Need to Revive CRM in Your Firm? There are Three Options – Rebrand, Relaunch or Reposition
The concept of CRM isn’t new in professional services firms, but typically, these technology systems are used as centralised databases for marketing related activity such as mailing of newsletters, email campaign distributions and so on.
At the same time, in some organisations, the use of CRM systems has dwindled away resulting in wasted investment to the detriment of the business.
Why? Most firms enthusiastically implemented CRM systems to keep up with competition – without any consideration for the substantial cultural change required for successful implementation. Unwittingly, many firms have launched a CRM system without a robust and thought-through adoption strategy to support the larger business goals of the organisation.
Just as finance systems underpin the financial strategy of firms (e.g. revenue targets, loss management and profitability), so too must CRM systems exist to support the business and client development strategy. This is imperative as the current business environment is increasingly competitive; and clients less loyal and more demanding than ever before.
As firms grow the business, a consistent approach to client and business development that is tightly aligned to the strategic objectives of the organisation is essential.
You can read Tennille's top tips to help firms resurrect their flagging CRM systems on the Practice Source website.