How CRM Self-monitors Itself


In previous articles, we have already discussed market expectations of 2021 CRMs and said that CRM uses artificial intelligence and can automate and operate a number of tasks on its own.

All that being said, one of the things that CRM systems’ AI enables them to do that really helps the user, or the business is monitoring. Examples for this can be polling options, asking for customers’ satisfaction level, colleagues’ job satisfaction surveys, organizing error logs, etc. Since all are key elements for any brokerage business, we are going to talk about some of these features.


What is polling in CRM, and how does it work?

A poll is a way to conduct research and ask for the opinion of the audience using some questions. Polls are typically used to get quick feedback from the customers on some questions that might be of importance to a company or a business. They are also used in elections very often in order to predict the outcome. Plus, online polls have recently been very popular among business owners and marketers as a handy tool to get to know how their customers or potential customers feel about their products and services.

The poll that a CRM system uses is not much different. The versatility of polling options on CRM systems has enabled them to use this feature in various ways: from investigating customer satisfaction level and conducting thorough research to gather feedback on a specific service or product to supervise and analyze staff’s reaction and attitude towards training sessions.


Why Does Your Brokerage Need Polling?

There are many benefits that an online brokerage business can receive from a polling option on CRM. However, for the sake of this article, we have decided to mention just the most important ones. Here they are:

  • Quick view of the results: With an online survey or poll, you can see the result as soon as they are answered. This gives you a head-start in analyzing, interpreting, and acting upon them if necessary.
  • Convenience: Polls are easy to take and are not time-consuming.
  • Scalability: In the online world, it does not matter whether you are designing a survey for ten people or 100,000; you can easily scale the poll and use it for as many respondents as you want in a matter of seconds.
  • Accuracy: Poll responses directly get recorded on your CRM without any human interference. This minimizes the risk for any error to almost zero.
  • Anonymity: People tend to speak more freely about stuff if they are promised that their identity is not going to be exposed. The fact that CRM systems conduct their surveys and polls anonymously will help your company get better and more accurate results as you can make sure that these answers are real.


Measuring Customer Satisfaction level

Customer satisfaction, or CS, even though crucially vital for the success of a business, is mostly overlooked. It is mainly because companies often focus too much on acquiring new customers that they forget how important it is to keep their existing ones happy. Keeping your clients satisfied comes with many benefits, some of which are mentioned here to remind you how essential it is.

  1. It is cost-effective.

When you have already spent a considerable amount of money on marketing, advertising, and the promotion of your brokerage services, and you have finally acquired a number of clients, is it not more economical for your company to keep those customers and make them come back for more rather than to go through the whole process again?

  1. It will bring you brand loyalty.

If people are satisfied with your services, they will keep coming back to you for more. A high number of repeated purchases means that you have been doing your job well.

  1. It will make your name stand out.

Providing a pleasant experience for the client will make them differentiate your brand from the existing competition in the market, which we know is already high in the brokerage world.


How Does CRM's Self-monitoring Work?

There are three key metrics that a CRM system uses to measure your customer satisfaction level:


CSAT (Customer Satisfaction Score)

As soon as your survey is ready and sent out to your clients, your CRM starts collecting answers from the respondents. Once there are enough responses in the CRM database, it starts calculating the score based on a straightforward scale of 1 to 5, 1 being very unsatisfied and five being very satisfied. The simple calculation that CRM does is that it just adds up all the scores collected from your respondents and then divides the figure by the number of respondents to get an average score.


NPS (Net Promoter Score)

NPS is somehow the opposite of CSAT, which uses several questions. NPS only relies on 1 question, for example: “How would you recommend our brokerage to others?”

As for the response, it uses a scale of 1 to 10. After collecting the responses and calculating the average, the CRM system multiplies the figure by 10 to get a percentage. So, the result would be something like 70% of our traders would recommend our brokerage to others.


CES (Customer Effort Score)

Unlike CSAT or NSP, this metric is used to measure the amount of effort a client makes in interacting with your brand. Basically, a client decides how much effort they had to put into an interaction with your company based on how bad of a headache they have after leaving the conversation. It also uses a scale of 1 to 5, where 1 means meager effort and 5 is very high effort.


Error Log

An error log is a list of mistakes that you have made and how to fix them. Well, of course, a CRM system is capable of that. However, it is not that simple. There are some benefits to using this option of your CRM. For example, it is customizable, which means you can choose which errors your CRM must point out and which ones it should overlook. This is not to bug you too much if you make a mistake. Another benefit is that the log will always be available in your CRM directory, and in case you hire new employees, they can view these mistakes and learn from them.


In Short

There is more to CRMs' self-monitoring process that meets the eye. Your brokerage can definitely enjoy each and every single option a 2021 CRM has to offer, from how the whole process works to the benefits adopting each approach brings to your brand and business.