CRM Best Practices: How to Maximize ROI

Blog | News | February 20, 2020

Investing in CRM (customer relationship management) technology is an important necessity for any growing or established business. However, when it comes to ensuring the technology gets used, and used correctly, so that your organization yields a favorable ROI on the investment, comes with its own set of obstacles. More often than not, the implementation and adoption strategy is overlooked, while focus on the technology itself is placed in the foreground.

According to a Forrester study, low CRM adoption technology rates were primarily related to what was referred to as “people issues.” More specifically, CRM effectiveness was threatened by challenges that were related to how the new software was presented to its users. In their study on why new technology solutions fail, Forrester found 36% were related to inadequate attention paid to management and training practices.

Even more, going without a CRM solution means 79% of leads fail to convert (Pardot). More than ever, CRM technology is a natural first step for any lender looking to generate, retain, and maintain the business of their customers. Here are five CRM best practices to consider if you want to maximize ROI on any new technology you implement:

1. Make Adoption a Priority

In order to implement any kind of new CRM technology, you must make adoption a priority. There are two primary factors that must be taken into consideration and performed effectively. The first is having a plan of action for fully implementing the technology. From start to finish, including the plan for long-term use and efficiency, every aspect of adoption must be well-thought out and documented. By doing this and making the process fully transparent, a new technology receives the respect, time, and dedication that it needs in order to be successful.

Second, training and onboarding in a well-executed way is imperative. Training should be functional and situational. All users must be trained on the basics as well as on how to utilize it in various potential situations. In addition, presenting the value of the CRM technology is of utmost importance. Users need to understand how it will make their lives easier. Offer ongoing education to continue user training and keep employees current on the latest best practices.

2. Keep Stakeholders Committed

Stakeholders are an important aspect of any new technology solution. In order to earn their buy-in and keep them committed to the decision of implementing a CRM, it is important to loop them into the implementation process as early as possible. For stakeholders involved in the decision making process of the new technology purchase, communicate value, benefits, and even provide an ROI calculator, if possible. Focus on how the solution will benefit the company at large and how it aligns with the company’s overall business goals.

For users, be sure to communicate early on in the implementation and explain what’s in it for them. More specifically, try to help them envision how it meets their professional goals and ideals.

3. Enable Technology Integration

We are in the era of technology and ruled by processes and systems of a tech world that promise us a way to simplify our lives. In order for adoption of a CRM technology to run smoothly, we must not complicate the fact that there are many technologies in consistent use all around us. Using the systems that you currently have in place in your business and integrating them in a way that allows users to work smarter and more efficiently is the main goal here. Piecing together data from disparate systems is extremely inefficient for time management and ease of workflow.

Be sure any new solution you decide to implement is able to play well with the other technology your team is using. With a bi-directional integration, you can have LOS or telephony data update lead or loan details within your CRM, giving your team the latest, most accurate data to work with in real-time.

4. Input Leads Accurately

When adopting a CRM technology into your business strategy, it is imperative that information is entered correctly the first time. As a result, you can save time later by not having to correct mistakes and troubleshoot resulting errors. When leads are input accurately, the CRM technology really begins working for you. A recent study found that implementing a CRM technology increased marketing ROI by 25%. This statistic reflects the importance of putting information into the CRM correctly. When information is adequately provided and utilized, data and analytics will be in line with where your business is in real time. For example, in the mortgage lending business, this technology can help track the number of leads each loan officer is working, if they are being followed-up with properly, and identify those converting into customers. This information would not be possible if it weren’t for the best practice of inputting leads accurately…and without this information, it would be very difficult to track ROI.

In order to create and maintain an optimal sales funnel, it is essential to have total visibility over everything that happens within the different parts of the organization. A quality CRM technology makes growing a profitable business a reality. By following these 5 best practices in the CRM adoption process, you will be able to maximize your ROI. This is a win-win for everyone involved.