How CRMs Save Money in 2021
Implementing a CRM system into your business and using it for the different departments of your organization can save you money in the sense that it is cost-effective for your brokerage company. In other words, a CRM system can reduce the costs for your company in many different ways, and that is how you can save your money if you use a CRM system for your brokerage.
In this article, we are going to look at various reasons why having a CRM system can be beneficial for you and help you financially.
The Cost of Service
The powerful accounting and analytic tools implemented in top-performing CRM systems are helpful features that you can use to track and manage your services. Apart from this, using these tools will enable you to issue reports as to which services or stocks sell better than the rest so that in the future, you will have an easier job in revising your strategies and changing them, if necessary.
Knowing where to focus your attention will save you a lot of money (maybe in some cases up to 14%) because you will not have to spend a fortune trying to figure out what you are doing wrong. A CRM system and its great analytical tools can do that for you. If you find out which services your clients are more willing to buy, you can easily optimize your investments.
The Cost of Paper and Waste
We already know that the emergence of CRM systems has made papers and folders almost completely redundant. If you are using CRM for your brokerage, you do not need to keep all the data in print and then add each of those documents to the corresponding folder. Everything, from all the contacts, their information, purchase history, and their profiles, is stored on a centralized cloud which everyone at your company can easily and securely access from anywhere in the world (with, of course, all the precautions CRMs have to secure your data). Therefore, not a single penny is wasted in the process.
Remember, this does not mean that your brokerage will not need to purchase any paper until the end of its existence. You may still need to print some of your reports, documents, etc. But, using a CRM system can reduce the consumption of paper in any brokerage company by a significant number.
Moreover, less paper always means less waste. If you run a brokerage company, you might already know that proper disposal of paper also costs money. Special bins must be put in at different corners of your offices, and special cars must be called to come to pick up the paper once a month or so. So, next time you want to print something on a piece of paper, you have something else to think about.
The Cost of Customer Retention
Number 1 rule of marketing: keeping existing customers always costs less than attracting new ones. But, it is obvious that a business will not grow and bloom without new clients. So, you must be careful not to make a heavy burden out of this task for yourself when marketing or campaigning for new clients, especially financially. A CRM system can help you reduce these costs by finding new leads for you and suggesting which leads are more likely to buy your services.
In addition, using CRM increases the level of satisfaction from your services to your clients. As a result, they will start recommending your brand to other traders or market participants. And we all know that word of mouth is the best kind of promotion a company could get; not to mention that it is free.
The Cost of Sales Reps
If you run a brokerage company that is based on developing a long-lasting relationship with its traders, you know very well that in order not to lose those clients, your sales representatives need to conduct regular meetings with them and get updates on how they feel about the company and your services. This adds to the cost of your brokerage's retention department as you need to either hire more sales reps or use online meeting services.
A CRM system has solved this problem for you. You can set your CRM to send regular emails in order to get feedback from your clients. You can also have automated pre-recorded calls made by the CRM system. This way, there will be no need for any extra meetings, hence a considerable reduction in the costs.
The Cost of Making Mistakes
How many times have you heard somebody from a company say that they had to something again because one of their staff members did not do it properly in the first place? What are the chances of that happening to your company? And what will be the costs of that in case it happens?
Errors are an undeniable part of human work, and if they have not occurred to you yet, they eventually will. With a CRM system in place for your business, you eliminate the human factor from the sales process as much as possible. So, the likelihood of making mistakes or forgetting something will be reduced to almost zero. Consequently, there will be no money spent on fixing the mistakes and doing things right because there will be nothing to fix.
The Cost of Customer Support
Most CRMs are capable of providing some sort of a self-service portal for your company where clients can resolve their issues without having to contact your team directly.
For example, in case of requesting refunds, all they will have to do is to fill out a form that you have already prepared using templates and put it up on your website. Then, the form is sent to your CRM database. The info is compared with the client's purchase history. If everything checks out, their money will be sent back to them automatically without any of your employees’ interference. So, fewer tasks, fewer staff members required. As a result, you end up paying less money for customer support.