by Tony Vidler
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:
The more you know about your customers, the more valuable you are to them.
And the more valuable they are to you.
Tony on Google+
© 2013 Tony Vidler. All rights reserved.
All materials contained on this web site not otherwise subject to copyright of other parties are subject to the ownership rights of Tony Vidler. Tony Vidler authorises you to make a single copy of the content herein for your own personal, non-commercial, use while visiting the site. You agree that any copy made must include the Tony Vidler copyright notice in full. No other permission is granted to you to print, copy, reproduce, distribute, transmit, upload, download, store, display in public, alter, or modify the content contained on this web site.