October 26, 2022 – Here’s a way to take your existing customer relationship management (CRM) data to the next level: Integrate relationship intelligence into your organization’s existing CRM and reveal what will happen to your business goals The biggest influencers, Global Data says BoardEx Inc. in a new report. When this intelligence can be found through a company’s CRM, the time it takes to close a deal is reduced.
“Success comes from the power of relationships, connecting you to an ecosystem larger than your current network,” BoardEx said. “Employees can create network effects that unlock more value from their organizations. The collective strength of a company’s business relationships fosters greater internal collaboration between teams and extends the network to the marketplace.”
We may operate in a digitally driven market, but the people, relationships and networks still power the business. “Determining key decision makers for products and services can be a lengthy and expensive process if you rely solely on CRM systems,” BoardEx said. “Relational intelligence based on accurate, relevant and timely data can help organizations make decisions that drive superior outcomes. The strength of a relationship can help determine the quality of those outcomes, but the stronger the relationship between two people, the greater the likelihood of success. bigger.”
build the brand
Data in a CRM system consists of a limited set of contacts, usually based on the company’s existing relationships. The accuracy of this data relies on regular updates from business development, sales and marketing teams with different business priorities. “Other data limitations include reusing the same pool of contacts for business development activities and activities,” the BoardEx report said. “Without monitoring, more than 30% of contact data is out of date every year. In short, it becomes difficult to attract, acquire and retain customers because the CRM system tells you what you already know.”
Research also tells us that nothing is more effective at getting you started than a referral and a warm introduction: BoardEx says that for 84% of B2B decision makers, the buying cycle begins with a referral. Referrers also have a 30% higher conversion rate compared to non-referrals. Referrers have a 37% higher retention rate compared to non-referrals.
Organizations can enrich their CRM data with relational intelligence from external sources. “These external sources can help uncover referral and referral opportunities and be the source of your next big deal,” the report said. “With the amount of data available in the public domain, how can organizations use this information to manage their relationship capital and outreach. their network?”
“Relationship capital is the collective network of professional relationships of all employees in an organization,” BoardEx said. “These can be relationships with board members, customers, partners and suppliers, as well as your alumni, former employees and influencers in various industries.”
Relationship intelligence enables organizations to assess the value of their relationship capital. By mapping business relationships, organizations can research and identify the strongest ways to connect with influencers and decision makers that are critical to success.
“As an employee, I can add my relationship to my company’s network to extend its value and improve its relationship intelligence,” BoardEx said. “This will create a network effect to reveal more actionable connections.”
The impact of data on headhunting
As workforce management paradigms shift to meet the talent needs of the 21st century, HR leaders and executive recruiters are leveraging new tools and leveraging analytics to adjust their strategies and respond to changing trends. Anyone tasked with choosing new leaders knows that they have a daunting task ahead of them. But what has changed over the past few years is that leveraging data and analytics can minimize the risks associated with onboarding newcomers — at every professional level. Big data is behind it all. Ready-to-use analytics have revolutionized how companies operate now, go to market, track employee performance, and take the guesswork out of hiring.
Organizations with a data-driven culture will see the most value and greater internal collaboration as they expand their networks to market, the report said.
what recruiters say
In an interview with Hunt Scanlon Media, two executive recruiters said:
Phil Brakewell, WilsonHCG’s senior vice president of NAM and EMEA headhunting, says relationship intelligence really helps expand a recruiter’s network. “Awareness of potential connections allows executive recruiters to expand their network and build credibility with their clients and prospects,” he said. “Essentially, executing a search requires a network of relationships, and enhancing the information surrounding those relationships can strengthen them. Relationship data is a critical part of being influential and persuasive, a requirement for executive recruiters.”
In fact, CRM data can help transform executive search. “First, it helps executive search professionals understand complex organizations both vertically and horizontally,” Mr. Blakewell. “As executive search teams are engaging with multiple business leaders on a daily basis, relationship intelligence helps gain real-time visibility into organizational dynamics and operations within those organizations. Second, the information we have about the connections we have allows us to further strengthen Current relationships or new relationships based on our newfound knowledge.”
Frank Scarpelli, Managing Partner and CEO of HireWerx, said that integrating relationship intelligence and predictive insights into his firm’s customer/candidate relationship management system gives HireWerx a unique perspective on current and potential customers and candidates. “Our strategy enables us to generate actionable insights based on existing relationship data for clients, colleagues, partners and candidates,” he said. “We leverage publicly available information through a variety of sources, including social networks. This approach allows us to build and strengthen an ecosystem of relationship capital.”
Integrating relationship intelligence with CRM allows your team to leverage their collective network and the many interactions that occur every day, Mr. Scarpelli. “This integration improves team performance by unlocking and optimizing information within the company,” he said, “ultimately extending influence into your niche. Relationship capital is very valuable, but only if you can leverage it.”
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Contributed by Editor-in-Chief Scott A. Scanlon; Dale M. Zupsansky, Editor-in-Chief; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media