Features to look for in CRM software for finance industry

The finance industry is seeing an unprecedented surge in the number of participants today. Like most industries, financial service providers will have to rise to meet the challenge. Clients are a businesses’ most important source of income, and meeting their expectations can help cement the bond between them both. CRM software can help stock broking firms, investment companies, insurance businesses, banks and asset management organizations to use special features built especially for account-based marketing. Read on to know what CRM features your company needs to thrive and win in the finance industry.

House holding

Family size is crucial in determining the products and services required. This feature searches your database for customers that have identical addresses and segregates customers accordingly. The strategy helps target sales, forecasting relevant messages for the current situation. If you take up a sample home in a specific locality, you’ll find different family members of different age-groups are saving for different purposes and their banking and loan requirements are also different. The house holding feature, in such a situation, helps improve your marketing.

Tracking KPI

KPI, or key performance indicators, help a sales team deliver the best possible results. KPIs tracked will depend on the services offered, your priority with certain metrics, and your sales goals. Check if the dashboard that displays this information provides visual analytics, reporting facility, and multiple views. Ideally, your CRM software should come with some important features, such as, new client accounts, account age, rate of customer retention, client subscription fees, response time, customer satisfaction, productivity of team, and sales quotas for both teams and individuals. This can definitely help to kick-start your stagnant sales.

Integration

Having sources of important data in a financial organization is not enough. This is because more often than not, they reside in banking software and specialty accounting. Your CRM should offer third-party integration with solutions that your company prefers. Look out if you would be able to incorporate more data for profiles. You should also be able to manage resources for many departments. Integration as a feature is a must-have, as it reduces the burden of data entry, since the whole organization can work with unified data. If there is no native support for your current applications, get application programming interface.

Compliance

CRM software accommodates a lot of customer information, and this falls under governmental regulations. Therefore, the compliance feature lets you store data, track accessed records and organizes auditing. You can easily adhere to legal requirements and look after transparency. Companies with flexible processes can also reduce productivity problems that occur due to misinformation about the law. You can make settings or create add-ons to meet the new requirements.

An all-round view of financials

Clients use your services for a host of financial services. This is the reason why you require absolute visibility about the products they have used, their approximate incomes, debts, credit scores and other crucial details. Your CRM software should have this feature because this lets your sales team customize marketing material and offers, by accumulating data in a centralized panel. This feature also helps you have records of conversations you’ve had with customers, contracts signed by them, and tasks around accounts data for the sales team.

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7 common CRM terms you should know

An efficient CRM system is proven to help organization attract and retain more clients and also cater to their expectations. They do by a combination of people, processes and the right technology. CRM helps understand and anticipate your customers’ exact requirements and helps you devise a business strategy accordingly, making this one of the top reasons why businesses need CRM software. Understanding your CRM inside out is essential to utilizing it better. For this, a good starting point would be to understand the common CRM terms. Here’s a look.

Calendar reminder

The calendar option lets users set and check their schedule. They can also schedule appointments and tasks. Users can activate calendar reminders and popup browsers will indicate due activities, with details, such as, time, status, and subject.

Campaign mass communications

A marketing campaign is aimed at achieving better sales by a combination of marketing spread across different platforms. This is often done so that newer leads can be generated and then converted to customers. Other objectives of a campaign include brand building and engagement of the customer-ship. CRM software can help to plan, carry out and monitor campaigns.

Communications functionality

CRM offers chat functions which provide instant messaging options that allow two or more users to communicate real-time. This may be public or private. While public chat allows every CRM user into a common chat room and contribute to the conversation, private rooms are meant for two users.

Contacts

These are individuals of an organization that engage and communicate with your business so that business opportunities can be utilized. Contacts may be from diverse departments in the company or could be multiple contacts. CRM contacts are created by carefully converting qualified leads that have been either individually added or imported from the list.

Field access

Field access lets CRM software users manage the visibility for different fields in different modules. It can also be used to show and hide certain fields. Default settings for field access include fields created before the installation of that particular software program.

Invoice

Invoices are more commonly known as payment seeking bills issued by vendors to their clients in addition to goods delivered or services rendered. Once a quotation is approved, CRM will use the original draft and the quote detail view to input the data in the invoice automatically.

Quotations

Purchase orders are documents sent by a company to a supplier. These orders authorize product shipments to the customers at mentioned prices and terms. A purchase serves as a legally binding agreement which can be changed only both parties consent.

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Why CRM is a must for startups

If your startup is not achieving enough success, or your sales team is underperforming, it is high time you stop giving excuses for not using a CRM  system. This is because you need one no matter how small your business is. CRM software allows fledgling businesses retrieve data about the rate of customer interaction and trace leads from sales cycles, thereby helping them convert into customers. Your startup is a small business only until you take big decisions. If you want it to grow, you need to make that first investment, no matter how daunting and unaffordable it might seem. Read on to know how you can make early progress using CRM systems.

Marketing becomes much easier

Marketing is undeniably the life-force of every business. The business world today is one of information-overload, and the power of advertising cannot be stressed enough. CRM helps achieve targeted marketing by effectively handling email communications and subsequently backing it up with sales leads. And not forgetting, CRM system helps in your content marketing too. It also promotes the business message, along with allocating labels to the leads of your business. All this is effective because it helps you alter your messages according to their respective positions in the sales process. Now, as a startup, it is particularly beneficial to you since it saves you crucial money that would have gone into the hiring of an entire marketing team.

Access to customer data helps make informed decisions

Leads conversion is dependent on vast amounts of data to be tracked. Your startup can feel overburdened with this amount of data, since you would need to ensure that all of it is tracked. However, if you have CRM software, you can easily host both customer data and sales information on one easy-to-use portal. With this, you can track your progress with a particular customer from beginning to the end, besides getting monthly reports about success. You can now proceed further with identifying the weak links of the sales process and easily rectify them. Even though data is not necessarily complicated, CRM systems help target relevant information.

Reporting and automation

CRM integration comes with the relieving assurance that your processes can be automated. Hiring staff to handle all that amount of data in your repository is unimaginably taxing, both on your time and money. Moreover, teams located at different sites could have a hard time coordinating among themselves. But CRM systems take over this complicated job and let you concentrate on the fundamentals. Once you get CRM installed, you can automate

1. Invitations and emails for following up
2. Customer profile updating
3. Scheduling important appointments

Automation is essential because it helps small businesses work smoothly and without lapses.

Delivers satisfaction to the customers

The present age is one of multiple options for the customer. Delivering extraordinary customer service is a real goal for businesses. This is where the opportunity for your startup, working with efficient CRM software, lies. It can help craft a much more personal experience for the consumer. This is because it is a repository of crucial information regarding leads and hence is built for identifying which products have let down customers and which ones have satisfied them, or have been on their wish lists. Recommendation of products to the customer becomes a more rewarding job than before.

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4 ways to avoid CRM implementation mistakes

Each dollar a company spends on Customer Relationship Management (CRM) can return it up to $8.71, according a recent study by IT research firm Nucleus Research. While CRM helps boost sales, improve marketing effectiveness and customer service, not all companies using CRM software get to see equally great results. In most cases, it boils down to how you implement the system in your company. Mistakes do happen; and some mistakes are more common than the others. Read on to know how you can avoid the following common CRM implementation mistakes.

Not having a definite goal

Effective CRM deployment needs practical, feasible, and clear goals. You also need to set an exact time frame for achieving your goals. For instance, your goal could be to use CRM to enable your customers to locate specific staff members for specialized services. Knowing your goal means checking whether the CRM fulfils the most important requirements of a business. CRM requires adhering to your business model and industry. If you have a large number of active customers, only better management is needed. Your CRM vision should account for resources allocated within the organization.

Not letting the sales team handle CRM management

Ideally, businesses should have the sales and marketing teams operate the CRM system. Often, organizations make a serious error in implementation by handing over CRM to the IT department. It is even better to have a C-level technologist for marketing, which can take care of implementation, establishment of guidelines, training, and monitoring results. CRM pricing is usually based on the number of users with access to the system. This means that businesses can choose between spending more on training more staff for the implementation, in addition to paying higher for the software. However, it is the best to guard against the risk of one or more administrators quitting the job.

Not choosing the right software

Prices should never govern the choice of your CRM software. The right software is chosen based strictly on the requirements of your particular organization. It should be convenient for the staff to use, fairly maintainable. It is advised that one consider cost and expected returns over three years, and not the first time installation cost. Choosing the right provider is equally essential, so look for providers that thoroughly understand your requirements and preferences. For instance, simplified CRM software like QuickDesk has introduced an interactive sales-force feature that helps teams get together on one platform, receive notifications on deliverables, and set goals.

Not deploying proper executive sponsorship

Absence of leaders and capable project managers can hinder the implementation of CRM. Even before you have your desired system; it is necessary to have corporate executives on board. Installing and implementing an entire CRM requires modifying business methods and sales quotas, and companies need to ensure that the executive team has approved the chosen strategy. Apart from executives, it is also necessary to make sure that users are comfortable switching to the new system. You can consider using campaigns or response-seeking processes, and get customers’ inputs early and incorporate customer feedback before permanently implementing any new CRM process.

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How to use CRM to kick-start your stagnant sales

It is a proven fact worldwide that using software for customer relationship management makes handling the sales process smoother. Today, even small companies with less than 10 employees are also using CRM software to maximize sales. In fact, if your company is using CRM only for customer service, you are not fully utilizing the power of this amazing tool.  CRM can help businesses reach out to prospects far more easily, and increase sales number in an unprecedented way. They can save valuable time, and help processes run smoothly, making this one of the top reasons why every business needs a CRM system. Here are five ways CRM can help improve your sales:

By involving and classifying customers

With simplified CRM tools like QuickDesk, you can collect enough information about your present customers – which helps you engage them with tailored marketing materials and thus improve sales. The types of customer data CRM can gather include names, contact details, buying behavior, and social network data. With access to detailed customer data, you can easily segregate your customers in different categories based on demographics and other credentials. This eventually helps you create tailor-made content for each customer group. That way, you can improve customer engagement – and more engaged customers result in more sales.

By letting your team members know their position

Engaging customers isn’t the end of the story; engage your team, too. Moreover, every member of your sales team is important. Let them track their individual position and other things like whether they are meeting their sales goals. Providing real-time information to your team about their success path can be done using top Customer Relationship Software like QuickDesk. Teams can also share documents, keep track of calls regarding sales and let managers supervise better.

By integrating CRM with other platforms

Hunt in pairs. No, literally, you can try integrating CRM with another web application or cloud-based tool for project management. You will have to find out what platforms serve your requirements and combine seamlessly. To add, you can combine social media activity with customer mails to improve customer engagement.

By making requirements of reporting simpler

Using CRM software like QuickDesk, businesses can simplify the various individual jobs of their sales teams, including reporting sales. Using certain CRM apps available on mobile, activities can be recorded automatically. For instance, you can record call details, the amount of time allotted to business meetings. As a result, a lot of time can be spent making sales.

By streamlining administrative operations

With CRM, businesses can manage administrative processes better, which ensures better communication between the team and its customers. Add to this the fact that CRM can recommend services and products that are likely to interest customers. Heightening the customer’s experience directly influences sales and revenue.

Now that you know how CRM tools can be integrated with intelligent practices to improve your sales, all you need is to choose and use the right software. Experts suggest that you should keep in mind the kind of interface you will get for leads management. Calendar management and file repository are the other factors, apart from integrated sales communication platforms.

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How CRM helps in content marketing

To many businesses, content marketing largely means presenting generic content to an unspecified audience. However, in today’s cutthroat competitive business environment, your content marketing strategy should not depend solely on generic content. For effective marketing, you need to generate and share killer content tailored to the exact requirements for your current and potential customers. But how would we know the exact needs of your customers, how they compare two products, make buying decisions, or follow a marketing brand. This is exactly where CRM software can help you. Here are some of the top reasons why every business needs a CRM system, and more details on how CRM helps in content marketing.

Check on the effectiveness of your content

The first benefit of using CRM is that it helps conduct a thorough review of your existing content. Your business needs to go back and check if its content maintains consistency of your brand message. CRM systems can analyze website traffic; provide data on the value of downloadable assets and how much reads blog posts got, along with how much time a reader spent on your webpage. This can vastly help you to identify under-performing content.

 Determine content-relevance

CRM system lets your businesses derive precise information on the kind of content that draws customers from specific categories. You can use that CRM data to recognize the most preferred content types. For instance, you can get information about your prospective customers’ search patterns, formats, trending interests, likes and dislikes. Based on that information, you can plan your content marketing strategies. Depending on your requirements, you can choose to use stories on media channels, how-to articles, blogs, documentaries, applications, virtual reality campaigns and video games.

Find specific content types for specific channels

While your marketing is still in the planning stage, you can use the data given by CRM to define your target audience, timing, and the technique of distribution. This should be followed by determining suitable channels for different types of content. CRM software has tools that help in comparing different web page versions on the basis of different parameters, such as, style, voice, and visual layout. If you have still not benefited from active social media promotion and aggressive inviting of likes, it is time to give CRM a chance, and choose your channels, based on criteria like the industry, spending patterns, age, and gender of your customers.

Go beyond promotional campaigns

Key performance indicators are useful, but can be misleading. Even email campaigns with good content can often have promotional links that give off the impression of being spammy. Experts are of the opinion that knowing one’s audience is more beneficial than building brand reputation. CRM software like QuickDesk helps bring your marketing, sales and customer service departments together, share data and devise a dynamic content marketing strategy. It also helps boosts your presence on social media, and with a little insight on the background of your followers, you can design tailored marketing campaigns, and make the experience much more personal for your prospects.

For those who have been giving excuses from using CRM system, there’s no more reason not to. Content marketing and CRM are perfectly bound together—the former, if done correctly, turns your potential customers into your clients, while the latter helps the former with loads of customer data.

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