When it comes to sales, competing effectively is about more than who knocks loudest or more frequently. Your sales team’s ability to open doors and close depends on making timely, informed decisions – and corporate families data can help.
- Gain Deeper Insights into the Companies You Want to Win
Is the target company a parent company or a stand-alone organization? Comprehensive information about corporate families helps you identify company types at a glance, and customize your sales pitch accordingly. If your sales team is targeting an ultimate parent company, for example, you can build in anticipated volume pricing advantages to make your products or services more attractive to the prospect.
- Discover New Opportunities with Existing Customers
Winning new customers cost more than maintaining existing customer relationships. Why not identify the “low-hanging fruit” for more cost-effective prospecting? Corporate families data allows you to quickly see cross-sell and up-sell opportunities within related companies – in the United States and around the world. Since subsidiaries may have completely different names from parent companies, you need reliable corporate families data to pinpoint these relationships. Having inside connections to open doors and provide positive feedback to their colleagues can further enhance your sales team’s ability to win new business.
- Improve the Quality of Data in Your Customer Relationship Management (CRM) Solution
Whether you use one of the popular cloud-based CRMs or a custom CRM, the tool is only as good as the data entered in it. Being able to supplement existing data with verified corporate hierarchies and contact details ensures that your sales, service and marketing teams have the information they need at their fingertips. A data tool like Corporate Affiliations allows you to identify prospects using a wide range of criteria and export the results in CSV format to quickly import into your CRM.
- Limit Your Risk Exposure
Every sales organization has come up against this hurdle – your current customer contact leaves suddenly, and retention efforts stall. If you’ve already paved the way by making connections with others throughout the organization, you are better positioned to weather personnel changes and maintain or continue to grow your sales within the organization. In addition, a complete view of the corporate hierarchy gives you insights into potential risks based on financial weakness within a parent or subsidiary company.
- Achieve More Efficient Territory Planning
By using corporate families data, you can avoid territory overlap and optimize time spent traveling. Without understanding a corporate family, you could have multiple sales reps calling on companies that area part of the same family – an inefficient approach that uses up your valuable resources and can cause confusion within the prospective customer. By identifying one sales rep for an entire corporate family, you avoid any overlap of sales efforts and offer the prospect or customer the advantage of a knowledgeable, single point-of-contact that understands the customer’s needs. In addition, if a sales rep is going to visit an existing customer, you can create a relevant prospect list based on zip codes or cities to maximize the value of a sales trip.
- Predict Your Sales Timeline More Accurately
Based on past experience, you may have an expected time-frame for closing a sale. Unfortunately, different organizations work at different paces. Companies within the same corporate family, for example, may follow a similar sales approval process, allowing you to better anticipate how quickly a new prospect within the corporate hierarchy will move through the sales funnel. The ability to better gauge your sales timeline can help you manage the hills and valleys typical sales teams encounter.
The bottom line? Keeping your sales team informed with validated corporate family data available in Corporate Affiliations ensures that your sales reps are working smarter to win more business for your organization.