens.
Success comes from the strength of relationships, connecting you to an ecosystem greater than your current networks. Employees can create a network effect to unlock further value from their organization’s. The collective power of an companies business relationships promotes greater internal collaboration among teams and extends the network’s reach into the marketplace.
We may operate in a digitally driven marketplace, but people, relationships and networks still power business. Identifying key decision makers for your products and services can be a long and costly process when relying solely on a customer relationship management (CRM) system. Relationship intelligence based on accurate, relevant and timely data can help organizations make decisions that will drive exceptional results. The strength of relationships can help decide the quality of those results, however the stronger the relationships between two people, the greater potential for success.
Building the Brand and Generating Demand
Data in a CRM system contains a limited set of contacts normally based on the company’s existing relationships.
The accuracy of that data relies on regular updates from, business development, sales and marketing teams with different business priorities. Other data constraints include using the same pool of contacts repeatedly for business development activities and campaigns. Over 30% of all contact data becomes outdated each year if not monitored. In short, engaging, acquiring and retaining clients becomes difficult because a CRM system will tell you what you already know.
Research also tell us that nothing is more effective at helping you get in the door than referrals and warm introductions:
• For 84% of B2B decision makers, the buying cycle starts with a referral.
• Referrals are also 30% more likely to convert compared to non-referrals.
• Referrals garner 37% higher retention rates compared to non-referrals.
The Role of Relationship Intelligence
Organizations can enrich their CRM data with relationship intelligence from external sources. These outside sources can help to reveal referrals and introductions opportunities and become the source of your next big deal With the volume of data available in the public domain, how can organizations consume this information to manage their relationship capital and expand their network?
Relationship capital is the collective network of all the professional relationships of employees in an organization. These can be relationships with board members, clients, partners, and suppliers, as well as your alumni, former employees, and influential people across industries.
How to Unlock Value From Your Network by Integrating Relationship Intelligence with your CRM
Relationship intelligence enables organizations to assess the value of their relationship capital. By mapping business relationships, organizations can research and identify the strongest path to connect with the influencers and decision makers critical for success.
As an employee, I could add my relationships to my company’s network to amplify its value and increase its relationship intelligence. This would create a network effect to reveal more actionable connections.
Organizations with data-driven cultures will see the greatest value. Greater internal collaboration as they extend their network’s reach into the marketplace. How can your organization take advantage?
Article updated on April 18, 2022.