Relationship Intelligence in a Business

As a business, growing and being successful involves much more than just getting on your sales prospecting tool and calling potential customers. By definition, sales prospecting is the process of identifying and reaching out to potential customers or buyers and communicating with them using sales prospecting tools to decide whether to move them through the sales funnel. 

As effective as sales prospective tools are, understanding your customers well can go a long way in improving your sales and that little trick is what is called relationship intelligence.

Relationship Intelligence

Relationship intelligence tools are programs that help you better understand your customers and improve your sales.  If you own or run a business or organization, you probably already know that your relationship with your customers is one of the most important parts of your organization. The quality of your interaction will actively contribute to customer interaction and loyalty – you know what they say, a happy customer, a happy business.

These tools in a way conduct organization network analysis between you and your customers and it can be very beneficial in the long run. 

Organization network analysis basically measures and makes patterns of collaborations by examining interactions between people in a network – in this case, the network is composed of you and your customers. Key features of interaction that are analyzed include strength, frequency, and the nature of interaction. 

These programs help you better understand your clients by analyzing their data, which makes you spend less time on menial upkeep. You can now focus the saved time and strength on growing your business.

Relationship Intelligence Tools

Relationship intelligence technology collects and generates insights based on your interactions with your customers and workmates. The data to be analyzed for insights is gotten from interactions through emails, phone calls, sales pitches, and meetings. After all this data is analyzed, you can get insight into your customers’ behaviors and actions, which you could implement to solve problems and improve communication.

Nearly all your interaction with customers can be turned into data by relationship intelligence software. However, if you need specific data tools to help you interpret that data, you can opt for such. 

A study conducted revealed that only about 15% of businesses fully understand their customers and address their needs. Are you in the 15% or the rather unfortunate 85%? Chances are the latter. 

Relationship intelligence technology can help you be on the winning team.

Why You Need Relationship Intelligence Technology

Fasten Sales and Business Cycles

Relationship intelligence software can help you with upcoming sales goals or in pushing a particular product. This technology can analyze your customers’ data and track patterns which will help you develop a sales plan in line with the insight gained from the data analysis. You can now target loyal customers with personalized sales pitches made for them. 

Adding relationship intelligence to your sales goals will lessen the load of having to worry about unclear outcomes because you already have data analytics to support your decisions.

Analyze and Interpret Information Key for Customer Relationships

Sometimes when running a business, sales may plummet for reasons unknown to you. After careful deliberations and investigation, you probably may still not have a clue why your sales are declining. 

You can implement relationship intelligence technology to analyze one key aspect to sales in a business: customer behavior and how they relate to your business.

The technology can analyze key data like when last you contacted a customer or why a certain product is still on the shelves. Outcomes of such data can give you some clear ideas as to why whatever is happening is happening. You can now use that data to make key adjustments aimed at improving customer experience to better or fix your sales.

Identify Existing Relationships

One great way of improving sales is strengthening the relationship with one existing customer. See that old lady who has been coming to your store for years on end? 

That is the textbook definition of loyalty. That one satisfied customer will send all her kids, grandkids and entire extended family to your store for supplies any time they visit her.

From a statistics point of view, strengthening the relationship with an existing customer is five times more cost effective than attracting a new customer.

Whatever relationship intelligence tool you use can help you assess all your current customers and partners, which will help you identify existing relationships that have potential for more growth opportunities.