What is CRM?

Source: Fazzaco 2020-08-13

It is always said that the customer is god. The proverb seems extremely true in the financial service industry. Each forex broker serves thousands, even millions of customers, and get profit from their frequent trade in the volatile market. So how does a forex broker manage and serve its customers? The answer is, through Customer Relationship Management system!

To make it simple, a CRM system is a platform integrating the data, resources, and information of all the customers and clients of a forex broker. Through IT technology, a broker can coordinate with customers and promote its own sales, marketing, and services, thus providing customized products or services. The ultimate goal of using a CRM software is to attract new customers, retain previous customers, increase their loyalty, and expand existing market. Many CRM systems available on the market also integrate other features and functions, including data tracing, money transfer, withdrawal and deposit, user preference analysis, to name a few.

Usually, a forex broker needs to find a new customer through three processes, i.e. marketing, sales, customer service. Marketing is a process by which the company can be known by the public or customers so that information about its services and products can be brought to potential clients. Sales is a process where customers are guided to pay for their interested products and services. And customer service aims to solve all the post-sales problems, improve customers’ satisfaction and loyalty, and build reputation. CRM speed up the three steps by applying IT technology, making forex brokers more efficient and profitable.

CRM is designed to solve problems. Forex brokers analyze customers through CRM on the basis of a huge amount of trustworthy data. Therefore ,CRM systems and software should have the following features at minimum:

1. Contact Management

On any CRM system, a forex broker should be able to add, edit, delete, and segment customers, and to learn the comments made by and preferences of customers. This is the core function of a CRM system.

2. Lead Management

With a CRM system, a forex broker should be able to track potential customers and find leads. Only with leads can a forex broker determine its future direction and where and how to expand the market and understand the core demand of customers. Even the lead is very unlikely to turn to a business opportunity, the CRM system shouldn’t neglect it, because one day in the future it may become an important tool in supporting the take off of the forex broker.

3. Customer Interaction

A CRM system should allow a forex broker to interact with customers through e-mail, built-in application or chat software. It should also record the data so that the broker can know the details of customers’ request and interests.

4. Analytics

It is the most essential feature of a CRM system. A forex broker needs to analyze and understand different types of indicators, statistics, and charts based on the analysis function offered by the CRM system. The results should be downloadable.

5. Customization

Forex brokers vary in services and products offered, so a CRM system needs to fit the forex broker to a certain degree by allowing the company to adjust its interface color, reminder settings, notification, chart layout, etc.

CRM

what is crm

What is CRM?

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