March 18, 2021
The Need for Customer Relationship Management and Analytics in Your Business with Ed Garry
In part 8 of the Masterclass Series on How to Build a Strategic Marketing Plan for Your Business, host Eric Dickmann talks with Ed Garry. Ed is an experienced CRM strategist and consultant who specializes in helping financial services firms unlock data, elevate customer experiences and uncover the insights they need to transform. He is a leader within Huron’s Salesforce team and has worked with global Fortune 500 clients and financial services leaders to innovate and enhance the value of their customer relationship management (CRM) software systems.
He has assisted his clients in the planning and implementation of innovative CRM solutions, in driving important shifts in the cultural mindset of the organization, in optimizing business processes and team structures to sustain digital transformation, and in leading go-to-market strategies to help organizations achieve long-term growth.
Prior to joining Huron, Ed spent over a decade as the head of global CRM and sales enablement technologies at the Bank of New York Mellon (BNY Mellon), where he implemented an award-winning Salesforce CRM solution. He also served as vice president of CRM solutions at Bank of America.
For additional resources on this episode and from our other episodes in this Masterclass Series, visit https://fiveechelon.com/masterclass
For more information about Eric Dickmann and The Five Echelon Group, visit https://fiveechelon.com/
For more information on Ed Garry and Huron Consulting, visit https://www.linkedin.com/in/edward-garry-salesenablementcrm/ and https://www.huronconsultinggroup.com/
Episode #59
Send us your questions or comments
Marketing Automation with HubSpotTry HubSpot’s all-in-one marketing software to simplify campaign management and drive new leads.
Buzzsprout - Let's get your podcast launched!
Start for FREE
Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.
WEBVTT
00:00:01.947 --> 00:00:08.310
The Virtual CMO podcast is sponsored by the strategic marketing consulting services of The Five Echelon Group.
00:00:08.577 --> 00:00:22.940
If you’d like to work directly with The Five Echelon Group and receive personal coaching and support to optimize your business, enhance your marketing effectiveness and grow your revenue, visit FiveEchelon.com to learn more and schedule a free consultation.
00:00:24.702 --> 00:00:26.952
Welcome to The Virtual CMO podcast.
00:00:27.193 --> 00:00:28.928
I'm your host, Eric Dickmann.
00:00:29.263 --> 00:00:41.622
In this podcast, we have conversations with marketing professionals who share the strategies, tactics, and mindset you can use to improve the effectiveness of your marketing activities and grow your business.
00:00:42.101 --> 00:01:00.072
This week, I'm excited to welcome Ed Gary to the podcast and is an experienced CRM, strategist and consultant who specializes in helping financial services firms, unlock data, elevate customer experiences, and uncover the insights they need to transform.
00:01:00.402 --> 00:01:14.322
He is a leader within Huron's Salesforce team and has worked with global Fortune 500 clients and financial services leaders to innovate and enhance the value of their customer relationship management software systems.
00:01:14.799 --> 00:01:27.819
Prior to joining Huron, Ed spend over a decade as the head of global CRM and sales enablement technologies at the Bank of New York Mellon and he implemented the award-winning Salesforce CRM solution.
00:01:28.269 --> 00:01:32.618
He has also served as Vice President of CRM solutions at Bank of America.
00:01:33.039 --> 00:01:41.289
Ed and I are former colleagues working together for many years at Siebel systems prior to it being acquired by Oracle Corporation.
00:01:41.858 --> 00:01:55.412
It's exciting to bring him on the show to talk about the value of CRM and what it means to your marketing strategy as we delve into our Masterclass Series on building a strategic marketing plan for your business.
00:01:55.956 --> 00:01:58.087
Welcome to The Virtual CMO Podcast.
00:01:58.087 --> 00:01:59.826
I'm so glad you could join us today.
00:02:00.004 --> 00:02:02.495
It's great to be here and great to see you again, Eric.
00:02:03.094 --> 00:02:15.501
Hey, this is going to be an exciting conversation because you and I go way back in the, uh, in the world of customer relationship management and the focus of today's episode is going to be all about customer relationship management and analytics.
00:02:15.890 --> 00:02:23.335
But just to bring sort of the audience up to speed I want to give them a little bit of a uh, a frame of reference as to where we are in this MasterClass Series.
00:02:23.335 --> 00:02:50.819
So we are working on a series talking about building out a strategic marketing plan for your business, and we've talked about things like identifying your target market and ideal customer profile, the importance of product-market fit and competitive differentiation, building out a brand story that really resonates with your ideal customer, and then taking that story and building out some compelling marketing messages that then you can use in your marketing programs.
00:02:51.240 --> 00:03:11.709
From there, we sort of talked about how you can incorporate digital freelancers and content creators into your team to help create some of that real compelling content and then using marketing automation to really increase your campaign effectiveness, and that's been a great segue into our topic today around customer relationship management and analytics.
00:03:12.158 --> 00:03:22.992
And before we sort of dive into it, I would love it if you could just give the audience a little bit of background into your expertise in this area and what you're currently working on today.
00:03:23.943 --> 00:03:24.362
Sure.
00:03:24.432 --> 00:03:29.152
So there's no need to emphasize the fact that we've known each other since way back.
00:03:29.219 --> 00:03:32.443
I think the way back part is kind of unnecessary, but sure.
00:03:32.437 --> 00:03:34.087
Uh, We've known each other for awhile.
00:03:35.348 --> 00:03:36.888
We have indeed, we have indeed.
00:03:36.907 --> 00:03:37.237
Yes.
00:03:37.807 --> 00:03:50.925
Well, actually, probably we met when I was at Quick Reilly, which was the brokerage firm that was owned by Fleet Bank, and is now part of Bank of America, probably most commonly known as Merrill Edge right now, and you, I believe were working at Siebel Systems.
00:03:51.286 --> 00:04:03.006
And, um, I was at Quick Reilly leading their CRM initiative when we didn't even know what CRM stood for, literally, we didn't know, what CRM stood for or what it meant or what the vision was.
00:04:03.126 --> 00:04:08.919
And so for the next six or so years this is going back to 1999.
00:04:09.079 --> 00:04:13.218
Uh, So there, I told you not to go to the way back and then therefore I threw an actual date with it.
00:04:13.459 --> 00:04:14.239
You did it anyway.
00:04:14.389 --> 00:04:14.688
Yep.
00:04:14.989 --> 00:04:15.889
And I did it anyway.
00:04:16.338 --> 00:04:36.588
So this is going back to 1999 and it was, I was put on a project that was, you know, six months and we're going to roll out this CRM system, and then you can go back to, you know, your full-time job because I was a financial advisor and I was in regional management and I was operations manager of one of our largest branches at the Quick and Reilly network.
00:04:36.988 --> 00:04:37.704
And I liked that.
00:04:37.704 --> 00:04:38.185
I loved it.
00:04:38.216 --> 00:04:40.166
But they asked me to do this project.
00:04:40.166 --> 00:04:45.567
And so I did and here we are X amount of years later, and I'm still on the CRM space.
00:04:45.567 --> 00:04:47.312
So it's been pretty exciting.
00:04:48.033 --> 00:04:59.463
And you know, what I've liked about it is that one day I'm a marketing expert and helping with data and driving marketing campaigns and strategies through data the next day and technology.
00:05:00.002 --> 00:05:11.523
And the next day I'm an operations or a call center or the sales organization, or I'm an analytics, building charts and graphs, I'm trying to tell a story through these charts and graphs about where our business is and where our business is headed.
00:05:11.552 --> 00:05:20.312
So, you know, everyday you walk in, you know, there's a current theme that's kind of across the bottom, which is using data to be able to improve the customer experience.
00:05:20.372 --> 00:05:25.771
Whether you're doing that from a technology perspective, a sales perspective, a marketing perspective, a service perspective.
00:05:26.362 --> 00:05:43.165
We're helping executive management be able to use data in a way that allows them to get those aha moments and tell a story and be able to, instead of, you know, using uh, this using a machete, you use a scalpel to be able to determine what they want, their, what they want their business to look like and what they want their strategy to be.
00:05:43.675 --> 00:05:45.324
So that's where I started.
00:05:45.307 --> 00:05:47.858
I moved over and joined you at Siebel for a couple of years.
00:05:47.925 --> 00:05:49.302
And then one of our customers.
00:05:49.375 --> 00:05:58.735
You know, had a, had literally they're like, we need someone to help us tell our business intelligence story and we need someone to help visualize, you know our data for senior management.
00:05:58.735 --> 00:06:02.951
So I joined the bank of New York Mellon in charge of their business intelligence platform.
00:06:03.370 --> 00:06:16.786
Which was at the time Siebel's analytical tool, which became O B I E E, was the name that I don't even know if I know what it stands for at this point, but something like Oracle Business Intelligence Enterprise Edition or something like that.
00:06:16.966 --> 00:06:17.836
Right, I remember that.
00:06:17.836 --> 00:06:18.286
Yeah.
00:06:18.976 --> 00:06:31.737
But we were very successful with that, but eventually, you know, we outgrew the platform and we had to migrate to Salesforce.com, so then I led that effort with a colleague or two, we led that effort to transfer from Siebel to Salesforce.
00:06:31.737 --> 00:06:38.336
And then I've been working in Salesforce ever since in the last couple of years, I've moved over to the consultant, the consulting side.
00:06:38.509 --> 00:06:43.952
Um, I'm now at Huron consulting, and I'm responsible for our Salesforce practice for financial services.
00:06:43.952 --> 00:06:52.202
So helping from a business development perspective, rolling up the sleeves, helping those customers envision where their CRM strategy needs to be, where it is today, how to make it better.
00:06:52.199 --> 00:06:55.562
Helping from a business development perspective, and getting our message out there.
00:06:56.521 --> 00:06:58.262
And really helping our clients be successful.
00:06:58.262 --> 00:07:00.541
And that's ultimately what it is in financial services.
00:07:01.262 --> 00:07:05.492
Well, you've definitely got the expertise and the chops to get into this discussion today.
00:07:05.492 --> 00:07:14.911
And I think what might be helpful is, you know, we just talked about marketing automation in the previous episode and the importance of having a central repository for your data.
00:07:14.891 --> 00:07:28.870
With so many different applications that companies can use whether it's in their marketing, in their sales efforts, in their service efforts, it's still important to have a central repository for a lot of that data so that you can begin to understand what's going on.
00:07:28.870 --> 00:07:36.610
And, you know, in the early days we used to talk about CRM as really that 360 degree view of the customer.
00:07:37.180 --> 00:07:44.720
Do you still think that's a solid definition of what CRM is today, or do you think it's really expanded beyond that?
00:07:45.709 --> 00:07:46.550
It's a great question.
00:07:46.550 --> 00:07:49.220
So here's the thing we talked about that, right?
00:07:49.279 --> 00:07:57.740
We talked about that from 99 to 2004, 360 view, 360 view and you know what, it became actually a negative thing.
00:07:57.829 --> 00:08:01.257
It became uh, A roll of the eyes and the board group, when you would say that.
00:08:01.348 --> 00:08:08.012
And you know, the technology, the vision was there but the technology wasn't there for a variety of reasons.
00:08:08.079 --> 00:08:11.601
We just didn't have what we needed to be able to achieve that vision.
00:08:11.661 --> 00:08:19.132
I think in the last three or four years, and you know what, we seen Salesforce and Cloud, and companies moving to the Cloud.
00:08:19.732 --> 00:08:33.249
You know, machine learning and artificial intelligence, and better analytical tools, and what are some of the core competencies of CRM and then what you need to look beyond CRM to help with your infrastructure.
00:08:33.278 --> 00:08:39.369
If you look at Salesforce, they bought so many companies that at one point I was questioning what their strategy was.
00:08:39.365 --> 00:08:51.176
And now here we are a couple of years later, and it was really to bring that 360 degree view of the customer back to the table and not have anybody roll their eyes, but now say this is something that is achievable.
00:08:51.206 --> 00:08:53.336
This is the dream that we had and now we can get there.
00:08:53.485 --> 00:08:56.605
So yeah, I do think that it's a relevant terminology still today.
00:08:56.975 --> 00:09:08.586
You know, in those early days, a lot of companies felt like their product was the center of the universe, but in reality, wherever you implement a product, there are other products that are already there, right?
00:09:08.946 --> 00:09:17.855
And so the key to being successful, if you are going to have a hub of information is really to have a strategy around integration.
00:09:18.096 --> 00:09:22.745
You have to be able to integrate to existing systems and new systems that come along.
00:09:23.046 --> 00:09:29.255
And in some of those early versions of CRM, there just was not the integration capability that exists today.
00:09:29.525 --> 00:09:46.505
And so when you look out, whether it's a Salesforce.com, Microsoft Dynamics, we've talked about HubSpot in here, whatever CRM platform you're using, I think one of the keys today is finding something that has an open ecosystem that allows you to have multiple points of integration.
00:09:46.505 --> 00:09:46.956
What do you think?
00:09:47.855 --> 00:09:48.125
I do.
00:09:48.125 --> 00:09:48.785
I agree with you.
00:09:48.785 --> 00:09:50.706
I mean, I think there's a couple of different things.
00:09:50.706 --> 00:09:56.466
So everything that you just said, I think is spot on, Um, but I also think that the future of CRM is industry specific.
00:09:57.361 --> 00:10:00.451
What CRM has traditionally been focused on has been the front office.
00:10:00.590 --> 00:10:08.990
And you're seeing with the purchase of Velocity, you're seeing Viva as a company that started out with offering industry specific functionality.
00:10:09.019 --> 00:10:13.610
Uh, What you're seeing is that, it's important to connect the front, the middle, and the back office, right?
00:10:13.759 --> 00:10:17.090
And so what you said complements that, because the word I said was connect.
00:10:17.419 --> 00:10:26.450
It's important to connect the front office to the middle office to the back office and what CRM had done in the past is that there's a really good job at the front office and it owned the front office.
00:10:26.527 --> 00:10:43.264
But it really didn't do a very good job of connecting the middle and the back office and you still ended up having silos of data and silos of operations, and silos of processes and disconnects where the customer could get lost or get um, the transition wasn't necessarily smooth from the front to the middle to the back office.
00:10:43.774 --> 00:10:46.894
And you're starting to see that now more and more.
00:10:46.923 --> 00:11:10.849
If you look at, you know, like if you look for example, at Velocity and from an insurance perspective, what they've done to be able to take Uh, CRM financial services cloud at Salesforce, extend that beyond to the middle office and then into the back office and really allow companies like Airbnb to become an insurance company and to disrupt, in not years, weeks, right?
00:11:10.879 --> 00:11:19.368
Take that functionality and be able to, you know, get people up and deploying using Salesforce as a platform, and then complementing that with traditional CRM.
00:11:19.908 --> 00:11:22.636
And it's, you know, it's a new way of doing business.
00:11:23.027 --> 00:11:24.466
So absolutely.
00:11:24.466 --> 00:11:28.366
I think that, you know, we didn't have the technology back then, we didn't have the connectors.
00:11:28.397 --> 00:11:31.756
You're seeing that now with, you know, many tools, MuleSoft being one.
00:11:32.297 --> 00:11:43.162
But now you can really connect these really silos of business processes together to have that end-to-end experience, which is really the 360 degree view, right?
00:11:43.162 --> 00:11:52.586
For sure When you as a consultant now go into companies, do you find that most of them have some sort of a CRM strategy in place?
00:11:52.767 --> 00:12:01.989
Or there are there still a lot of companies that really don't have what we would consider a CRM strategy implemented within their company?
00:12:02.288 --> 00:12:14.783
Maybe they're still doing things off spreadsheets, or it's all data scattered across multiple systems, you know, I'm sure it depends whether you're in a small company or large company, what may exist, but what are you seeing out there in the marketplace today?
00:12:15.562 --> 00:12:16.732
So a couple of different things.
00:12:16.732 --> 00:12:23.605
One is I think that most companies have, you know, most sizable companies have a CRM strategy, all right?
00:12:23.755 --> 00:12:27.716
The challenge I think that you're seeing out there is that strategy is 10 years old.
00:12:27.696 --> 00:12:34.850
And in the case of someone who's deploying Salesforce, for example, Salesforce is a very different tool today than it was 10 years ago.
00:12:35.301 --> 00:12:44.360
And the functionality be it industry specific functionality or Salesforce as a platform where you can tailor the functionality to your industry, didn't exist.
00:12:44.630 --> 00:12:53.360
So, what we're seeing right now with customers is that there's a lot of help that's needed and going from where they were to where they need to be with their CRM strategy.
00:12:54.020 --> 00:12:55.196
So that's one thing.
00:12:55.735 --> 00:13:13.395
I do think that there are some companies that are looking at what they've done in the past and saying, Okay, it's probably easier to start over and to take advantage of this out of the box, than sit back and reevaluate everything that, that we've done over the last 10 years and figure out what stays, what goes, what needs to be converted.
00:13:13.405 --> 00:13:16.676
What, you know, out of the box functionality now exists to take it over.
00:13:16.735 --> 00:13:24.975
So there are some cases where you're helping customers not necessarily move from old to new, but rather take the old, use it to be able to build a better new.
00:13:25.321 --> 00:13:33.270
You know, you talked about spreadsheets and I think it's funny cause were using spreadsheets a little bit more and it is also um, sub vertical specific.
00:13:33.480 --> 00:13:39.711
So sometimes you'll see spreadsheets heavier used more heavily in somewhere like the mortgage business.
00:13:39.764 --> 00:13:42.403
But you also sometimes see it product based, right?
00:13:42.433 --> 00:13:50.136
So instead of having a robust BI strategy, they'll have, you know, spreadsheets, thousands of spreadsheets going around and looking at the data.
00:13:50.197 --> 00:13:54.726
And everybody's trying to find the latest copy of the data and we can't move to BI yet.
00:13:54.787 --> 00:13:57.817
We're just not ready there as a company because our data isn't there yet.
00:13:58.086 --> 00:14:12.216
Well you know, your data's not going to be there unless you move to a BI strategy because there's nothing, there's no brighter spotlight than a BI strategy that is going to bring your data to the attention of senior management, and they're going to say this doesn't make sense.
00:14:12.277 --> 00:14:13.687
Why is this showing up here?
00:14:14.076 --> 00:14:15.277
Why is this not up-to-date?
00:14:15.606 --> 00:14:18.187
Why do I have an opportunity in here that's three years old?
00:14:18.426 --> 00:14:26.219
And then all of a sudden, you know, when senior management starts to shine that flashlight on things, miraculously things get fixed.
00:14:26.369 --> 00:14:29.369
Things, you know, become a little bit clearer.
00:14:29.399 --> 00:14:33.418
The picture in six months of the data is a lot better than where it was today.
00:14:33.418 --> 00:14:34.918
So I like to win.
00:14:35.188 --> 00:14:37.308
You know, and You hear that with companies, I understand.
00:14:37.308 --> 00:14:38.729
You know, Gosh, I don't know that we're ready.
00:14:38.729 --> 00:14:40.558
If there is that self-doubt in there.
00:14:40.828 --> 00:14:43.769
Boy, everybody's farther ahead than we are, guess what?
00:14:44.308 --> 00:14:44.668
They're not.
00:14:45.509 --> 00:14:46.828
They have problems just like you do.
00:14:46.859 --> 00:14:59.698
They might be different problems that they're trying to juggle, but everybody's, you know, everybody's trying to get through the historical data, legacy systems, and everything that they've inherited to move forward, especially in financial services.
00:15:00.149 --> 00:15:09.389
And so you're seeing you know, you're seeing a lot of change from a BI perspective, you're seeing a lot of old to new from a CRM perspective, revisiting of the strategy.
00:15:09.509 --> 00:15:13.708
I think it needs to be revisited at probably about every five to seven years.
00:15:13.979 --> 00:15:21.568
And whether that's a endorsement of where we're going and continue to go on that path, or it's a little bit of a shift or a heavy left.
00:15:21.869 --> 00:15:22.499
It's all depends past.
00:15:23.739 --> 00:15:31.328
You do hear that a lot from companies, that say that, well, you know, I don't know where to start.
00:15:31.418 --> 00:15:39.461
You know, my data's not in a good place, you get the arguments about the expense of it, you get the arguments about not having time to implement.
00:15:39.822 --> 00:15:59.172
But I think what's really interesting is you know, a lot of people who listen to this podcast are small and mid-sized businesses, but the fact is whether you're a business of one or your, you know, GM, AT&T, Boeing, you know, you name the largest enterprise companies out there, there is room for CRM in your strategy, right?
00:15:59.451 --> 00:16:01.611
and There's never a bad time to start.
00:16:01.642 --> 00:16:03.892
The bad time to start is not ever starting.
00:16:03.892 --> 00:16:10.341
You, you need to get a process underway to start collecting that data because nobody's data is perfect.
00:16:11.451 --> 00:16:13.754
But you have to start at some point collecting it.
00:16:13.774 --> 00:16:22.586
Eric, the other thing that I would say to that, and I am a firm believer in this next sentence that I'm about to say, like, this is 100% of what I believe what my passion is.
00:16:23.067 --> 00:16:29.846
Is if your CRM strategy is driven by IT and not by the business, you are not going to be successful.
00:16:30.206 --> 00:16:35.226
I'm not dogging our friends on the IT side, they're important partners, we absolutely need them.
00:16:35.307 --> 00:16:37.616
But CRM is a mindset.
00:16:37.767 --> 00:16:39.267
It is a business strategy.
00:16:39.716 --> 00:16:46.106
It is coupled with the technology you need as a company to be able to say, my marketing team, I have a marketing team.
00:16:46.106 --> 00:16:51.600
You're not going to give marketing over to technology or do some third-party company to do everything from a marketing perspective.
00:16:51.600 --> 00:17:00.809
Yeah, you might have help and you might have assistance, but the business, the marketing team in your company owns marketing and the same thing needs to happen from a CRM perspective.
00:17:00.840 --> 00:17:11.519
Your CRM team is a business professional team that is this hybrid of people that understand the business process, that understand marketing, that understand technology, that to understand sales.
00:17:11.910 --> 00:17:21.470
That can put all these different pieces together and continue to drive the strategy and have the executive presence to sit in front of senior management and say, look, your day is bad.
00:17:21.470 --> 00:17:22.470
You got to do something about it.
00:17:22.769 --> 00:17:29.703
And, push those buttons when they're not necessarily the most popular buttons to push, but that's what this role does.
00:17:29.750 --> 00:17:37.039
And you look back on December 31st at the year whatever that might be and say, you know, where did I start and where did I end?
00:17:37.039 --> 00:17:42.559
And you will see that need to move, and you do see, you know, a little bit of moving that mountain.
00:17:42.619 --> 00:17:51.645
And I know personally from my experience at the Bank of New York Mellon, we move mountains in those years, and it was because our CRM strategy was driven by the business.
00:17:51.855 --> 00:18:00.256
So again, CRM strategy must be driven by the business and partner with technology in order to be successful.
00:18:00.945 --> 00:18:06.165
We talked a little bit about the fact that our previous Masterclass was on marketing automation.
00:18:06.496 --> 00:18:13.125
And I think the point that we're trying to make with CRM is that, you know, marketing automation is sort of before the sale.
00:18:13.516 --> 00:18:29.086
And what happens with CRM is it gives you the ability to understand how a customer was marketed to, what kind of offers and interactions they responded to, how they actually came to have visibility within your organization.
00:18:29.395 --> 00:19:09.481
As you start to sell to these particular customers, you can see what those interactions were, you can see maybe what offers or lead generation activity sparked this customer's potential interest in your products and services, and then through the use of email outreach and proposal generation, and in all these different sales tools, you have all of this information sort of bound together in a customer record so that finally, when they end up becoming a customer and then they need to be serviced, this entire history of all of their interactions of how they became a customer, you know what the process was of selling, you know, what contracts maybe they signed, et cetera.
00:19:09.781 --> 00:19:24.932
All of this is together in one record, and obviously once you're starting to collect that level of information, it's all consolidated in one place, then you can start to run some pretty interesting reports and dig into the analytical side of this, right?
00:19:24.932 --> 00:19:29.192
You can start to say- What's working from a marketing perspective?
00:19:29.244 --> 00:19:31.720
what offers are working the best?
00:19:31.720 --> 00:19:33.819
What kinds of promotions are working the best?
00:19:34.069 --> 00:19:36.009
How is my sales team doing?
00:19:36.141 --> 00:19:39.161
Are they reaching out to these leads off enough?
00:19:39.191 --> 00:19:42.560
Are they converting the leads at the pace that we want them to?
00:19:42.830 --> 00:19:43.730
Et cetera, et cetera.
00:19:43.994 --> 00:19:49.355
There's a wealth of data that then becomes available to you to really understand how your business is performing.
00:19:50.045 --> 00:19:56.134
And do I have that client journey mapped from prospect to customer and beyond mapped out?
00:19:56.468 --> 00:20:08.147
What people sometimes tend to think, and I'm not, not just from a marketing perspective, but sometimes from a sales perspective, but in general is, Oh, Eric became my client because of this one source, right?
00:20:08.448 --> 00:20:19.548
You got a referral from Ed or he already had a relationship with another line of business or the sales person worked for six months, or it was that marketing campaign that we sent them out to them.
00:20:19.667 --> 00:20:22.442
And it's never one source it's number one source.
00:20:23.042 --> 00:20:25.323
It's many sources and don't be afraid to double count.
00:20:25.317 --> 00:20:31.541
There's nothing wrong to say that, look, we had to have 12 touch points with this customer, with this prospect in order to make them a customer.
00:20:31.902 --> 00:20:33.852
And it's okay to have 12 points, right?
00:20:33.882 --> 00:20:40.842
It shows that your marketing team and your sales team, and your data and your technology and CRM, and all those things are tied together.
00:20:40.842 --> 00:20:53.352
But it's really important to have that journey mapped out that you take that prospect, through the lead process, you have the ability to create the opportunity from the lead so it tracks the source, tracks the lead, it ties it to the opportunity.
00:20:53.711 --> 00:20:59.142
You can see the life cycle of the customer journey and then you can ultimately show ROI.
00:20:59.172 --> 00:21:10.342
I was working with a clinical resource organization that was doing, that was really struggling with how to show ROI on you know, on their marketing campaigns and they didn't have the customer journey mapped out.
00:21:10.402 --> 00:21:14.362
They didn't understand what happens to leads, and when those leads get distributed.
00:21:14.751 --> 00:21:22.249
How many are being followed up on, and you know, how many are created to opportunities, and what opportunities are one versus what is lost.
00:21:22.278 --> 00:21:28.038
And, you know, I did at my Quick and Reilly days, starting back to the beginning of our conversation, I did my Six Sigma training on.
00:21:28.128 --> 00:21:42.859
on lead management, and it's so important to be able to have that journey process mapped out because, you know, especially with artificial intelligence and, you know, the way that we're using data to be able to enhance and score leads and it's getting better and better.
00:21:43.220 --> 00:21:46.250
The conversion rates on lead continue to go up.
00:21:46.730 --> 00:21:48.140
I can tell you my story.
00:21:48.200 --> 00:21:50.990
And I remember I did Six Sigma and that's so detailed.
00:21:51.319 --> 00:21:53.720
Here I am 20 years later, I remember the numbers.
00:21:54.220 --> 00:22:02.539
And it was 27% all the leads that came into Quick Reilly from Fleet Bank were followed up on, 27% were followed up on.
00:22:02.539 --> 00:22:08.895
Out of all those 27%, 86% actually became accounts, okay?
00:22:09.165 --> 00:22:14.205
And of those 86%, the average balance was somewhere close to a hundred thousand dollars.
00:22:14.236 --> 00:22:18.556
It was like 86, seven or something like that, or somewhere in that space.
00:22:18.584 --> 00:22:33.167
But my point is that, if we just followed up on 50% of the leads or 90% of the leads, if we had that high of a conversion rate, the amount of assets under management, which is key in financial services, especially from a wealth management perspective would soar.
00:22:33.805 --> 00:22:36.527
So, leads and the customer journey are critically important.
00:22:37.049 --> 00:22:50.880
Many times, at least from a marketing perspective, there's this tendency just to keep throwing dollars at things and doing more, when in fact there's a lot that you can do by just moving the needle a little bit in one direction or another.
00:22:51.240 --> 00:22:56.614
As you said, you know, maybe converting a higher percentage of the leads that are coming up and following them.
00:22:56.891 --> 00:23:07.208
Many organizations that I've worked with they don't really even understand how many touch points it takes before you get a hot lead or what is the average length of time that.
00:23:07.208 --> 00:23:16.239
It takes to close a deal, you know, once somebody starts working on it, you know, how many outreaches does it take from a sales person before they have engagement with that contact?
00:23:16.538 --> 00:23:28.538
And some of these things are so important to understand because you might be one or two interactions away from being successful with a whole lot more leads if you just look at what your averages are.
00:23:28.778 --> 00:23:37.337
You may need to invest more in your marketing, if it takes more interaction points, if it takes more outreach to be able to bring that customer in.
00:23:37.788 --> 00:23:49.073
And I think all of this starts to get uncovered when you start to have analytical tools and dashboards and all built on a strong foundation of data, because then you can start to see these kinds of trends.
00:23:49.702 --> 00:23:58.332
Absolutely, strong foundation data, one of the gaps I think, and this is probably a little bit of a controversial statement because all of the CRM tools.
00:23:58.395 --> 00:23:58.855
will say.
00:23:58.855 --> 00:24:13.886
oh, we absolutely have this, but I've seen personally from a financial services perspective, is that for a variety of reasons, the synchronization that takes place between your email and calendaring platform, and your CRM tool is less than ideal.
00:24:13.968 --> 00:24:25.458
And what ends up happening is if you're trying from a marketing perspective to find out what activity is taking place with customers, oftentimes that activity is, you know, the lead is being pushed to CRM.
00:24:26.117 --> 00:24:46.391
The emails, the telephone calls, the calendar invites, all that information might be saying, will say Outlook instead of an email platform just for the sake of, but if you don't have those two things connected and the ability to do analytics on top of that, then you really can't see, not only from a marketing perspective, but from a sales perspective, what are those interactions with the customers?
00:24:46.449 --> 00:25:04.102
When are those interactions picking up so that I know that I'm getting closer to the end of my sales cycle, or when are they slowing down, and I might be at risk of losing this customer or, you know, falling off the preferred list of you know, through there shortlisting of whatever project they're looking to do?
00:25:04.102 --> 00:25:04.551
So.
00:25:05.301 --> 00:25:11.241
And here at Huron Consulting, we've partnered with an organization that helps us do that calendar synchronization for customers.
00:25:11.332 --> 00:25:24.538
And I think it's a gap in CRM, and I think that it's vital to be able to have this piece because it not only helps with that lead distribution and then with the analytics and with machine learning, but marketing automation and then lead management.
00:25:24.598 --> 00:25:30.568
It just, it's the glue that kind of sits throughout that entire process from a CRM perspective.
00:25:30.618 --> 00:25:38.898
Activity management and in synchronization of calendars and email behavior and contact information is, It's a super important part of CRM.
00:25:38.959 --> 00:25:44.246
It has to be a number one, two or three part of your CRM strategy in order to be successful.
00:25:44.950 --> 00:25:46.359
You know a great example.
00:25:46.460 --> 00:25:49.250
Is, you know, all my own websites, I have Contact Us forms.
00:25:49.250 --> 00:25:52.430
You know, people are interested in learning more about products and services.
00:25:52.819 --> 00:26:06.680
And the great thing about having it built on top of a platform, like I personally use HubSpot, is that I can see all of the web pages that somebody has visited prior to filling out that contact form.
00:26:07.190 --> 00:26:15.650
And I can guarantee you that if somebody came to my website and they simply went to a contact form, chances are, they're not a very hot prospect, right?
00:26:15.650 --> 00:26:24.051
Because they haven't done any research, they haven't looked around, they haven't understood what products and services my consulting company is offering, they just went right to a contact form.
00:26:24.991 --> 00:27:03.387
Whereas, if you can see somebody was reading articles on a specific topic, was drilling into pages, you can see sort of what their path was through the website, that gives you a little bit better idea that, Oh yeah, this person really does have some interests, they're really trying to understand what kind of services I provide, and that's just a simple example, but again, it's keeping all of this content or this contact information, this outreach information, this information that you're gathering about your perspective customer all in one place, you can start to build out a theory if you will, of what is really going on in this customer's mind to see if they are potentially a hot lead or not.
00:27:04.137 --> 00:27:04.978
Absolutely.
00:27:05.021 --> 00:27:08.499
You know, there's nothing more that I can add to that because you're absolutely right.
00:27:08.484 --> 00:27:19.178
it's the ability to have that view of what the customer's doing and, and, the balance, by the way what, what comes with this then is the training from the person, the client facing staff.
00:27:19.238 --> 00:27:22.298
I'm going to say client facing staff for sales people, or service people, or whoever ever.
00:27:22.688 --> 00:27:25.637
Who or internal sales desk that calls up the verses.
00:27:25.667 --> 00:27:29.688
I see you went to these five websites that becomes the creepy factor, right?
00:27:29.688 --> 00:27:39.190
So you got to balance how the uh, the knowledge that you have to be able to help the customer, but not be able to be like, wait a minute, what are they looking at everything that I'm doing, right.
00:27:39.220 --> 00:27:45.339
Because, today's world I think we're more sensitive to that, especially with what you've seen with some of the data breaches.
00:27:46.180 --> 00:27:49.779
Um, information being used in ways that it probably shouldn't be used.
00:27:49.885 --> 00:27:55.631
You know, so, so it's that balanced on with that from a training perspective is make sure the client facing staff in general know how to use that.
00:27:55.631 --> 00:27:59.258
way to be able to move the process forward and not scare the customer off.
00:28:01.161 --> 00:28:04.010
Hey, it's Eric here and we'll be right back to the podcast.
00:28:04.010 --> 00:28:08.871
But first, are you ready to grow, scale, and take your marketing to the next level?
00:28:09.080 --> 00:28:15.441
If so, The Five Echelon Group's Virtual CMO onsulting service may be a great fit for you.
00:00:01.947 --> 00:00:08.310
00:00:08.577 --> 00:00:22.940
00:00:24.702 --> 00:00:26.952
00:00:27.193 --> 00:00:28.928
00:00:29.263 --> 00:00:41.622
00:00:42.101 --> 00:01:00.072
00:01:00.402 --> 00:01:14.322
00:01:14.799 --> 00:01:27.819
00:01:28.269 --> 00:01:32.618
00:01:33.039 --> 00:01:41.289
00:01:41.858 --> 00:01:55.412
00:01:55.956 --> 00:01:58.087
00:01:58.087 --> 00:01:59.826
00:02:00.004 --> 00:02:02.495
00:02:03.094 --> 00:02:15.501
00:02:15.890 --> 00:02:23.335
00:02:23.335 --> 00:02:50.819
00:02:51.240 --> 00:03:11.709
00:03:12.158 --> 00:03:22.992
00:03:23.943 --> 00:03:24.362
00:03:24.432 --> 00:03:29.152
00:03:29.219 --> 00:03:32.443
00:03:32.437 --> 00:03:34.087
00:03:35.348 --> 00:03:36.888
00:03:36.907 --> 00:03:37.237
00:03:37.807 --> 00:03:50.925
00:03:51.286 --> 00:04:03.006
00:04:03.126 --> 00:04:08.919
00:04:09.079 --> 00:04:13.218
00:04:13.459 --> 00:04:14.239
00:04:14.389 --> 00:04:14.688
00:04:14.989 --> 00:04:15.889
00:04:16.338 --> 00:04:36.588
00:04:36.988 --> 00:04:37.704
00:04:37.704 --> 00:04:38.185
00:04:38.216 --> 00:04:40.166
00:04:40.166 --> 00:04:45.567
00:04:45.567 --> 00:04:47.312
00:04:48.033 --> 00:04:59.463
00:05:00.002 --> 00:05:11.523
00:05:11.552 --> 00:05:20.312
00:05:20.372 --> 00:05:25.771
00:05:26.362 --> 00:05:43.165
00:05:43.675 --> 00:05:45.324
00:05:45.307 --> 00:05:47.858
00:05:47.925 --> 00:05:49.302
00:05:49.375 --> 00:05:58.735
00:05:58.735 --> 00:06:02.951
00:06:03.370 --> 00:06:16.786
00:06:16.966 --> 00:06:17.836
00:06:17.836 --> 00:06:18.286
00:06:18.976 --> 00:06:31.737
00:06:31.737 --> 00:06:38.336
00:06:38.509 --> 00:06:43.952
00:06:43.952 --> 00:06:52.202
00:06:52.199 --> 00:06:55.562
00:06:56.521 --> 00:06:58.262
00:06:58.262 --> 00:07:00.541
00:07:01.262 --> 00:07:05.492
00:07:05.492 --> 00:07:14.911
00:07:14.891 --> 00:07:28.870
00:07:28.870 --> 00:07:36.610
00:07:37.180 --> 00:07:44.720
00:07:45.709 --> 00:07:46.550
00:07:46.550 --> 00:07:49.220
00:07:49.279 --> 00:07:57.740
00:07:57.829 --> 00:08:01.257
00:08:01.348 --> 00:08:08.012
00:08:08.079 --> 00:08:11.601
00:08:11.661 --> 00:08:19.132
00:08:19.732 --> 00:08:33.249
00:08:33.278 --> 00:08:39.369
00:08:39.365 --> 00:08:51.176
00:08:51.206 --> 00:08:53.336
00:08:53.485 --> 00:08:56.605
00:08:56.975 --> 00:09:08.586
00:09:08.946 --> 00:09:17.855
00:09:18.096 --> 00:09:22.745
00:09:23.046 --> 00:09:29.255
00:09:29.525 --> 00:09:46.505
00:09:46.505 --> 00:09:46.956
00:09:47.855 --> 00:09:48.125
00:09:48.125 --> 00:09:48.785
00:09:48.785 --> 00:09:50.706
00:09:50.706 --> 00:09:56.466
00:09:57.361 --> 00:10:00.451
00:10:00.590 --> 00:10:08.990
00:10:09.019 --> 00:10:13.610
00:10:13.759 --> 00:10:17.090
00:10:17.419 --> 00:10:26.450
00:10:26.527 --> 00:10:43.264
00:10:43.774 --> 00:10:46.894
00:10:46.923 --> 00:11:10.849
00:11:10.879 --> 00:11:19.368
00:11:19.908 --> 00:11:22.636
00:11:23.027 --> 00:11:24.466
00:11:24.466 --> 00:11:28.366
00:11:28.397 --> 00:11:31.756
00:11:32.297 --> 00:11:43.162
00:11:43.162 --> 00:11:52.586
00:11:52.767 --> 00:12:01.989
00:12:02.288 --> 00:12:14.783
00:12:15.562 --> 00:12:16.732
00:12:16.732 --> 00:12:23.605
00:12:23.755 --> 00:12:27.716
00:12:27.696 --> 00:12:34.850
00:12:35.301 --> 00:12:44.360
00:12:44.630 --> 00:12:53.360
00:12:54.020 --> 00:12:55.196
00:12:55.735 --> 00:13:13.395
00:13:13.405 --> 00:13:16.676
00:13:16.735 --> 00:13:24.975
00:13:25.321 --> 00:13:33.270
00:13:33.480 --> 00:13:39.711
00:13:39.764 --> 00:13:42.403
00:13:42.433 --> 00:13:50.136
00:13:50.197 --> 00:13:54.726
00:13:54.787 --> 00:13:57.817
00:13:58.086 --> 00:14:12.216
00:14:12.277 --> 00:14:13.687
00:14:14.076 --> 00:14:15.277
00:14:15.606 --> 00:14:18.187
00:14:18.426 --> 00:14:26.219
00:14:26.369 --> 00:14:29.369
00:14:29.399 --> 00:14:33.418
00:14:33.418 --> 00:14:34.918
00:14:35.188 --> 00:14:37.308
00:14:37.308 --> 00:14:38.729
00:14:38.729 --> 00:14:40.558
00:14:40.828 --> 00:14:43.769
00:14:44.308 --> 00:14:44.668
00:14:45.509 --> 00:14:46.828
00:14:46.859 --> 00:14:59.698
00:15:00.149 --> 00:15:09.389
00:15:09.509 --> 00:15:13.708
00:15:13.979 --> 00:15:21.568
00:15:21.869 --> 00:15:22.499
00:15:23.739 --> 00:15:31.328
00:15:31.418 --> 00:15:39.461
00:15:39.822 --> 00:15:59.172
00:15:59.451 --> 00:16:01.611
00:16:01.642 --> 00:16:03.892
00:16:03.892 --> 00:16:10.341
00:16:11.451 --> 00:16:13.754
00:16:13.774 --> 00:16:22.586
00:16:23.067 --> 00:16:29.846
00:16:30.206 --> 00:16:35.226
00:16:35.307 --> 00:16:37.616
00:16:37.767 --> 00:16:39.267
00:16:39.716 --> 00:16:46.106
00:16:46.106 --> 00:16:51.600
00:16:51.600 --> 00:17:00.809
00:17:00.840 --> 00:17:11.519
00:17:11.910 --> 00:17:21.470
00:17:21.470 --> 00:17:22.470
00:17:22.769 --> 00:17:29.703
00:17:29.750 --> 00:17:37.039
00:17:37.039 --> 00:17:42.559
00:17:42.619 --> 00:17:51.645
00:17:51.855 --> 00:18:00.256
00:18:00.945 --> 00:18:06.165
00:18:06.496 --> 00:18:13.125
00:18:13.516 --> 00:18:29.086
00:18:29.395 --> 00:19:09.481
00:19:09.781 --> 00:19:24.932
00:19:24.932 --> 00:19:29.192
00:19:29.244 --> 00:19:31.720
00:19:31.720 --> 00:19:33.819
00:19:34.069 --> 00:19:36.009
00:19:36.141 --> 00:19:39.161
00:19:39.191 --> 00:19:42.560
00:19:42.830 --> 00:19:43.730
00:19:43.994 --> 00:19:49.355
00:19:50.045 --> 00:19:56.134
00:19:56.468 --> 00:20:08.147
00:20:08.448 --> 00:20:19.548
00:20:19.667 --> 00:20:22.442
00:20:23.042 --> 00:20:25.323
00:20:25.317 --> 00:20:31.541
00:20:31.902 --> 00:20:33.852
00:20:33.882 --> 00:20:40.842
00:20:40.842 --> 00:20:53.352
00:20:53.711 --> 00:20:59.142
00:20:59.172 --> 00:21:10.342
00:21:10.402 --> 00:21:14.362
00:21:14.751 --> 00:21:22.249
00:21:22.278 --> 00:21:28.038
00:21:28.128 --> 00:21:42.859
00:21:43.220 --> 00:21:46.250
00:21:46.730 --> 00:21:48.140
00:21:48.200 --> 00:21:50.990
00:21:51.319 --> 00:21:53.720
00:21:54.220 --> 00:22:02.539
00:22:02.539 --> 00:22:08.895
00:22:09.165 --> 00:22:14.205
00:22:14.236 --> 00:22:18.556
00:22:18.584 --> 00:22:33.167
00:22:33.805 --> 00:22:36.527
00:22:37.049 --> 00:22:50.880
00:22:51.240 --> 00:22:56.614
00:22:56.891 --> 00:23:07.208
00:23:07.208 --> 00:23:16.239
00:23:16.538 --> 00:23:28.538
00:23:28.778 --> 00:23:37.337
00:23:37.788 --> 00:23:49.073
00:23:49.702 --> 00:23:58.332
00:23:58.395 --> 00:23:58.855
00:23:58.855 --> 00:24:13.886
00:24:13.968 --> 00:24:25.458
00:24:26.117 --> 00:24:46.391
00:24:46.449 --> 00:25:04.102
00:25:04.102 --> 00:25:04.551
00:25:05.301 --> 00:25:11.241
00:25:11.332 --> 00:25:24.538
00:25:24.598 --> 00:25:30.568
00:25:30.618 --> 00:25:38.898
00:25:38.959 --> 00:25:44.246
00:25:44.950 --> 00:25:46.359
00:25:46.460 --> 00:25:49.250
00:25:49.250 --> 00:25:52.430
00:25:52.819 --> 00:26:06.680
00:26:07.190 --> 00:26:15.650
00:26:15.650 --> 00:26:24.051
00:26:24.991 --> 00:27:03.387
00:27:04.137 --> 00:27:04.978
00:27:05.021 --> 00:27:08.499
00:27:08.484 --> 00:27:19.178
00:27:19.238 --> 00:27:22.298
00:27:22.688 --> 00:27:25.637
00:27:25.667 --> 00:27:29.688
00:27:29.688 --> 00:27:39.190
00:27:39.220 --> 00:27:45.339
00:27:46.180 --> 00:27:49.779
00:27:49.885 --> 00:27:55.631
00:27:55.631 --> 00:27:59.258
00:28:01.161 --> 00:28:04.010
00:28:04.010 --> 00:28:08.871
00:28:09.080 --> 00:28:15.441