Have you ever been wrong-footed by a customer knowing things about your firm you don’t?
Have you ever been embarrassed because you don’t have a clear picture of your sales pipeline?
Have you ever been frustrated that you can’t target marketing communications more accurately?
Strong relationships are key to growing existing clients and creating new ones – which is why every successful firm is engaged in relationship management.
But as a firm grows and the web of relationships becomes more complex, it takes more and more time and effort to keep track of them. A Customer Relationship Management (CRM) system like Lexis InterAction can help you simplify that complexity, but how do you know when it’s the right time to start looking for one? Here are three key signs.
1. You can't see the bigger picture
As the number of partners and associates increases, communications with customers grow exponentially. Keeping track of them becomes impossible. In turn, that leads to misunderstandings, partners feeling foolish in front of clients because they are unaware of previous communications, missed opportunities and poor client service. In the worst case, it leads to lost clients.
A CRM system provides systematic processes for capturing communications and developing a 360-degree view of the client that everyone has access to. So a client can never wrong foot you again.
2. Growing the business is becoming difficult
In today’s competitive legal environment, you need a planned approach to growing your business. Business development associates, fee earners and partners must work closely together to execute a defined strategy for moving prospects from targets to fee paying customers.
However, doing that manually can take a huge amount of time and effort. A CRM system not only helps to systemise business development processes and provide accurate reporting, it can also provide information that would be virtually impossible to get otherwise. For example, it can help you discover previous and current relationships or areas of expertise that you weren’t aware of, identify the most successful pitch strategies and put together the most effective client teams. See our previous blog ‘Becoming a sales-savvy law firm’ too.
3. Marketing communications are less effective
To be effective, marketing communication must be targeted. We all know that. And it’s easy when you are only pursuing a few new clients. But as the number of targets grows it’s all too easy to start adopting a scattergun approach because the time and effort of doing anything else is prohibitive.
A CRM system helps you maintain a highly targeted approach by allowing you to quickly and easily slice and dice information to create highly focused lists, while also allowing you to develop and execute marketing campaigns fast. And there’s another benefit too – a CRM system will help you comply with data protection regulations, which can be extremely difficult to accomplish manually.
If any of these three signs apply to your firm, perhaps it’s time you started looking at how a CRM system can help you?