Customer Relationship Management part 1

You often see the letters “CRM” or even hear people speak of “customer relationship management”, however, this sounds so American; so does this philosophy of managing the relationship with our customers and clients actually fit in with the British psyche?

The more I look into the subject the more that I realise that the British people actually do very much value being looked after by businesses and other organisations. In todays online, on digital, on demand world the emphasis is often on speed of delivery, speed of decision, and speed of return; however, the basic human need to be valued, listened to and considered still runs deep in our sub conscious.

There are tiny examples of this all over our lives, small daily occurrences like another driver slowing down on a narrow road and indicating to allow you to pass through, or perhaps a door being held open by someone who passes through a doorway in front of you. Other examples of customer management include when you walk into a shop or a bar and you get a warm “good morning, how can I help you?”

These little interactions between strangers and those we are more familiar with are prevalent in society because they begin the communication process that often leads to a transaction of some kind.

When it comes to our own businesses dealing with clients and customers many of whom we never actually meet face to face, the role of courteous business communications is paramount. Regular, relevant communication between a firm and its customers is essential to complete each transaction and to ensure repeat business in the future via regular contact. For a “one man band” to manage this process would be a tall order, however, for a busy brokerage with thousands of enquiries and clients processing hundreds of cases per year it is simply impossible.

With the increasing regulation that brokers face from the FSA’s TCF regime and the inevitable subsequent inspection visits, clearly documented communication is more important than ever, and a system that manages, records and reports this process is more vital than ever before. Running your business with paper files is simply no longer acceptable in a 21st century world and those that do are metaphorically drifting slowly downstream coming ever closer to the FSA’s Niagara Falls and, the gentle roar in the distance is slowly getting louder!

In Part 2: I will be looking at ways that a firm can utilise affordable, proven technology to management their businesses and customer communications