Feb 21, 2023

If you want your bank to be the most profitable in the long run – make the most of your CRM.

Feb 21, 2023 | Brian's Blog

Here’s 4 steps to use within your CRM to boost your profitability.

1/ Uncover Customer Interests

Start by getting to know your customers inside and out.
When you bring on a new client, take the time to understand their interests and goals.
What are their plans for new market opportunities, acquisition targets, and organic growth?
Whatever their aspirations may be, make sure to document them in your CRM.

2/ Anticipate Their Needs

With a clear understanding of your customer’s interests and goals, it’s time to anticipate their financing needs.
Think about the type of loans they may require – equipment loans, real estate financing, or short-term acquisition financing, for example.
Anticipate as many possibilities as you can and prioritize which ones they are likely to need first.

3/ Get Ahead of the Game

Take your customer service to the next level by underwriting the potential needs you identified as the most likely to be required, before your customer even asks.
This proactive approach will show your customers that you are dedicated to their success, you have a deep understanding of their business, and you care about their customer experience.

4/ Create a Relationship Plan

Bring it all together with a forward-looking, strategic, and tactical relationship planning document.
Make sure to include dates, accountability, and other important details.
By doing so, you will be able to manage and grow your customer relationships more effectively.

Notice I didn’t recommend getting the latest contact info, entering all of the notes from your most recent meeting with the customer, counting activities like phone calls, meetings, marketing material sent or other important actions.
I assume you are capturing those.
This is advice on how to put the “R” back in CRM.

Don’t miss out on the opportunity to form long-lasting, highly profitable relationships with your customers.
On average, a customer stays with their bank for 5-7 years, but with the right approach, you can stretch that relationship to 8 years or more.

Don’t let your customers slip out the back door in 3 years or less just because you didn’t use your CRM properly.

What did I miss?
How do you make the most of your CRM?

Follow Brian on Linkedin: Brian Pillmore




Learn more 

Sales Is Service.

Sales Is Service.

Especially in banking.And that’s exactly what got Wells Fargo into hot water.You probably remember 2013 and the chaos surrounding Wells Fargo.“8 is great” surfaced as their internal slogan.Employees were told to push all customers to have 8 products.That eventually...

Banking as a Service has major risks.

Banking as a Service has major risks.

And no one seems to be talking about it. More and more businesses are relying HEAVILY on APIs that they don’t own, control, or even understand how they work. Input into the black box → Result returned. And that…Is what we call Counterparty Risk. And lots of it. 1️⃣...