How Relationship Managers Can Use Saved Leads to Grow Existing Business
Discover how Relationship Managers can use saved leads to strengthen relationships with existing customers and increase revenue.
December 11, 2014
Increasing revenue from an existing client base can be a tricky proposition. Preserving long-term relationships must be a priority, but it’s important to take advantage of upselling and cross-selling opportunities, too. Growing existing business also requires effective sales lead generation to ensure you are building deeper relationships with the right people at the organizations you already sell to.
Read on to learn how Relationship Managers can use saved leads on LinkedIn to strengthen existing relationships, form new relationships with the right people, and increase revenue among current clients.
Deepening Relationships with Existing Clients
While you are likely connected to most of your clients on LinkedIn, you also understand that untapped potential resides within your network.
As you set out to better leverage your existing connections, you might focus on two goals: First, you can target growing existing clients’ spend through upselling opportunities. Second, you can explore cross-selling opportunities with additional decision makers and influencers from other divisions at the companies you do business with. By saving leads on LinkedIn, Relationship Managers can take the guesswork out of growing relationships and revenue.
Relationship Managersmight start each morning by checking your News Stream to get updates from your saved leads. Here, you’ll see comments, shares, and other activity from your connections. You also have the opportunity to engage in client conversations and post content of your own. By consistently providing valuable information, you can become the go-to resource for the buying committee(s) at client organizations.
Prospecting for New Business
The Lead Builder tool within LinkedIn Sales Navigator can help Relationship Managers identify influential members of buying committees from other divisions or departments at companies you sell to. This lead development feature can be integrated with your CRM platform, meaning your lead list is synced daily.
In addition to getting customized lead recommendations, you have the ability to save and track up to 3,000 professionals. Saved leads save you time. You can monitor the activity of prospects in one place, rather than having to visit multiple profile pages to check for updates or insights. Further, your News Stream can reveal “trigger events” that enable you to connect with decision makers at the right time.
You can also be proactive in establishing yourself as a trustworthy solutions provider. For instance, you might weigh in on trending industry topics, or share insights that add value to LinkedIn Group discussions.
Leveraging Existing Connections to Get New Business
You can leverage connections with existing contacts to secure warm-path connections to prospects in other areas of the organization. In fact, citing a common LinkedIn connection makes it 70% more likely that you will secure a meeting. You can also ask your current connections to introduce you to colleagues by taking advantage of the “Get Introduced” option on LinkedIn.
In addition to increasing upselling and cross-selling opportunities, paying attention to daily updates can be critical for protecting current accounts. For instance, noticing when clients connect with competitors can help you prioritize relationship-building efforts to ensure you can continue to meet the evolving needs of your customers.
Social selling decreases the time and effort it takes to keep up with clients because much of the “work” is done by your network. Greater client engagement can help improve your organization’s retention rates and increase customer lifetime value. Meanwhile, your network connections can translate into more revenue opportunities, helping both you and your organization thrive.