Use Your CRM for Customer Relationship Management

“Marketing’s future lies in database marketing where we know enough about each customer to make relevant and customised offers to each.” – Philip Kottler

Yes, I know that CRM stands for ‘Customer Relationship Management’. In my experience, though, most Brokers use their CRM’s to plug in their client’s contact details and then enter in the minimum needed to get a loan approved and meet compliance requirements.

However, proper use of your CRM should achieve a great deal more. It is the engine, not just of the Operation system of your business, but also your Initial Marketing, Sales and definitely your Post Sales Marketing.

The Broker that wins a client is the one that the client feels understands them the best and has communicated they have the best solutions for their upcoming needs. Obtaining and maintaining a good knowledge of your clients allows you to develop marketing strategies to target their specific needs – and increase your repeat business and referrals. This is where full use of a CRM is essential because it is where you store, update and sort client information with the goal of improving your marketing, client retention and ultimately your revenue.

The more detailed the information about each client you put into your CRM the better. Remember, their thinking we have forgotten about them is a what will drive them away from your business.

It doesn’t just need to be their financial information, anything that could be relevant to speaking to them in the future. For example, if they have borrowed money for renovations and putting in a pool, it’s worth noting that down as it may be something you can bring up when talking with them later. You aren’t going to remember ever detail of every deal and nor will your clients, so let your CRM remember for you.

You should certainly record all your interactions with each client and add new information as you gather it. Your CRM should be a timeline of your relationship with the client so you know where you left it when you come back to them, as well as scheduling in future contact times. Then when you make your next call you will be able to refer back to your CRM and see where the conversation finished last time so you can easily pick it up from where you left off.