In the last few years, 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 begin using it as more than a glorified address book. For others again, they are now taking the jump from an excel spread sheet for the first time! It can be a bit daunting in the beginning…
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 excellent industry specific CRM systems that many of the advisers 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 advisers 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 specific 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 or 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 and being able to access the downloaded policy information from the providers you work with. 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 help each other improve their business. You are a very collaborative group of people, now is the time to reach out!
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, scanning and document management systems and cashflow planning software.
It also has the potential to become the hub of your client communications, helping you to stay in touch with clients at the right times.
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.