5 ways to make smarter use of your CRM system
Strategic Issues

5 ways to make smarter use of your CRM system

December 16, 2013

by Tony Vidler

CRM use

In days gone by Customer Relationship Management (CRM) systems were used as little more than simple marketing machines. They contained enough information to know who your clients were, and perhaps some prospects, and be able to produce a mail merge to campaign to them.

Over the last few years advice businesses have expanded their use of CRM systems to begin managing advice workflow, with a particular focus on managing their own regulatory risks.  In doing so, advice businesses generally have become more proficient at capturing hard data on clients, such as product or portfolio information.  It is common for financial advice businesses to rely upon data feeds from their preferred product suppliers to maintain current information in these areas.

In terms of using CRM systems to manage essential advice and client service functions many advice businesses have a functional process where the essentials are captured or covered.

The really smart businesses are working their CRM systems a lot harder though.  They have recognized that  the genuine intellectual property, or capitalized value, of their business is a reflection of their organized customer intelligence.  That is, a business is worth a lot more when any new owner or investor can gauge the strength and degree of the customer relationships, together with the unrealized opportunity that lies within those.

There are 5 key areas where today’s professionals can often strengthen their use of their CRM systems and build further capital value within their business, and they are:

  1. Gathering more than just the essential client contact data by including social media profiles and accounts
  2. Building a stronger picture of the clients financial affairs by capturing more information on products and portfolio’s not currently “under advice”, or their business structures and interests.
  3. Mapping the clients goals and interests
  4. Capturing customer feedback and interactions.  Thinking beyond the compliance-driven need to record the instance of client contact, advisers should be capturing the mood (if not the actual words) of any contact or interaction.  Whether that is via SMS, social media channels, emails…there is a wealth of information being providing by the clients in their interaction that are valuable insights and which can help you build a better business with deeper client relationships.
  5. Integrating other technology platforms into, or in conjunction with, the CRM system.  Financial management & reporting for the business; mind-mapping; social media interaction tools (e.g. Nimble, etc); analytical tools; automated email templates and calling systems and so on.

The more you know about your customers, the more valuable you are to them.

And the more valuable they are to you.


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Comments (2)

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