subject: Ten Steps to Financial Customer Relationship Management (CRM) Software Success [print this page] Ten Steps to Financial Customer Relationship Management (CRM) Software Success
There isn't a single bank or credit union in the world that wants to spend money for something and get nothing in return. That being said, is there a positive return (ROI) to be had on Customer Relationship Management (CRM)? If your CRM goals, implementation, training and measurement are aligned...then all the promised benefits of CRM are real. So, how do you do CRM the right way? There are 10 keys to know and to master.
What are the 10 keys to success with CRM?
1. Identify Worthwhile CRM Goals - Try to stay away from generic goals like, "grow profitability". Success with CRM is in the specifics of "HOW" you plan to achieve each objective. So, once you have identified your institution's specific CRM goals, you must then examine an outline of each, discuss your expected benefits versus what you're doing now...and consider possible road-blocks.
2. Monetize the Benefits of Your CRM Goals - Before you can select a CRM vendor, you must know how the CRM product will help you. In other words, what specific results do you expect? Will you sell two more of this a month, or crank up referrals 2X over current levels...you get the picture. To determine and articulate the CRM benefits of and for your institution, you must monetize your expected goals and objectives.
3. Know and Plan for CRM Roadblocks - What challenges will come when you apply CRM to your current environment? How will CRM automation improve your process? Will your process have to change to make it more efficient and measurable for when CRM software is employed? Will your staff throw up road-blocks? What might those be? Talk through the details. Include your staff in this planning to gain their buy-in up front. Do this hard work before you evaluate software, so that you can ask the specific questions of each vendor that will assure that you get exactly what you need to have the success you want with CRM and prove it!
4. Identify Long-term CRM Objectives - Establishing basic CRM goals initially is a sure bet to achieving overall success with CRM. Yet, in time, you will want to move your organization toward a greater CRM ideal. What does that look like? CRM is not a one-time event; it is a journey of years made possible by a plan.
5. CRM Consultation & Confirmation - Your vendor should give you a roll-out plan on how they will customize your CRM solution to fit your needs. It is vital to your success that this plan be developed in conjunction with your key stakeholders. Hold 1-on-1 group discussions with leaders. Identify and confirm your institutions objectives. Review and make recommendations regarding sales and service operations.
6. CRM Customization & Implementation - It is in this collaboration and customization where the vendor can ensure that your system is designed and built to match the needs and objectives of your organization. To this end, pay special attention to both the custom process-based set-up elements within the CRM solution and your MCIF-driven data mapping requirements. Build your CRM system according to plan, populate the system with enhanced household data, identify client intelligence to align sales and marketing, establish security rights, refine tools, and prepare the system for training and rollout.
7. Baseline Review, Benchmarking, and CRM Kickoff - For this step, your organization needs to conduct a baseline review of present-state analysis and competitive position, prepared and presented with recommendations for future strategies and tactics using business intelligence and software tools. Also, identify and establish benchmarks against which to measure CRM progress and success. Lastly, present kick-off overview designed to signal a clear beginning of CRM implementation and to motivate your entire organization.
8. Training/Rollout - If a CRM system is integrated effectively into your institution's sales and service processes, the resistance from your staff is dramatically less, and the outcomes you desire are realized more quickly. So, is the software more important...or is implementing the CRM solution specifically to meet your objectives more valuable?
9. Measure Your Success - For many organizations, the phrase "if it isn't measured, it never happened" is a mantra. In our view, this is true in every CRM-enabled financial institution. What should you measure? How do you decide? The time to think about measuring your progress is before you start.
10. Plan for the Future - Imagine you installed CRM software, implemented and trained on it, and were now looking back a year later to review your success. What does success look like? How will you build on that initial success in years two and three to support your strategic plan?
So, we have outlined 10 keys to success with CRM. Four of them involve your attention before you even invest in CRM technology. Four more keys involve training and implementation. Two more speak to how you will measure CRM success and prepare for even more CRM benefits in the future.
Success with CRM is not an accident. It is and should be purposeful. In the end, it is highly unlikely that you will be able to maximize the benefits of CRM or even have a successful CRM rollout without experienced counsel.
