An example of how a professional services firm could deploy FeedStock's relationship intelligence system, Synapse, to maximise the ROI of their teams and increase revenue generation.
The Client Problem
The world’s leading professional services firms are constantly looking to maximise the ROI of their teams and increase revenue generation. Each team member typically has over 25 clients to look after, with multiple touchpoints within each client, resulting in complex client relationships. Not to mention the new business generation that often exists. The shift of client relationships from in-person to digital is exacerbating the complexity, creating a divide between the firm and its clients as well as decreasing visibility of client preferences and needs.
The firm recognised that under these circumstances, a new approach was needed to capitalise on all revenue generating opportunities and reduce the risks around client retention. Global account managers, tasked with cross-selling and expansion into new markets, had no way of identifying which new deals or contracts presented strong opportunities, and which were a waste of their time. Senior managers had no idea where other senior managers ha relationships or were focusing their own BD efforts, to aid with cross selling and growth. Both managers and revenue generators were in need of a system which removed the obscurity around their clients’ preferences and needs, helping them know who to contact, when and why. They were looking for something new that could deliver better insights above and beyond any manual data inputs from their employees – this firm needed better data to win. They also needed a simple, client-focussed dashboard that delivered real-time actionable insights around the colleagues, clients, contacts and content that was circulating in their daily interaction streams.
This firm could deploy FeedStock’s relationship intelligence system, Synapse, as the answer to the increasingly complex digital client ecosystem.
By analysing millions of data points gathered directly from client interaction systems, Synapse delivers unrivalled, hidden data-driven insights across all of their internal and external relationships in real-time. Synapse automatically maps the quality of each client relationship and client contact as it evolves over time so managers and revenue-generators can instantly validate strengthening relationships, re-engage weakening ones, identify which leads are worth pursuing and those which aren’t worth their time. The dashboard also delivers proprietary hidden relationship, effort and interest scores to assess how interested their clients are versus how much time and effort is being spent servicing them.
This firm can use Synapse to continuously refine their client relationships and business activities and win in the digital environment and to ensure that they don’t leave any money on the table.
Overall, Synapse could:
- Help each team member uncover 300% more revenue signals across their client-base to capitalise on, that were completely hidden
- Remove the need for manual data activities and automatically capture 10 times the number of client interactions and 5 times the number of unique email addresses than the firm’s traditional market leading CRM system.
- Provide alerts and indicators to reveal unaddressed client risks and opportunities which lead to an increase in the number of profitable conversations.
- Help managers and revenue-generators understand the health of their client relationships and recognise the accounts they were under-servicing. This enabled them to prevent unhappy clients leaving without warning and match clients successfully to new product initiatives faster.
- Maximise the effectiveness of their teams automatically
How do we get there?
FeedStock works with our clients to deliver a bespoke and customised hosting solution. FeedStock’s modular system architecture provides flexibility to fulfil the client’s legal, regulatory, security and data privacy requirements. The client can opt for a cloud-based hosting for which the majority of the components are run in a single-tenant cloud instance that is fully managed by FeedStock.
Requiring minimal knowledge and effort from the client, this solution allows for a faster go-live time frame and results in the system being up and running in the client’s environment within 2 weeks.
FeedStock releases regular maintenance updates and takes full ownership of the running, maintenance and upgrades delivered to the on-cloud components.