How to Plan a Successful CRM Project - Doxim Inc. · H P S CRM P: D G C U STEP 1: RECRUIT YOUR...
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How to Plan a Successful CRM Project: Doxim Quick Guide for Credit Unions
Transcript of How to Plan a Successful CRM Project - Doxim Inc. · H P S CRM P: D G C U STEP 1: RECRUIT YOUR...
How to Plan a Successful CRM Project:Doxim Quick Guide for Credit Unions
doxim.com [email protected]
How to Plan a Successful CRM Project:Doxim Quick Guide for Credit Unions
LET’S GET STARTED.
Historically, credit unions have set themselves apart by offering exceptional, personal service, based on a genuine understanding of the needs of individual members. As banking moves online and members engage through more channels than ever, CUs need to find innovative ways to maintain that personal connection.
The right CRM solution helps credit unions track interactions and build stronger connections with members both in person and online. Capturing member interaction data and acting on it in real time makes every interaction relevant, seamless, and personal. This can have a profound effect on the CU’s bottom line, because studies show highly satisfied customers buy twice as many products. In fact, CFI Group’s 2015 Credit Union Customer Satisfaction Index noted that credit unions that measure member sentiment across the full member experience are best equipped to improve financial performance.
But before realizing these benefits, credit unions must go through the CRM planning process. This can seem daunting – but it doesn’t have to be difficult. This Doxim Quick Guide was created to help credit unions successfully plan their CRM projects. We’ve drawn on over a decade of experience in CRM project planning to give credit unions straightforward advice on some of the basic steps to follow to build buy-in and rally the office.
— CEB, 2013. Effect of ConsumerSentiment on Financial Product Purchase
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Recruit your Champions
Build aRoadmap
Communicate with Everybody
Create a Training Plan
Do a Final Checklist
Turn your key stakeholders into project champions
Develop specific goals and metrics
Develop a communications strategy to fully engage your team and stakeholders
Include live, scenario-based training sessions led by project champions
Do a systems check before you start implementing
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Highly satisfied customers buy twice as many products as their unsatisfied peers.
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How to Plan a Successful CRM Project:Doxim Quick Guide for Credit Unions
STEP 1: RECRUIT YOUR CHAMPIONS.
Executive champions are integral to the successful implementation of any CRM project. They provide top-down vision and an understanding of how CRM contributes to a broader digital strategy, and their leadership throughout the process can clear roadblocks and ensure your new solution is adopted and used.
For this reason, credit unions should begin by getting executive buy-in for their CRM projects. To get credit union leaders on board, the CRM team will need to present a clear and compelling case for how CRM can specifically improve performance— and how it’ll make the executive’s day-to-day job easier too.
Finding champions doesn’t stop at the executive level, though. The credit union will need CRM supporters at all levels, and in all branches and offices, because CRM usage takes place throughout the organization. To get these project champions involved, talk to the key stakeholders in various departments and form an exploratory committee.
Before planning goes any further, make sure members of the exploratory committee understand their role as project champions. They should be committed and accountable to the project’s success, and have a clear and common understanding of how your CRM project can benefit your credit union.
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Doxim Quick Tip: CRM adoption is as much a cultural change as a technological change. CRM Champions are the key internal influencers who make this possible, so choose them wisely.
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How to Plan a Successful CRM Project:Doxim Quick Guide for Credit Unions
STEP 2: BUILD A ROADMAP.
Now it’s time for the CRM team, including project champions, to sit down and start building a roadmap, documenting and evaluating processes and technical constraints.
Develop specific metrics and goals for the CRM project, and align them with your business strategy, keeping in mind the importance of early optical wins. Remember, as you outline deliverables, to keep a laser focus on your members, and the processes which will have the most effect on their experience. Fill in your roadmap by reflecting on the gaps between the credit union’s current state and its desired future state. Then consider how CRM capabilities can help you bridge the gaps.
Consider key building blocks, and assign responsibility for each. Which teams will document requirements? What legacy systems will be integrated? What data needs to be migrated? What technical risks should be mitigated?
Ultimately, your roadmap should remain a clear, flexible and living document. Build buy-in from more process stakeholders by making sure everybody contributes to creating the roadmap. Remind stakeholders to speak up early and often.
Road MapStage 1: StakeholderEngagement
Stage 2: Value Opportunities
Stage 3: Technical Requirements
Scope Align with business strategy
- Operational goals- Customer service
targets- Financial performance
Document processes
- Ad-hoc and hidden processes
- Value opportunities- Alignment with CRM
capabilities
Identify integration requirements
- Data cleansing and migration needs
- Legacy system master control switch
- Risk mitigation
Operational Goals - Customer insight analysis
- Customer experience- Optimal sales
opportunities
- Process audit KPIs- Customer satisfaction- Desired performance- CRM strategic
capabilities
- Critical pathway to CRM performance goals
- Minimize risk in systems changeover
Performance Metrics Organizational survey KPIs, scorecard, survey Deployment targets
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Doxim Quick Tip: Developing a CRM roadmap is a continuous process and not just a one-time exercise, because members’ needs and preferences change constantly. Credit unions should maintain a roadmap past the point of implementation, to have a central place to track and prioritize enhancement to their CRM systems.
How to Plan a Successful CRM Project:Doxim Quick Guide for Credit Unions
STEP 3: COMMUNICATE WITH EVERYBODY.
Be prepared to engage all your stakeholders before, during andafter the launch of your CRM project. The CRM roadmap helps your credit union navigate the road ahead, but it isn’t much help to front-line staff. To keep them up to date, you’ll need a comprehensive messaging plan about your CRM project.
Build buy-in from everybody in the organization. Develop a communications strategy to ensure all of your stakeholders are prepared, engaged and committed throughout the project life cycle.Don’t just expect they will ‘get it.’
Instead, communicate how a CRM solution can help everybody dotheir jobs better without reorganizing their workflow, and listen to whateverybody wants out of it.
Demonstrate how feedback will be visibly responded to and incorporated into the project. Think of the key conversations that will need to happen, and make space for these throughout the project life cycle.
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Doxim Quick Tip: Lack of communication can be life threatening to a CRM project. Be sure to create a comprehensive messaging plan that will effectively communicate the ongoing value of the CRM project across the whole organization.
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How to Plan a Successful CRM Project:Doxim Quick Guide for Credit Unions
STEP 4: CREATE A TRAINING PLAN.
Be sure to leave time to draw up a comprehensive training plan. Carefully tailor it for critical team roles, and train project champions first so they can lead by example.
Include live, scenario-based training sessions led by project champions and address the day-to-day operational intricacies at the credit union.
Develop the plan by seeing things from the point of view of the end user and ask for their input. Documenting and following up on end-user feedback during training can help you build buy-in. The trainer may well uncover ways to better use CRM based on the real-world expertise of attendees who know how the credit union actually functions, from the ground up.
Align the training with operational goals outlined in the roadmap. Don’t forget to test for comprehension as well as new procedures to avoid simply ‘going through the motions.’ Consider incentivizing CRM adoption, or use gamification and scoreboards to encourage CRM uptake at individual branches or locations.
Remember, a training plan should be developed with the understanding that change doesn’t come easily to everybody. CRM training needs to be a perennial process, so plan for refresher training and include CRM coaching in the new employee onboarding process as well.
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Doxim Quick Tip: Engage your CRM Champions as peer-to peer trainers wherever possible. Their understanding of the day-to-day operations of your credit union will add credibility and experience to the training process.
How to Plan a Successful CRM Project:Doxim Quick Guide for Credit Unions
STEP 5: MAKE A FINAL CHECKLIST.
By this step in the process, a full roster of champions and subject matter experts have come together to develop, support and commit to the CRM project.
The CRM team now needs to focus on doing a systems check before the CRM implementation begins. This is critical to ensure everybody gets the most out of the project, so get it right before moving on to the implementation.
To help you on your way, we’ve included a sample checklist in this eBook. It contains all the big bucket items you’ll want to consider before moving on to the nuts and bolts of implementation.
Does everyone have a clear and common understanding of the CRM project? Do they understand the operational goals? Do they understand their specific roles during roll-out? Is the feedback process clear for everyone? Are cross-functional teams poised to troubleshoot?
Once all of the boxes have been checked and systems are ‘go for launch’ it’s time to start implementation, and begin reaping the benefits of a properly planned CRM program.
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How to Plan a Successful CRM Project:Doxim Quick Guide for Credit Unions
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Operational Goals: Clearly identify and communicate what the CRM solution will do for your credit union, and how it will support the broader member experience strategy.
Performance Metrics: Define and agree upon all key ROI criteria – both for the pilot project(s) and for the broader roll out.
Benchmarks: Check that the “before” picture has been established so the CRM team can track success over time. Document the performance factors you will measure and record.
Communications Plan: Make sure the messaging plan will effectively communicate the ongoing value of the CRM project across the whole organization.
Technical Readiness: Check that all the technical homework is completed. Make sure an experienced team is in place to work on the data cleansing and migration, and other technical issues including troubleshooting.
Systems Check: Ensure all the relevant internal and external systems that will need to be integrated with CRM have been identified and are included in the overall implementation plan.
Executive Sponsors: Confirm that all the executive(s) who will own and champion the project are ready to go, understand their roles and responsibilities and will actively support the project from beginning to end.
Championship Team: Make sure all the project stakeholders are freed up for early and frequent engagement in the implementation process.
Marketing Plan: Check that your marketers are ready to take advantage of data-driven decision-making, and to use improved member intelligence to enhance the effectiveness of marketing outreach.
Training Schedule: Ensure the training plan is completed, vetted and approved and that it is sufficiently robust. Comprehensive role and scenario-based training will help your users adopt the technology more easily.
CRM CROSS-ORGANIZATIONAL READINESS CHECKLIST
How to Plan a Successful CRM Project:Doxim Quick Guide for Credit Unions
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A DIFFERENT KIND OF CRM
Built specifically with credit unions in mind, Doxim CRM can revolutionize the way you interact with your mem-bers. Let us show you how it can act as a “central hub” to automate your sales and service messages across all channels. Never miss another cross-sell/up-sell opportu-nity with Doxim CRM.
REQUEST A DEMO Let us show you how Doxim CRM can help your credit union improve your member experience.
Doxim is a leading provider of SaaS-based customer engagement software for credit unions, community banks and wealth management firms. Doxim’s Customer Engagement Platform helps financial institutions transform their client experience, communicate more effectively throughout the client lifecycle and improve cross sell and upsell activities that drive increased wallet share. The platform addresses key digitization challenges, from automated client onboarding, through improved, personalized communications to anytime, anywhere content access, tailored to a clients’ channel preferences. This eliminates costly traditional paper-based, manual processes and enables cost-effective provision of an omni-channel experience that delights customers and improves their long-term loyalty.
Find out more at www.doxim.com.
Phone: 866.475.9876 Email: [email protected]
