CRM Guide, Nov 07 (Incl Raz Interview)

8/14/2019 CRM Guide, Nov 07 (Incl Raz Interview)

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Staying connected: Guide to customer relationship management systems

November 2007

Brokers talk about giving good customer service. But how much closer and more

rewarding could your customer relationships be with the right software?MPA's Simon

Parkerlooks at customer relationship management (CRM) systems, and how they can

improve your marketing efforts

Garbage in, garbage out.

This is what my year nine mathematics teacher drilled into me when lecturing us on howto use calculators correctly. Put the wrong figures in, and you're guaranteed to get thewrong figures out.

The same would appear to apply for customer relationship management (CRM) systems.Rather than putting in the wrong information though, many put no information in at all.

"While some brokers are quite sophisticated users of technology, by in large brokersaren't using CRM functionality or systems very effectively," says Des Papac, general

manager, strategy & marketing at Pisces Group. "This is clearly evident by the type ofcalls we receive at the Pisces Group broker help desk."

Before outlining some of the CRM packages that are currently available to brokers, it'simportant to understand the behaviour and resources required to successfully use a CRMsystem. The most sophisticated of systems will generate nil results if either the brokerdoesn't input the necessary information, or is unable to understand how to apply theinformation correctly.

"I believe there is an underlying desire on behalf of brokers to benefit from CRMsoftware," says Andrew Duerden, national sales and business development manager at

LoanWorks Technologies. "I also believe that there is a fair degree of systematicbehaviour that is required by users to ensure that the customer data they add is relative towhat they are aiming to achieve and maintained on a continuous basis."

Duerden says brokers must determine what they want their CRM system to achieve. "Isyour goal to have a knowledge resource that can be used over time for consistent targetedmarketing or do you just want a good contacts database?"


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He points out that if the latter is true, then Microsoft Outlook running on an ExchangeServer (something that can easily be rented from a hosting company such as Web Central)will provide a very flexible and interactive contact database with scope to customise theforms yourself.

Other options are off the shelf CRM packages like GoldMine and ACT! (see sidebox).

"If your organisation is larger, with staff in different roles and a plan to grow even biggerthen it is best to find a software solution that is already tailored to your industry focus andis scalable," Duerden adds.

Papac adds 'CRM' is a very broadly used term. "To some it's just a contact managementwhile for others it may be an organisational approach to doing business. What's importantis the brokers and aggregators clearly identify the outcomes they need to achieve, andthen the processes they have to manage."

Simplicity

Papac believes brokers struggle to secure enough time to properly evaluate functionalityof the software they already own. "We have numerous calls asking us 'how to' questionsaround the use of CRM and other functionality," he says. "In fact we've had brokersasking for software modifications to be made so they could do simple things like generatelists and letters based on a specific event occurring...when in fact these features werealready available within the platform. "

He believes that, for the most part, brokers need a CRM system with basic functionality.One that mirrors the broker's own internal operations - in other words, one that works

around the broker's needs and not the other way around - is preferable.

"If too much detail is built into a CRM process for brokers they will not buy into the useof the application and the business value will be lost," he adds.

Kym Rampal, managing director at Loankit, an aggregation company that sub-aggregatesthrough FAST, says the complexity of CRMs can make them very hard to understand andnavigate. "I have seen countless CRM packages that do have good features built in butsuch a nightmare to navigate. Multiple clicks to get to the screen desired is a real pain.Unfortunately there are countless CRM packages that are designed poorly."

Loankit's forte is its CRM and IT platform. Brokers who join Loankit gain access to itssystem of marketing and customer management tools. As outlined in MPA's Septemberissue last year (6.9), both Rampal and his business partner Carolyn Samer learnt plentyfrom brokers who had not been equipped with software from their aggregator or wereunsatisfied with the software they were paying for.

Rampal says busy brokers don't have the luxury of browsing through their CRM systemlooking for information. "A good CRM should be intuitive to use," he says. "To reach a


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screen should not take more than a click. At the same time the screen should not beovercrowded with menus so that it is difficult to find where to click."

While simplicity may be beneficial, getting the most from a CRM system requires someform of investment from the broker.

Transactive director Eric Handbury says the broker can get the best out of his mortgagebroker oriented CRM system in two ways. "By defining their own business process andlevel of customer service that they require, and then configure the software to automatethese processes," he says. "[Secondly], spend time to fully familiarize themselves withthe qualifier tools in order to understand its features and capabilities."

Hayden says getting the most out of any software system can be difficult. "Certainly,small changes to your business processes will be required. However the number one ruleto get the most from your software is time. Whether you're learning MS Word, MYOB oryour new iLend(tm) solution - you need to allocate the appropriate amount of time to

plan the installation; to arrange the data transfer; to set the system up; and to learn thesystem."

He says it's interesting to see how different managers and business owners evaluate aCRM system. Some are purely focused comparing buttons, menus, colour schemes andreport layouts. "A rare few will ask the supplier about their training program, about thecustomisation process and access to ongoing support," he says. "It is this later group thatwill have an easier transition, the fastest take-up and get the most from their softwarelong-term."

Why bother?

But what is the true value of using a CRM system? What can it offer the already time-poor mortgage broker?

Rampal has strong views on how a CRM platform can be beneficial for a broker.

"Most brokers are busy looking to their next deal and so they should be," he says."However this should not be at the expense of the clients already settled. The role of agood CRM package thus must be to cut the time taken to manage clients on the databaseand thus free up brokers to market for new clients."

He believes 75% of a broker's time should be spent on marketing activities.

A CRM platform should actually minimize the amount of time a broker spends ofsatisfying their clients, he says, and ensure they remain top of mind when customers thinkmortgages. Other benefits of a 'good' CRM include the ability to manage referrerrelationships, and being able to commission-split to referrers and other down-streamparties, where relevant.


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He believes the Loankit CRM "is unique in that it encompasses clients, referrers andbrokers so that the end-to-end process of leads coming into the system through the salesprocess and into the after sales client management is completely housed into the singleCRM package, and the broker does not have to cobble various software packagestogether."

This is where Hayden believes off the shelf packages, as good as he believes some ofthem are, fail the broker. He says while sacrifices are required to get the Finware businessplatform up and running, it can be a powerful marketing took once operational. Forinstance, being able to tap into a client's assets and liabilities, information generally notkept or updated in off the shelf systems, means brokers can be much more targeted intheir marketing.

Another value-add is Finware's commission management system, which keeps the client'sloan balance updated. "Brokers can therefore say, 'I want [to market to] customers whohave paid off 20% of their loan and who earns more than $100,000'. That's no problem."

"Although brokers have CRM systems, if you're not doing these sorts of things, these arethe real value bits you get out of it that makes all the extra time and effort involved inhaving a CRM system worthwhile."

Moreover, taking the time to gather extra information about customers can be well worthit, says Malcolm Watkins, executive director at AFG, an aggregator that developed itsown proprietary CRM system. This may include a customer's family events, likes,dislikes, religion, right through to including preferred contact methods. "[There's] nopoint in sending a Christmas card to a Moslem," he says.

Another aggregator to see the value in implementing their own proprietary CRM systemwas Choice Aggregation Services. "Our members' core focus is on the sales andmarketing of mortgages and ongoing customer contact to strengthen relationships andcultivate referrals," says head of sales and marketing at Choice Aggregation Services,Brendan O'Donnell. "As an aggregator we recognise that brokers first and foremostoutsource their systems - this is the core of what an aggregator provides."

"CRM involves changing from being deal-focused to client-focused," he continues."Brokers must not only write deals, they must also follow through on those deals as wellas nurture and build a solid relationship with the client. Without a CRM system in placethey are doomed for failure."

This led to the development of Broker360, a system which can interface with mostexternal systems and CRM packages, he says. "For us, the philosophy behind the creationof Broker360 was that it was a system built by brokers, for brokers," he says.

Building awareness about the benefits of CRM remains a challenge though, he admits."We need to keep in mind...that some members are uncomfortable with the technology ofa CRM system. And there are a number of reasons for this.


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Some members, for example, have yet to fully embrace technology and don't even seehow a CRM system can assist. Again, we work hard to not only highlight the benefits ofusing an integrated system such as Broker360, but also give the practical assistance to setthe system up and help alleviate any concerns they have with the technology."

Broker CRM options

Assuming you're ready and resourced to take on a broker-specific CRM system,following is information on a number of CRM systems available in the marketplace.MPA asked four companies - LoanWorks, Pisces, Transactive and Finware - about whatthey offer in terms of CRMs. While MPA hasn't road tested these systems, theinformation provided should give you an understanding of what's available in terms ofproduct features, and what makes some of these features a benefit to you, the broker.

One thing to clarify is most of these CRM systems form just one part of broader brokerspecific platforms. As Jason Hayden at Finware points out, his company's CRM system is

just one part of a broader business operations system (iLend(tm)).

"Our iLend(tm) solution is a complete package for clients to manage all facets of theirbrokerage business from front office through to back office," he says. The same appliesfor LoanWorks, Transactive and Pisces.

We've also included a brief outline of some of the non-mortgage broker specific softwarepackages available 'off the shelf'. This is just to enable comparison with the mortgage-specific packages.

LoanWorks

Beginning with LoanWorks, Duerden says the CRM module is incorporated within theLoanWorks(tm) application, and is fully integrated with all other system features.

He believes the key feature of his company's program is its industry orientation, ensuringall data relevant to the mortgage origination process can be collected and used."LoanWorks(tm) CRM supports the capture of all assets, liabilities, additional incomesources and primary employment," he says. "Direct integration with the LoanWorks(tm)enquiry and application processing modules ensures information is not double-handledand that customer records are automatically updated as new information is collectedduring processing."

Other features Duerden points to are the single point of reference for all customerinformation via a 'customer dashboard'; user-defined customer categories to help segmentcustomers in to marketing categories; journal notes which double up as task remindersand email; and customer source tracking and ownership, amongst others.

Getting the most out of the LoanWork's system shouldn't require a change to workbehaviour, as it utilises information already collected at the application stage.


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"If a user's focus is on following up referrals and turning them into sales then they canwork through the LoanWorks(tm) Enquiry module, knowing that their customer databaseis being updated all the time," Duerden says. "If a customer calls they can open thatcustomer's dashboard and see all the information in one screen."

"Alternatively, if they are proactively telemarketing then they can add/ update customercontacts directly through the CRM Dashboard and if a sales opportunity exists then a leadcan be created and assigned to a broker to follow up."

LoanWorks(tm) also incorporates a marketing module which currently supports theability to, amongst other things, define a marketing event, generate a list of customersassociated to the event, export event customer details to MS Excel for mail-mergedistribution, provide outcome identification for each customer and lead, and report on themarketing event's success ratios.

Pisces

Again, like LoanWorks, the Pisces broker platform has been created with brokersspecifically in mind. "It enables the broker/aggregators to manage their inbound leads andfor each lead progressively record customer information throughout the sales process,"says Papac.

The Pisces platform is only sold to aggregators and not to individual brokers.

He says the platform's key feature is data only needs to be recorded once. "Informationgathered during the needs analysis flows into the application form ready for electroniclodgement. And then this same set of data is available to be used for CRM purposes."

Time-stretched brokers need only enter data once.

One area Papac believes Pisces deviates from other CRM offerings is with its messagingplatform. "A large proportion of what brokers and aggregators are looking to do withCRM is to communicate more effectively with their customers," he says. The Piscessystem takes relevant customer information from any messaging medium the customermay be using, eg. fax, email, SMS and even voice messages. Moreover, customers canchoose to receive information from Pisces' CRM system in any message format.

"An example of this may be the deployment of a marketing campaign with a specialoffer, the customer may choose to accept the offer or ask for more information using

SMS on their mobile," he says.

This latter feature is also what Pisces considers its key benefits. Papac says it ensures abroker's message is as direct as possible and sent through the most appropriate mediumfor both them and their customers.

Papac points to three key benefits of the Pisces system: Reusability of customerinformation; lead management (the ability to see the source of leads, ensuring the value


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anniversary, loan balance changes, income level, LVR level, location; and almost everydetail on an application form can be searched.

One of the benefits of Finware's system includes that all the information gathered duringthe loan interview process can be used to automatically populate a lender's application

form. "Using our iLodge(tm) capability, [brokers can] submit the application direct to thelender for immediate approval....you can even populate a generic form for pre-submissiondiscussion with multiple lenders," Hayden says.

Finware's CRM benefits from the broad array of features that come with the iLendsystem. This includes the fully customisable workflow tool (WFT), which Hayden saysallows brokers and support staff to track and manage a client through the mortgageprocess, automatically creating letters, emails, SMS, and various other tasks. "This tool isinvaluable for ensuring quality control and optimising the communication betweenbrokers, clients and their administration team," he says.

Another feature is the loan management tool (LMT). "The value of a broker's loan bookcan be increased threefold if they have a strong management system for their settledloans," Hayden says. "Our LMT keeps track of all settled loans as well as those lodgedand approved. You will be able to see at a glance your loan book by broker, year-by-year,month-by-month, by lender, by product type. You will also have data on the loan detailsas at the date of the original loan."

Hayden also points out a number of other key features in the iLend suite, namely theborrowing capacity calculator (BCC), which allows around 30 lenders' calculators to beprinted and included with an application, and what Hayden considers the strongestcomponent of their system, the lender product database (LPD).

"This database of over 1,100 mortgage products from 48+ lenders is updated every day,"he says. "For each mortgage product we collect over 100 fields of information so thebroker will be able to research every detail of the loans finer points. Further more thisdatabase is searchable based on the client's borrowing criteria." The company also offersa financial guarantee with its product information. "Our iGuarantee program is the onlyone of its kind in the country," he says.

Costs

Determining what you could pay to purchase one of the four CRM systems featured can

be difficult. As highlighted earlier, each forms one part of a broader businessmanagement software package.

For Finware, Hayden says as iLend is a modular system, clients can choose thecomponents they need. "Each iLend(tm) system is individually built to the clientsspecifications. As such, the investment in iLend will vary," he says. As a guide, iLend(tm)costs between $550 and $6,500 to setup and install. The ongoing cost of the system can


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range from $80 per month to $170 per month depending on a client's individual setuprequirements.

Hayden adds they have a minimum contract period of 12 months but the licence can becancelled with 30 days notice. "We also offer clients a 100% money back guarantee in the

first 30 days."

Transactive's single user version retails for around $80 per month, although Handburypoints out that many national groups have volume discounts. The set up costs around$179, which includes training and the basic CRM package, featuring presetSMS/email/followup facilities on major loan milestone events (submit, conditional,formal, settlement), and the first 100 SMS messages.He said the license is granted on a quarterly basis, therefore the minimum term is threemonths.

Handbury added there are network (LAN) licenses at various user-levels for the largeroffices. Moreover, there is special discounting for configurations such as a laptop-desktopcombination for a single broker.

At Pisces, the CRM system is free as part of the broader broker platform. At this stage itisn't sold to individual brokers. "The number of brokers with that aggregator will affectthe pricing model," says Papac. "Keep in mind that for these prices they are for acomplete broker/aggregator sales management platform with the CRM functionality.There is also a commission management module if required."

Indicative pricing for a "typical aggregator" would see a deployment cost of around $180

per broker. "This would be based on an initial batch of brokers being set up," he says."Subsequently adding additional brokers the set up is $150 per broker."

An ongoing monthly license fee of $125 per broker also applies, and the minimumcommitment is around 12 months. "In our experience the aggregators have been pickingup the set up costs, they provide the tools as a value add for their service,"Papac adds.

Similar to Pisces, the LoanWorks(tm) license model is based on a user-accesssubscription style license. "As the CRM module is essentially a part of the underlyingLoanWorks(tm) application no additional charge applies," Duerden says.

The standard LoanWorks license is a monthly subscription with two levels - full and lite.The full license which does not restrict access to any LoanWorks feature is $150.00 permonth. The lite license which restricts access to only the CRM and Enquiry LoanWorksmodules is $50.00 per month. "We also have a site license which caters for user numbersgreater than 25+," he says."Setup costs are based on training requirements and location of system installation. We


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allow LoanWorks to be implemented onsite or hosted by us. Our standard licenseagreement allows for a three month cooling off period with a one year minimum term."

Key CRM benefits

Overall, based on the responses from each software company, the following appear to bethe benefits to be gained from using a CRM regardless of which supplier you go with.

Data entry - only required once. In some cases this information can be used as part ofloan application process.

Data cross reference - ability to use customer data as the basis of profiling and inclusionin targeted marketing

Single point of reference - ensures multiple contacts within a company can use thecustomer record. Also ensures all contacts with the customer are recorded in the one

place.

Accuracy - single entry of customer data minimises chances for errors.

Speed - Anyone in firm can bring up latest customer data information quickly, enhancingcustomer service proposition.

Links - as most CRMs featured come as part of broader business systems, the ability tolink the CRM with other broker-oriented features, including loan calculators, loanapplication tools, and communication tools (eg. automatic SMS, email, etc) makes formore efficient and flexible setups.

Broader considerations

There are bigger issues at play, however. AFG's Watkins says CRM is becomingincreasingly important on several points, some of which go the very heart of mortgagebrokers being seen as a true value-add proposition.

For one, he says a good CRM system can help justify trail commission. "If brokers andbroking groups want to continue to be rewarded via trail commission for maintainingcontact and managing their customers' requirements post settlements, they are going tohave to demonstrate that they are doing it," he says.

Another hot topic in the industry is profitability. "As lenders look more so to reward onefficiency and profitability, then brokers will need to be on top of their existingcustomers' requirements to ensure they retain the customer, protect their loan life andcustomer life numbers."

Related to this, the ability to more accurately target customers with the right product addsto broker efficiency levels, which in turn can boost the bottom line.


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Choice's O'Donnell says capturing as much client information as possible is absolutelycritical. "This enables brokers to proactively manage relationships and develop marketingcampaigns that are strategic and timely," he says. "Touching base with clients at the righttime, for example, is essential to maintaining positive relationships, as is showing anawareness of individual clients' circumstances."

Watkins also points to the widening web of relationships brokers are commonly exposedto these days. "Referral networks are getting wider and deeper," he says. "It is importantto quickly identify from your customer database where the customer was referred to andhence avoid cross marketing hick ups."

For instance, a financial planner refers a customer to a broker, only to have the brokermarket life insurance to that FP's customer six months later. In this case, "the referralrelationship is gone."

O'Donnell can't see a future for brokers without CRM. "CRM's will be an integral part of

brokers' everyday life and will be the only way to successfully run an effective brokingbusiness," he says. "With the rapid move to online applications, as well as the pressurebeing applied to banks to provide 'back channelling', we will get to a point where withouta CRM you won't have a business."

New directions

This is situation as it stands. But, as most would acknowledge, IT rarely sits still longenough to be admired. Instead, IT companies are constantly seeking ways to enhancetheir product, and CRM packages are no different.

MPA asked each of the four companies what their plans were. For Finware, Hayden saysit is currently rolling out the largest upgrade to their system since it was launched in2002. "Obviously, much of our development work is not made public," he says."However, at present we are working on increasing the usability of our system andmaking sure that functionality is simple to locate and employ."

The Pisces Group broker platform is also being redeveloped. Papac says a few keyinitiatives are being planned for CRM, including the CRM tool features will be expandedbut they will be specifically developed around the broker sales cycle, in compliance withemerging industry regulations; new system driven wizards that allow for easyimplementation of CRM processes, either manual or automated; complete integration

with our messaging platform; and the tool will have an interface for most common CRMplatforms, so the features in these tools can be easily integrated with the broker platformand sales process.

For Transactive, Handbury says planned developments will focus on better equiping thebroker to operate their business. Moreover, the software will aim to evolve as the role ofthe mortgage broker changes, and as regulation and compliancy demands are enacted.


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"Most of our new features come from the requests of the brokers as they understand theirbusiness and what the software needs to have to assist them in that business," he says.

Duerden says over the next few months LoanWorks(tm) will look to extend the customerevent invitation search engine to incorporate more cross-sell style filters. The company

will also add some integrated mail-merge media distribution features, such as auto-lettergeneration and emailing.

More broadly, Rampal says CRM will need to equate with all-in-one packages. "It is awaste of time to do your loan comparison in one piece of software and your notesrecording in another and your commission management in a third and your clientretention activities in a fourth and so on," he says.

Looking ahead, he says VOIP and automatic call recognition might be new featuresadded to CRM systems. This will enable a client file to be immediately loaded onto thecomputer screen as a call comes in, "thus giving brokers the appearance that the client

has not been forgotten. It is human nature to be pleased to be remembered and clients areno different."

Outsourcing the CRM

For brokers who simply don't have either the resources or inclination to fully utilise theirCRM system, there is an alternative - having someone else do it for them.

Continuity Programs International (Australia), a subsidiary of 35 year old ContinuityProgram, Inc (CPI) in the US, offers mortgage brokers the option of outsourcing their

customer relationship management program.

Australian subsidiary managing director Raz Chorev says while there's nothing wrongwith well-resourced brokers running their own marketing campaigns via a CRM system,there are plenty of brokers who lacked the resources to do so.

"It's a huge undertaking," he says of maintaining an effective marketing program.

He points to a survey by US-based mortgage broker magazine, Mortgage Originator, asevidence of why it's important to main close customer ties. The survey, undertaken a fewyears ago, was of 5,000 mortgage customers three years after they had taken out their

first loan. It revealed 67% of customers couldn't remember the name of their originalbroker after 24 months.

Continuity's program, entitled Building Customer Loyalty (BCL), is based on marketingmaterials, including thank you cards, customer satisfaction surveys, newsletters andresponse cards, being sent out at set times over a five year period.Between 14-18 items are mailed to customers in this period.


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Once a loan is settled, a broker has the option of forwarding the client's details toContinuity Programs who then activates the BCL system.

Chorev notes how few marketing pieces sent out by brokers include customer replydevices. This is a feature of the BCL system, he says, whereby each piece of

correspondence always includes some form of reply device, such as a pre-addressed replypaid envelope. The broker has the option of personalising the copy on each piece ofmaterial sent out, and can cross-promote other products.

All customer replies are sent directly to Continuity. A variety of reports are regularly sentto the broker keeping them informed of what's happening with their customers. Theseinclude a report of mailing, lead reporting, and future lead reporting.

The program only applies to mortgage brokers involved in residential lending. It costs thebroker $59 per customer sent through, and covers all marketing materials, reports andpostage costs. A set up fee also applies.

What broker's say

Richelle Benson, an accredited mortgage consultant at Perth-based Ray Backhouse-

Lifespan Financial Services, says while she relies heavily on AFG's FLEX setup forapplication research and loan scenarios, she uses ACT! as her customer database. "ACTreally is a great program and it runs our work days. When we set up a loan, we enter whatit is into ACT! and a pre-programmed schedule of tasks is populated, and I record everycall and document to the client's file." Flex has its uses, though. "Flex allows you to readup on the products that have been listed, which I always find extremely useful when

explaining the loan features to the client. The Customer Information Record that FlexProduces is great for my clients as it gives them an understanding and a choice of whatlender and loan product that they wish to apply for."

Peter Smith, principal at Dubbo-based Regional Mortgage Professionals, says heonly started using a CRM last month (September). Upon seeing Choice AggregationService's Broker 360 package, he says the benefits of CRM became more apparent. Hesays the key feature he uses is being alerted when a loan matures "so that wewrite/contact the client before the bank does." The CRM automatically produces the letterthree months before the client's loan matures.

Jaclyn Merlino, of Sydney-based Option One Financial Partners, says she relies onACT! as her CRM system. She admits that, at this stage, she doesn't get the most out ofthis system - she doesn't do mail merges, for example, largely due to a lack of time. Shethe ability to change fields, add fields and delete fields, although one negative is theACT! System she has doesn't work with Microsoft Outlook. She adds that she isconsidering one of the mortgage broker-oriented CRM systems.


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David Phelan, general manager/licensee at Perth-based The Loan Company, admitsa booming property market hasn't given him the time to invest into developing his CRMsystem. "The old saying we have been working in the business not on the business." Hesays the company plans to re-look at their current CRM, and on ways to improve it. Thismay see the company upload the information in their current database, which they've had

for eight years, to the AFG Flex system. Phelan says Flex "offers a few more optionswhich may allow us to create a true customer care program with regular contact with ourclients. As we receive a trail commission from loans written, I think we owe it to ourexisting clients to service them the best possible way."

Dennis Mrljak, franchise owner of Smartline Parramatta, says he uses the in-houseSmartline CRM system. "The Smartline CRM is very extensive, providing a full range ofclient care and customer management options," he says. "However, I don't use all thefunctionality available, with one area where I need to improve is increasing the collectionand maintenance of valid email addresses, to ensure all of my clients receive our regularnewsletters and special communications." He relies heavily on the bulk mailout function,

which sees him tick a box to send various categories of clients a range ofcommunications. This is linked to a mail house.

Will Davies, of Sydney-based Scope Lending, says he relies heavily on the 'InfusionCRM', a system from the US. "I have avoided using mortgage specific CRMs because Ihaven't found one that can do all the marketing functionality of this one," he says. Hesays the CRM is internet based, which is rare, and is easy to set up a new user, andinformation is shared instantaneously between users as there is only one commondatabase. "We can send personalized mail merged emails from every broker in the teamto every contact on the database effortlessly and set up campaigns so that when someoneenters their details into our website it goes straight to the database, and we have a

systemized contact regime for them that can be set up to happen automatically." He saysthe only drawback is, because it's internet based, "it can be very slow if the internet isslow. Australia has slow internet speeds compared with the rest of the world."

Off the shelf packages

Two of the more widely available CRM packages available off the shelf are ACT! bySage and GoldMine by FrontRange.

According to Sage, ACT! allows users to mail merge and e-mail to perform marketing

campaigns, forecast and track customer opportunities, and generate reports for a completeview of customer interactions. It can be integrated with Microsoft Office, Lotus Notesand handheld devices.

Frontrange says GoldMine allows users automate routine and repetitive tasks, track allsales and marketing activities, identify high-margin leads and high-value customers, andmanage customer information in the one location. It is also possible to link withMicrosoft Outlook, and remote data access is possible through add on software.


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Source: www.frontrange.com.au, www.acttoday.com.au

Aggregator vs independent CRM systems

Transactive director Eric Handbury has a word of caution for brokers eyeing up a newaggregator. He says choosing an aggregator based on their CRM platform can beproblematic if the relationship turns sour.

"Many brokers choose an aggregator due to the software being made available free-of-charge or a very reduced price," he says.

In his opinion, brokers need to be aware that:

- This software will be quite expensive in reality as the aggregator must pay for softwaredevelopment, support, training, product updates, etc. from the broker commissions.

- The broker has to think of what happens if they leave that aggregator (since this is verycommon), and the aggregator then shuts-off access to the program. What happens to theclient data? It's usually best in the long term to select an aggregator-agnostic softwareprogram.- Very few aggregators can support the costs necessary to provide a solid softwareplatform. Broker software development requires tremendous resources.
http://www.frontrange.com.au/http://www.acttoday.com.au/http://www.acttoday.com.au/http://www.frontrange.com.au/

CRM Guide, Nov 07 (Incl Raz Interview)

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