In B2B business, weak relationships with prospects and customers can lead to missed opportunities. The decision-making process for B2B buyers has become longer and more complicated. The relationship between buyers and your business has grown to be even more important.
B2B relationships have grown more complex. It is no longer enough to have a good relationship with just one person inside a business of interest. Multiple decision makers are becoming increasingly involved in purchasing decisions. An average of 6.8 people are now involved in the B2B decision-making process of the buying journey. As a result, it has grown ever-more important to build a rapport with multiple playmakers.
What is relationship mapping?
It is important for B2B companies to understand the needs and interests of each person that is involved in the decision-making process. This understanding can help your sales team to build a valuable rapport with prospects. Relationship mapping can make this process easier.
In order to close deals and provide your customers with the best experience, you need to be aware of the positions your contacts hold within their business and their level of influence in the decision-making process. Mapping their level of influence and their relationships within the organization can help you to focus your efforts appropriately.
Relationship mapping helps the sales and marketing teams of a business to optimize their lead generation strategies and increase revenue from existing accounts.
Modern technology keeps the process of creating relation maps automated. Gathering insights using modern technology can automatically keep your relationship mapping efforts up-to-date.
Customer relationship management is a vital part of B2B sales. CRM software can give every team member on-demand access to key players and relationship intelligence.
Keeping your CRM system up-to-date helps your employees to make more efficient use of their lead generation efforts. Implementing automated CRM software reduces the time that salespeople would have previously spent manually searching and logging contact details.
An automated CRM system coupled with relationship mapping can greatly benefit your sales and your marketing teams. It also helps to retain your current customers.
Sales team benefits
It provides sales teams with the relevant information that is needed for their next big meeting with a prospect. Relationship mapping alongside CRM can help your sales teams greater prepare for meetings. The relevance of information will differ depending on your prospect’s level of interest and their level of influence on the purchasing decision.
Marketing team benefits
Content is a key component of B2B marketing strategies. The modern buyer’s journey now takes longer than ever. Buyers are conducting more and more research before reaching the purchasing stage of the journey. Content is used by marketing teams to attract buyers to their business and nurture them to the purchasing stage of the sales funnel
Metrics provided by CRM and relationship mapping can help marketing teams to tailor their content to each prospect’s needs and their stage in the journey. It optimizes the content process, ensuring that the marketing teams are releasing relevant content to the right prospects at the appropriate time.
Retain your customers
Expectations fill the modern buyer. If your business cannot meet these expectations, buyers will turn their attention to a competitor. It costs between 6 to 7 times more to acquire a new customer than it does to keep a current one, while the odds of selling to an existing customer is 60-70% with the odds of selling to a new customer is far lower at just 5 to 20%. So, it makes perfect sense to put effort into keeping your current customers happy.
Relationship mapping and an efficient CRM system can help to streamline the customer’s experience across the all departments. The number of departments your business has will alter depending on the size of your business. Whether you are a small start-up or a large business, optimizing your customer relationships with each department helps your business to deliver the best customer experiences.