Can you get more from your CRM system?

In the last year or two, there has been a significant upsurge in financial advice firms wanting to unlock the opportunities offered by CRM systems. For some, this has meant seeking to place it at the heart of their sales processes, for others their challenge has been to use it as more than a glorified address book. For others, they are now taking the jump from an excel spread sheet for the first time! It can be a very daunting task…

Here are a couple of thoughts to help you reap the benefits while minimising the frustration.

Understand what you want it to do

There are a number of industry specific CRM systems that many of the brokers in the Irish market are using today. These systems offer a very broad range of valuable features and offer functionality to help deliver many of the activities carried out by brokers every day.

But when you’re new to the system, the array of features can be quite bewildering and can leave you wondering where to start.

The place to start is not with what the system can do for you, it’s to identify how the system can help you address your own particular challenges. So you need to identify what these challenges are; do you need a system to help you in the segmentation of your client base, is to help you identify the right clients to contact at the right time, is it to track interactions with your clients or indeed is it to ensure you are delivering a more compliant business process?

Once you know what you want from the system, these are the areas to focus on with the system supplier rather than the 200 other features! Once you get comfort that the system can deliver what you need, then it just may be the one for you.

Capture hard and soft data

The record keeping aspect of the system is obviously very important, capturing all of the key information that you need to retain for your clients. Having this data in your system obviously makes it easier to retrieve information and indeed to use it again in the future. And your CRM system can provide a very useful audit trail in relation to your client interactions, which will assist you from a compliance point of view and may prove very useful down the road.

But it’s equally important to pick up and capture softer information about your clients that may not necessarily feature on your average factfind; the client’s financial goals and dreams (which should be central to your advice in any event), their aspirations for their family, their interests and indeed their likes and dislikes in relation to the method and frequency of communications. All of this information can make for a much richer relationship.

 

Talk to other users

Find out how others are using the same system. Ask your peers to even demo what they’re doing – from my experience, most advisers are only too happy to collaborate and help each other improve their business. Ask others at networking events about the features that they are using the most. Another route is through the excellent groups available to advisers on LinkedIn. There are a number of great groups (the PIBA, IBA & QFA groups come particularly to mind) in which you can pose a question with a good chance of getting some feedback from others.

Use all the time saving features

Ok, so now you’re up and running and using the system. Now is the time to start investigating how you can leverage the system beyond your initial aspirations. A good place to start is by investigating the many time saving features of the system. These will come in many forms. The capability of downloading data from providers will enable you to avoid a lot of the tedious initial data entry. Then look at the features that allow you to easily import data from for example factfinds completed online by your clients, which will save you or a member of your team having to type in the information.

Also consider how the system integrates with other systems that you use; capturing your client emails, quotation systems and any scanning and document management systems.

Get help in these areas. Getting help from an IT professional and/or the CRM system vendor will result in a lot less frustration and lower blood pressure!

Stay close to the vendor to leverage the full capabilities of the system

At the end of the day, nobody knows the system like the vendor so stay close to him or her! Give them feedback as they are always looking for ways to improve the system. Tell them what else you’d like the system to do, what you find difficult or “clunky” – after all, their main aim is to retain you as a user! Look for tips and help from them as to how you can better leverage the system. Show them how you’re currently using it and look for their advice as to how you might improve your usage of their system. Also, look for insights into where the system is being developed, as these developments could result in improvements to core parts of your business and advice processes.

Yes, starting to use a CRM system can be a very daunting experience. But it need not be. Focus on what you want from the system, seek help and then commit. The results in terms of saved time and effort, deeper insights into your clients and better business processes will make it all worthwhile.

5 Summer Sales Jobs

It’s that time of year again… The weather is great and everyone is trying to spend a bit more time outdoors. The downside is that business may be getting just a little quieter for the next month or two.

So here lies the opportunity! It’s quite likely that you’ll have a bit more spare time on your hands over the next while; the question is how will you use this time? We all know how hours and days can just get “lost”; where you get to the end of the day and realise you actually haven’t done a whole lot that day! It can be hard to keep your focus when there’s not the pressure of constant phone calls and emails and achieving deadlines to meet client expectations.

It’s easier to keep focused though when you have a plan. So what sort of things might be in that plan for the summer months? Here are a few ideas;

Arrange to meet your key clients

This is a great time of year for catching up with key clients, outside of your advice process. This is not a business meeting; it’s a game of golf, a coffee, an early pint – whatever works best for them and you! This is an opportunity to show your interest in their business and lives without looking for anything back in return. The cost is small for both of you as you probably both have the time to meet. However there is real benefit in it for you, as the client will appreciate your interest without it being an “advice” or “sales” meeting.

Revisit your LinkedIn presence

As you’ll know from previous posts of mine, I rate LinkedIn as a highly important tool for financial planners and brokers. When prospective clients are researching you, they’ll check your company website and your LinkedIn profile. It’s really important that you’re putting your best foot forward through both of these.

In relation to LinkedIn, there are 2 areas to concentrate on over the summer.

The first is your profile. Go through your profile section by section? Are there areas that you can expand the information a little to make it more engaging? Are there new areas that you can add to your profile? Are there clients that you could seek recommendations from? All of these will provide prospective clients with richer information about you, hopefully making them more inclined to actually do business with you. LinkedIn will also help you edit your profile by prompting you to complete certain areas.

The second area is expanding your network of connections. There are 3 ways of doing this;

  1. Check the “People you may know” section to identify people suggested by LinkedIn.
  2. Check the connections belonging to your existing connections. Are there people here that you should seek an introduction to?
  3. Search for people using the search bar at the top. There are new people joining LinkedIn all the time. They just might not have found their way onto your LinkedIn radar as yet.

And then when you find people that you want to connect with, remember to personalise every invitation. Don’t just use the default LinkedIn invitation.

Update your CRM system

Rather than wasting an hour or two mindlessly surfing the web, set yourself a target to review the records of a number of clients every day within your CRM system. While you may have all the data in the system to meet you compliance requirements, maybe now is the time to populate some of the softer information that can help you build really rich relationships with your clients. Information such as;

  • Their stated life aspirations
  • Their financial goals and objectives
  • Their communication preferences
  • Their interests and hobbies
  • Wider information in relation to their families

Develop a plan of attack for the rest of the year

Plot out how you’re going to approach the final four months of the year, from when everything “gets back to normal” on 1st September. Who are the prospects / clients that you need to contact in plenty of time before “pensions season”? What will this contact consist of? How are you going to get these prospects to engage on the subject of pensions, and equally importantly, how will you ensure they engage with you? Which other clients need to be contacted, either for a regular review or indeed because you’re aware of a change in their circumstances?

While you have a bit of time, put a structured plan in place with clear actions and dates to make sure these contacts then happen.

Take a holiday & recharge your batteries!

The most important one of the lot! Nothing helps you get your focus and your energy back better than a well earned break. I hope you and your family have a great holiday and enjoy the summer!

Photo Credit: flickr