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Satish Patil (PhD)

CEO & Founder

Mitibase Technologies

1 Rating

KEY GROWTH DRIVERS OF MANUFACTURING INDUSTRY Key to driving business growth in manufacturing

Jan 3, 2022

Harnessing the power of relationship intelligence is the key to driving business growth in the manufacturing industry - Satish Patil (PhD), CEO & Founder, Mitibase Technologies

Sales in the manufacturing industry are all about understanding one’s customers to connect with them. Therefore, one’s customer data is the most essential data resource for sales. It includes everything, from the customer’s association with the business to its relationship networks, which can transform its sales effort. For example, one can secure a warm introduction or get a foot in the door quickly, and one will sell faster.

Accelerating sales with relationship intelligence

Sales professionals spend less than 36% of their time in actual selling. Why? To be effective in sales, they need to research prospects, accounts, the industry outlook, etc, which takes enormous time. It requires sales professionals to dig through customer relationship management systems (CRMs), LinkedIn, Google, news articles, internal documents, external documents and other data sources.

Of course, they could avoid this time-consuming effort and opt for outreach with cold contacts. But businesses recognise that cold contacts are ineffective. In addition, we live in an age of personalised customer experiences, and the old ways of selling in the manufacturing industry are less effective. Successful sales organisations know that relationship intelligence is the secret to reaching key decision-makers. And by keeping all the data in their CRM, the whole organisation can access it from anywhere and anytime. But how can they gather and leverage intelligence more efficiently?

Many manufacturing businesses are adding relationship intelligence to the mix. For example, CRMs powered by relationship intelligence pull in new external data and reveal hidden insights about prospects and leads. The relationship intelligence tools can scour publicly available data like news portals, company websites, annual financial statements, social media & more and automatically identify connections and insights about prospects and leads. Plus, it helps salespersons create a more compelling pitch that leads to a larger sale in less time.

Why CRM adoptions & implementations are poor

Traditional CRM products are primarily designed for high volume, transactional selling and not for complex, relationship-driven information management — that’s why up to 70% of CRM implementations fail. Adding relationship intelligence to CRMs offers new insights that lead to new connections in a company’s shared network. The network is always moving and growing, so constantly staying on top of all the data is crucial. The key challenge companies face today is avoiding any dropped interactions and relationships. And many unknown but already existing relationships are relevant to us that we don’t know we should be searching for. The result is that companies miss out on key opportunities that they should have captured while also wasting time searching for intel that should have been at their fingertips.

Amplify the impact of AI-powered relationship intelligence tools in one’s CRM

Businesses can amplify the impact by bringing true relationship insights within CRM into the manufacturing sales process. And this allows the entire sales team to access this information immediately at their fingertips.

Relationship intelligence today represents a new generation of customer data collection and use. Harnessing that power is the key to driving sales and business growth.

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