5 Myths of CRM Features

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Customer Relationship Management (CRM) software is a powerful tool that can revolutionize the way businesses operate. However, there are many misconceptions about the features and capabilities of CRM systems that prevent businesses from realizing their full potential. In this blog post, we’ll debunk five common myths about CRM features and set the record straight.

Myth #1: CRM Is Only For Large Enterprises

One of the most pervasive myths about CRM is that it’s only suitable for large enterprises with massive customer databases. In reality, CRM systems can benefit businesses of all sizes, from small startups to multinational practices. A CRM system can help businesses improve customer engagement, streamline workflows, and increase efficiency, regardless of their size. Many CRMs in the financial advisor space are designed for solo advisors! They can help in the case of onboarding new clients or staff and increase your RIA valuation

Myth #2: CRM Solutions Are Not Customizable

Another common myth is that CRM solutions are one-size-fits-all and lack the flexibility to be customized to specific business needs. In fact, many CRM systems offer a range of customization options, including custom fields, workflows, and integrations with other software. This means that businesses can tailor their CRM processes to their unique requirements and ensure that they’re getting the most out of their investment by adding in that secret sauce. It’s important to add some order to the chaos of fields available for customization so you prioritize what’s important and you’re consistent amongst your book of business. 

Myth #3: CRM Implementation Is Too Difficult

The idea of implementing a new system can be daunting, but the myth that CRM implementation is too difficult is just that – a myth. With the help of a qualified CRM implementation partner, businesses can smoothly transition to a new system and begin reaping the benefits in no time. The key is to work with a partner, like us at Stephanie Dannebaum Consulting, that understands your business and can guide you through the implementation process step-by-step. Adapting where needed and implementing best practices. 

Myth #4: CRM Has Security Risks

Security is a top concern for businesses of all sizes, and the myth that CRM systems pose a security risk can prevent some businesses from adopting the technology. However, the truth is that CRM systems are designed with security in mind. With proper configuration and regular maintenance, a CRM system can be just as secure as any other business software. Especially softwares in the financial technology industry.

FinTech CRM’s are put through 6 or more security audits a year. They also use the highest encryption available which is 256 bit. Oftentimes you can reach out to the compliance departments to get a full list of the security measures in place. Servers are often housed in geographically distinct locations as well. So if one part of the country’s server’s go down, it is mirrored in another place to resume operation. You may also restrict username access to a certain IP address or between certain business hours for extra security.

Myth #5: CRM Solutions Are Too Expensive

Finally, the myth that CRM solutions are too expensive is a common misconception. While it’s true that some CRM systems can be costly, there are many affordable options available that can provide significant ROI for businesses. In fact, the cost of not implementing a CRM system can be much higher in terms of missed opportunities, inefficiencies, and lost revenue.

In conclusion, CRM systems are not just for large enterprises, can be highly customized, are not difficult to implement, are secure, and can be affordable. These are just a few of the many myths that prevent businesses from realizing the full potential of CRM technology.

At Stephanie Dannebaum Consulting, we offer all-inclusive, concierge CRM implementation services to help businesses unlock the full potential of their CRM system. We can build out a customized CRM tailored to your office and train your staff on best practices. Our complimentary discovery call and CRM inspection service help identify areas of improvement, so you can start realizing the full potential of your CRM system.

Don’t let these myths hold you back. Contact us today to learn more about how we can help your business take advantage of all the benefits of a CRM system.

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