Why CRMs fail for Asset Managers and Hedge Fund Managers
Starting with TESCO in 1994 I have seen CRM systems come and go and generally fail to implement the original golden vision.
Whilst huge amounts of time are spent on getting the legacy data onto the CRM system, most CRMs end up being glorified calendar systems.
Why do most CRM implementations fail?
Primarily there is no incentive to keep the data in the CRM system up-to-date and as a result, the usage drops and any reports generated from the system do not have the detail necessary to give a realistic business position, whether it is a sales forecast, support request or even a basic client list.
Secondly, the evolving processes in the business do not map how the CRM has been configured. The CRM has failed to be modified to how the business processes have changed over time and as a result the output from the CRM is not tightly coupled to the business.
Both the points mentioned above can be resolved by ensuring that companies instigate lasting ‘behaviour change’ in their teams. Change in humans is often achieved by either creating pain or selling the benefits of the change.
Creating pain in a team member obviously does not lead to a conducive environment! However, bleating on about the ‘business benefits’ of a CRM will also struggle to motivate a sales team. So what does….
What information should be delivered to engage sales team members with a CRM?
If the CRM can provide information such as…
Identifying which prospects are interested in which products
Recognising cross-selling opportunities
Qualifying leads to help create a targeted sales approach
…then you may be getting somewhere!
That’s where we come in at ProFundCom. We provide a hedge fund and asset management marketing and sales intelligence software platform that reports back on how your communications are being received, offering an in-depth understanding of your campaign effectiveness.
Our platform automatically generates detailed reports that can be filtered by metrics such as salesperson, emails opened, emails read, emails printed, emails forwarded, websites accessed and attachments opened – providing market-leading communication analytics, lead scoring and marketing automation.
ProFundCom gives you the ability to see deeper levels of prospect and investor potential in your funds by tracking prospect engagement and investor engagement.
