Relationship Mapping for Financial Institutions - how does it work?
A lot of our posts lately have been focusing on the advantages that Relationship Mapping can provide for fundraising organizations. But today we thought we'd discuss what's in it for our friends in the enterprise sector!
A couple of days ago, a well-known financial institution came on board as a Prospect Visual customer. What is it that they are hoping to get out of the service? How can Relationship Mapping give them an edge in their field?
Networking - so what's new?
Companies have long been aware of the benefits of networking and using their relationship capital to help them grow. Even with the advantages provided by services such as LinkedIn, it has traditionally been an inexact science – hard to track and even harder to predict. So even though using mutual connections to reach new clients has always been part of business development team goals, the efforts to transform this into a strategic process have often been impeded by limited or imperfect knowledge of who knows whom, how and how well.
What Relationship Mapping services can provide is exactly that knowledge.
How does it work?
By analyzing an institution's existing contacts and cross-referencing them against the individuals they're targeting, Relationship Mapping can help business development teams gain instant access to exactly which target customers have relationships with their existing contacts – along with details on how and how well those people know each other.
The end result...
Institutions can now get a true understanding of the full reach of their trusted networks and use that insight to reach new target clients.