Your Business and Industry

CRM: Get the most out of your system

A CRM holds information about the clients you have done / would like to do business with.

It is a powerful tool which can be used to keep you at the forefront of the mind of your clients and help stimulate repeat business and propel new business, including referrals. There are plenty of fantastic systems available to intermediaries, so make sure you are using one of these; it is more important than ever to do so.

It is often forgotten that CRM stands for customer relationship management, so with that in mind here are some basic tips to get the most out of your system.

Know your client: The C

Knowing your clients is a crucial component to a successful business and a customer database goes a long way to helping you understand your clients better and knowing their interactions with you.

Make sure you store all relevant information on your system, including all the basics which you would be surprised how often is missing. This includes their names, contact details, interactions with you, sales history and any complaints or issues they may have had in the past.

Record details of their mortgage – when is the fixed rate going to end for example.

Know your client relationship: The R

You don’t have to be a statistician to do this. Keep it simple. For example, you may want to segment your client bank based on how frequently they use you or get in touch. Or you may wish to segment based on how recently they used you. This is a simple frequency vs recency approach.

Chart One – Example of number of clients who have used a broker within the given time spans

Another approach is to identify which contacts on your database fall into certain categories, so you can target an active client differently to someone who has just used you for the first time.
Having spoken to brokers in the past, lost clients are often a great source of new business.

Manage and maximise your data: The M

It is pointless having a great set of data if you do not use it. If you know your client’s fixed rate is going to expire and forget to make contact.

So use your data, act on your data and convert the data into sales opportunities.

Use it to record every interaction with clients – such as every call in; that way you can identify clients that have not been in touch for some time.

  1. Know the different types of clients – existing, new, prospective and lost (those who have not been in touch for some time) clients.
  2. Don’t assume a lost client is a lost cause. If a client has not been in touch for several years, don’t be afraid to try and re-engage. The results will surprise you.

Use your database to keep track of any clients whose mortgages might be coming to an end soon and get in touch with them.

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