Relationship mapping improves sales procedures and builds a more informed team of representatives for surgical proposals and presentations. Using this technique instead of traditional organizational charts yields significantly greater results in sales margins and revenue growth.
Most importantly, relationship maps have a direct bearing on a company’s growth in the short to long term. Relationship mapping has aspects that foster positive growth prospects for businesses. What are the most common growth prospects that businesses can think of by using relationship maps? Let’s take a look.
Retaining customers
Business growth relies on retaining customers since that manifests a healthy relationship between your business and consumers. If customers choose you over the competition, they are highly likely to suggest the products or services provided to others. Using a Relationship Mapping Software contributes to retaining customers and keeping them satisfied.
Whether B2B or B2C transactions, properly maintaining relationship maps on Prolifiq will lead to business growth. The tool uses AI to maintain developed relationship maps, aggregates all the insights gathered, and outputs comprehensive Business Intelligence findings. Those findings can be used to retain current customers and find other potential loyal consumers.
Upselling to current customers
One of the most effective growth methods is upselling when customers make a purchase. Having relationship maps gives you a peek into the user habits of the customers, making it easy to upsell whenever the time is right. Most e-commerce platforms upsell directly as users purchase by direct selling.
Maintaining relationship maps promotes more targeted and effective upselling. The timing has to be correct, and the suggested products need to match user habits. Relationship maps reveal that information as comprehensive data is gathered and stored about customers. This type of upselling is common in the B2B sector for frequent customers due to its nature.
Vertical expansion opportunities
Expanding vertically within the sector and niche you are in has the potential of driving significant growth within your company. As a B2B supplier, there might be various other items in stock that can be marketed and sold within that relative market. At the same time, B2B suppliers can easily source items in high demand within their respective industries and niches.
Mapping relationships can help unlock those opportunities, especially since it offers insights into key decision-makers in a buying group. Those decision-makers can be convinced to source other products from your business, unlocking vertical growth with higher profit margins.
Expanding to different markets
The networking opportunities provided by relationship mapping can also open expansion opportunities to completely different markets. Sometimes, executives within a buying group might have other business interests elsewhere.
Making a strong initial impression can put you in a favorable spot with all decision-makers within the buying group. The only way to do this is to understand everyone within a buying group. Understanding their motivations and core beliefs with the intention of aligning your proposal using the information you have can open opportunities in other markets. Those markets could be different from the one you were targeting at that point.
Effectively using relationship mapping tools
Relationship mapping tools have a wealth of information that businesses can utilize to optimize sales margins and revenue streams. There are plenty of growth opportunities that result from mapping business relationships continuously with an advanced tool. Relationship mapping tools generally require little initial input from you, but more insights can be added as time goes on.
Ensure that the tool is fed accurate information and on time to properly identify valid growth opportunities. Lastly, use every bit of information to improve sales procedures and promote the culture of retaining customers.