Whereas business intelligence data focuses on elements that are company-centric, relationship intelligence data (RID)—a subset of customer intelligence—puts importance on the relationship between the company and its customers. Instead of tracking performance metrics such as lead response time or average call handling time, RID includes statistics that are unique only to the customer: number of calls made or emails sent, last time they talked to customer support, the number of cycles they have renewed under their current subscription, and so on.
Almost any interaction with a customer can contribute to RID. However, similar to other intelligence data, specific tools are needed to convert them into meaningful information. Specific CRM tools that are calibrated to manipulate these specialized datasets, like Salesforce’s RelateIQ technology, are needed to extract and display data in a structured way to decision-makers and field personnel. Ultimate, this helps a business become proactive in their approach to the customer.
Relationships are All About Loyalty
Most people who are subscribed to a service for an ample amount of time will encounter what is most commonly known as a loyalty program. These promotions are marketed by businesses to entice a long-standing customer to invest in either a better tier of their current subscription or a new service entirely. On the business side, this is important because retention is a key metric in any business, that is, keeping around customers as more than just one-time users.
Loyalty programs are actually a product of basic RID. When businesses start looking into their customer base and discover which customers have been patronizing the service more than others, they have just identified which customers are more open to the other services they offer. With additional research into the behavior of the customers, they can unlock key interests that they can use to tailor-fit their offers and potentially close more deals.
Relationship [Data] With Benefits
A clear benefit of having relationship intelligence data for sales agents is they can access unique data about the customer and use this to their advantage when interacting with them. For example, a customer who signs up actively for discounted one-time services can be offered a long-term subscription at a discounted rate. This allows the business to retain the customer even when there are no discounts but at the same time allow the customer to avail of services at a rate that matches his average buying power.
On the telemarketing front, having important customer-centric data allows sales agents to be able to engage their customers on a more personal level. They can improve their customer service by knowing when a customer’s celebrating their birthday, the last time they were offered a loyalty gift, or even just knowing the client’s preferred time of day to receive a call.
Latest posts by Patrick Hogan (see all)
- 3 Crucial Components of an Effective Sales Follow Up Strategy - October 26, 2016
- 5 Leadership Techniques to Inspire Your Team - September 20, 2016
- 23 Thought Leaders Answer: What’s Your #1 Tip for a Successful First Meeting with a Prospect? - July 11, 2016