How CRM Optimization Help Your Business Grow and Retain Clients

Summer is generally a slower season for financial advisors. Many clients are on vacation, and as a result, the meetings are fewer. While the desire to take it easy is strong, if you focus on re-vamping your system, you are well-prepared for the busier fall season. Now is the perfect time to optimize.

Here Are Five Reasons To Prioritize CRM Optimization:

1. Strengthening client retention through better follow-up systems

According to some research by Bain & Company, increasing customer retention rates by 5% can increase profits by 25% or more. Put another way, this means that it is more profitable to keep existing clients than it is to find new ones. In an article recently published by Redtail CRM, they make the case that increased personalization was the key to client retention. This is where strong CRM optimization comes in.

Personalized communication and proactive service foster long-term client relationships. Both Wealthbox and Redtail CRM have features that allow you to send personalized emails to clients to let them know they are on your mind. Setting up workflows with reminders for birthdays, annual meetings, and check-ins takes the difficulty out of maintaining strong client relationships.

2. Preventing revenue loss by building proactive, trackable service workflows

In addition to the revenue loss by low client retention, money is missed out on in other aspects of your firm. Service workflows and tasks that frequently check on client accounts, investments, and new opportunities means you’re staying on top of possible problems (or solutions).

Review the service templates you already have. Are they:

-Simple?
-Easily repeatable?
-Being utilized?

If you answered no to any of those questions, it’s time to take a look at how you can improve them. Workflows and Tasks make your job easier by taking bigger projects and scaling them down to bite-sized chunks over time.

3. Increased team efficiency and better CRM adoption

Your team functions well when everyone is on the same page. If some employees are using one workflow, some aren’t using them at all, or everyone is doing their own thing, tasks (and clients) start to fall through the cracks.

When you first started using your CRM, maybe it was just you, but over the years as your firm has grown, people have come and gone. Or perhaps you’re now reaching the point of growth where new people need to be added to the team. What worked once, is no longer working. By optimizing your CRM, you put everyone on the same page.

With standardized templates, delegated tasks, and regular check-ins, you are ensuring your team can function and no one gets lost in the process. You increase productivity as everyone knows what their job is, and problems are easy to spot as there is a clear delineation of responsibilities.

4. Getting real ROI from their CRM investment

Likely you are paying good money for the CRM you are using. Shouldn’t you be sure you’re using it to the best of your ability? There are hundreds of features in both Redtail CRM and Wealthbox. Even if you did your research, there may be hidden gems yet to find.

Taking the time to explore the full features of the CRM you chose both allows for opportunities to optimize, but also a chance to decide what would best serve your clients. Not everything in the CRM will be used because no two firms are exactly alike, but when you don’t know what’s there, you are missing out on valuable ROI.

5. Eliminating manual tasks and saving hours each week

Every task you take the time to automate is hours saved over the year. When every minute of your day is valuable, wasting time doing the same tasks over and over helps no one. Zeroing on those little actions makes a big impact in the long term.

How Do You Optimize Your CRM?

Optimizing your CRM is an important facet of your firm’s overall success. It helps with client retention, team efficiency, and making sure you have good ROI. But how do you actually accomplish this?

Introducing the CRM Optimization Track.

This one stop shop dives into your CRM of choice, and takes a look under the hood. Designed for current Redtail and Wealthbox CRM users who want to streamline their systems, standardize workflows, and operate more efficiently, it’s your opportunity to optimize without all the hassle of doing it yourself.

Here’s how it works:

1. CRM Health Check Dashboard & Report

The first two weeks are devoted to assessing the processes already in place. What are your regular tasks? Do you have workflows? Are they functioning as intended? What is your plan for checking up with clients? How is your client data? Do you have a lot of duplicate contacts?

These questions and more offer an overview of the “health” of your CRM, and where to go from here.

2. From Roadmap to Reality

Using the analysis from your CRM Health Check Dashboard and Report, we build a custom implementation plan to optimize your CRM system.

3. Training Resources

Once your CRM system is optimized, we focus on ensuring your team adopts it effectively and understands how to use it long term. We provide a range of training resources, designed for both new hires and experienced team members, to help everyone fully leverage the CRM’s capabilities.

Ready to see how CRM Optimization can take your firm to the next level? Have any other questions? Let’s chat! You are one step closer to a CRM that is optimized for your firm and your clients.