A customer relationship management (CRM) tool can be the difference between a coordinated, personalised customer journey and a scattershot approach that leaves customers dissatisfied.
Understanding each customer helps brokers deliver a better service and build stronger and more enduring relationships. CRM systems enable businesses to better understand their customers, stay abreast of their needs and offer solutions to their problems at the perfect time.
Many franchises already use CRM software to improve customer experience, but all brokerage firms seeking to grow should constantly evaluate their systems for managing their customer data and interactions.
Value of CRM systems
CRM software enables a single view of your customer's (or potential customer's) information and history with your business – giving you a better understanding of them and helping you reach out to people more confidently, armed with the detail you need to add value or progress a potential sale. They're not just places to store data. They can also arrange data into meaningful reports to help you make sense of your customers and can usually send communications, such as emails, to your customers as well.
Digital records make information available to share, making it possible to deliver seamless customer service when a client interacts with multiple team members.
CRM software can help you to:
• Store and update accurate contact details for potential leads and existing customers.
• Record notes about each interaction with a client over time.
• Gain a clearer picture of your lead-nurturing process.
• Predict future behaviours or needs of customers.
• Manage workflows and maintain accountability.
• Interact more effectively via email, social media and websites.
Are advanced CRM systems right for your business?
A survey of Australian and New Zealand small-to-medium businesses conducted by Deloitte in 2017 (commissioned by Salesforce) found just 10 per cent were using advanced, cloud-based CRM software to manage customer data.
And surprisingly, 70 per cent of respondents had no system or were still using paper or basic spreadsheets.
Deloitte’s economic modelling showed a correlation between upgrading record-keeping systems and revenue. Firms with CRM systems had on average 44 per cent higher revenue compared to those with basic systems only.
Why do businesses stick with low-tech, inaccessible spreadsheets, rather than an integrated approach to understanding and connecting with customers?
Most SMEs believe existing approaches are “good enough”, yet 95 per cent of those that upgrade experience benefits.
Relationships require attention – and the finance industry is a relationship-focused industry. More sophisticated CRM solutions can improve your ability to keep people engaged and happy, regardless of the size of your customer base.
For more information on appropriate CRM's suitable for your business needs and size, get in touch with your aggregator.
