There's no getting over the fact that organizing your data is one of the first things you need to do in any business, particularly in the financial services sector. The cost of client acquisition has risen steadily over the years, and with the increase in competition, these costs seem sure to keep moving upwards.
Making the most of the leads your marketing department generates calls for a robust data management process, and that calls for a CRM. Your CRM should help you foster your relationship with your clients, which in turn improves client engagement and revenues.
1. A CRM improves your bottom line
The statistics point overwhelmingly to improvements across multiple metrics through the use of a CRM. Structure your CRM and data correctly, and you'll see increases in the following areas:
- Lead conversion rates
- Sales
- Sales team productivity
- Customer Engagement
- Customer Satisfaction
- More flexible decision making process
- Overall revenues
2. Client Categorization
No matter how good your data management processes are, it's impossible to avoid bad data. Market any product online, and you will attract tire-kickers. People who sign up for whatever you have to offer with little or no intention of ever becoming a paying customer. That's a fact of anything online, so don't get too frustrated when it happens. Recognize it for what it is and move on.
CRM's are particularly good at spotting patterns in your data. Who verifies their email, who opens the emails you send them, who have an actual telephone number in their records. Your CRM rules can create priority groups for your sales and retention departments to concentrate on, rather than spending time and resources on the tire-kickers.
With access to accurate, complete and up-to-date information on your leads and potential customers, sales can focus their time and energy on the best prospects. That leads to better conversions and a far better chance for your retention department to upsell these clients.
3. Repeat Business
Nothing works better than having an active and engaged customer. Your sales team has already done the hard work and closed the first sale. It's up to your retention team to close new business with your existing clients. Your CRM and your data rules help you keep your clients happy with their relationship with you. According to multiple industry studies, satisfied customers become repeat customers, and repeat customers outspend new customers by close to 40%!
How do you keep your customers happy? Send them the right message at the right time. Show your customers the personal side of your business. Send them birthday wishes, for example. With the Antelope CRM, triggering these messages is as simple as adding a rule. These and more are proven to increase your repeat business figures.
4. Customer Support
Excellent customer support is absolutely vital to the success of any business, particularly anything online. Long gone are the days when a dissatisfied client just sent you an email and stopped doing business with you. We live in the age of social media, and online reviews and disgruntled customers tend to plaster their grievances online.
Your CRM should give you insights into how your customers are engaging with your brand and services and what they are sharing about your brand online. These insights give you the chance to address possible grievances and heal the relationship with unhappy customers before that relationship becomes toxic and highly costly to your brand's reputation.
Excellent customer support help you keep your customers happy, which in turn keeps your revenues looking healthy!
5. Product quality
Customer feedback is essential to the life-cycle of any product, and the only real way to improve the quality of your products is to take customer feedback to heart. Knowing what your customers like about your products or services is great but knowing what they don't like is far more critical. You can't fix what you don't know is broken! Take Nokia as an example here. Nokia was the undisputed heavyweight champion of the mobile phone world for years. They concentrated on what made their devices popular and produced some genuinely excellent phones. Trends changed, though, and Nokia didn't. Today Nokia doesn't even register on the mobile phone statistics.
Use your CRM and data rules to see what your customers love about your brand by all means but get the negatives as well. Your CRM can help you collect all the pain points about your products or services. You just need to act on them!
Is your CRM falling short on any of these? If the answer is Yes, schedule a no-obligation consultation with one of the Antelope Success Manages. You'll be amazed at the difference our suite of intelligent apps can make to your business.
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