Tag: Workflow CRM

Tip and Tricks for Users of Merchant Cash Advance CRM

If you are using MCA (Merchant Cash Advance) CRM to help you run your business lending company, you should definitely be aware of the best practices of using MCA CRM for getting the most out of your customer relationship management platform. Knowing the best practices that you should follow while using MCA CRM is most necessary, as, at the end of the day, you must have invested a lot on the CRM system and also have spent a considerable amount of time in it. The primary benefit of using a Merchant Cash Advance CRM is- Workflow, which is the foundation stone of any CRM platform regardless of its use in any kind of businesses.

If you are using Merchant Cash Advance CRM to help you run your business lending company, you should definitely be aware of the best practices of using MCA CRM for getting the most out of your customer relationship management platform. Knowing the best practices that you should follow while using MCA CRM is most necessary, as, at the end of the day, you must have invested a lot on the CRM system and also have spent a considerable amount of time in it. However, if you are still sitting on the fence and not using a CRM for the day-to-day operations of your lending business firm, then we can easily cite an example to let you understand your lacuna, whereby not using a CRM in Merchant Cash Advance institution is like a professional racing car driver not using a sports car.

There is currently $80 to $120 billion dollars worth of unmet funding needs among SMB, and MCA companies are in the best position to meet this demand.- Oguz Konar Click To Tweet

Nevertheless, if you are one who still does not use a dedicated MCA CRM, here are a couple of key points you must know if you want to get right from the beginning.
The primary benefit of using a Merchant Cash Advance CRM is- Workflow, which is the foundation stone of any CRM platform regardless of its use in any kind of businesses.

We are aware that with most of us, the very first thing that comes to our minds when we hear about workflow is that it sounds like a lot of work. For creating, a workflow involves going through the entire business process, documenting all activities that everyone does, registering how the files pass from one department to another and many more. We know to run a business we absolutely need to do these tasks, but for MCA CRM workflow, these are not what we ask for, rather you should ask yourself the following questions:

  • What statuses or stages do your customer’s applications fall into throughout their life cycle to get a customer-funded?
  • There are several common mistakes, which most customers make, can you avoid them by using your MCA CRM and generate more productivity?
  • Can Merchant Cash Advance CRM help to create a higher retention rate for your employees, as it can help create higher conversion rates when it comes to their marketing efforts?

Stages and Statuses are not Tasks

We have often seen many business lending organizations creates tasks instead of creating stages and statuses in their CRM workflow. However, it is extremely important to understand that stages and statuses are not the same things. For example, tasks can be created in most of the CRM systems to remind sales reps to perform their day-to-day duties. However, instead of writing “Application Out” or “Contact Sent” with MCA business if your status reflects “Merchant Reviewing Application” or for a file sent to the funder for review and underwriting falls under the status “Funder Reviewing File” it will be more productive for MCA CRM business.

Therefore, instead of just implementing workflow process that expresses tasks create a workflow that shows stages and statuses, for which your team will thank you down the road.

Keep it Simple

We have seen several customers who have created such complex workflows that it would require probably a Ph.D. in Statistics to understand. For this, we want you to remember that more complex is the workflow, the more difficult you are making it for your team and yourself to accomplish or supervise the job. An ideal workflow should always be created in such a manner, that even a new recruit in your company could look at it and understand what it means or what its purpose is.

Hence, it is best to consolidate status and stages to fill the gaps with the task. For example, MCR CRM users often create statuses like “Collect Tax Returns”, “Collect Bank Statement”, “Collect Driving License” and others, all of which can be consolidated into a single status “In Document Collection”, which is not only simple but also very easy to understand.

We must always remember Einstein’s great quote in this respect:
“Anyone can make something complicated.  It takes a genius to make it simple.”

Automated Triggers and Drip Email Marketing

We know your primary thought on this matter would be “what do drip email marketing and automated triggering have to do with workflow?” Well, to be blunt and truthful, it has everything to do with it. For any CRM platform workflow is the cornerstone to almost that goes out to your staffs or to the customers in an automated way. For example, once a status changes for a customer, with  Merchant Cash Advance CRM platform, like ConvergeHub, you can easily create an automation whereby an email can go to the customers from their assigned reps so that it looks like it is a personal email. Moreover, if a customer remains constant in a certain status for a specific period of time an automated email can to go the sales rep based on the time to make him or her attentive and look into the cause of that sudden delay.

The best part about using an automated system with nicely created workflow is that the CRM platform will perform on behalf of the sales reps and the company. Remember, using workflow management notifying both your customers and staffs can only help in your efforts to grow your business in the longer run.

Task Management

Keeping your office staffs on task every single day is truly the name of the game. Since the more tasks, your staffs complete successfully the more revenue everyone makes in your Merchant Cash Advance agency. Much like creating triggers and drip email marketing, task management also helps in creating a good and solid workflow. For example, if the status for a customer in your Merchant Cash Advance CRM changes to “In Doc Collection” a series of tasks can be automatically created like, “Collect Tax Returns”, “Collect Voided Check”, “Collect Bank Statement”, “Collect Driving License” and so on.

Conclusion

Therefore, in gist, if you truly want your MCA business to grow, by remaining on top when it comes to efficiency and productivity, a well thought out workflow will help you to generate more revenue and close more deals by using a Merchant Cash Advance CRM system.

According to one of our notable MCA agency customers of ConvergeHub Merchant Cash Advance CRM, Rob Abramov of Flowrich Capital quotes on us:

“Whether you are a one-man operation or a 100 person army. ConvergeHub allows you to keep your business organized, maintain customer data efficiently, and automate the entire process from beginning to end.”

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Find More Value From Your Software With CRM Workflows

Workflow is the core building block of any CRM, which is an infrastructure, built on procedures and processes. Hence, for sound business management, here are three key recommendations to get started with workflows using CRM for enhancing your company’s growth and ROI.

It has been widely found that CRM system is mostly used for following up with contacts, doing bits and pieces of marketing, managing opportunities and relying on a few good reports. That is all. Nevertheless, Customer Relationship Management is a platform, which is capable of performing greater things once people who want to maximize the value of their investment, use workflows.

By getting proficient at setting up CRM workflows, you can tune your CRM system to run at its most productive level and use the software to automate tasks, which will ensure that you always get your work done, regardless of whether you remember to do them.

Workflow is the core building block of any CRM, which is an infrastructure, built on procedures and processes.

Hence, for sound business management, here are three key recommendations to get started with workflows using CRM for enhancing your company’s growth and ROI.

Workflow # 1: Website Visitors

When someone visits your website or business landing-page, you can configure your CRM to receive the visitor’s data and let the CRM send you an email, notifying you of the visit. Now, when the information is received, you can generate a workflow process to look at the information and assign a task to the sales reps who are in charge of that visitor’s region to follow-up the visitor on your website. You can also design an automated email that can be sent along with your product and service information and then if the visitor opens the email, a sales manager is notified to pursue every visitor visiting your site.

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Workflow # 2:  Trade Shows

Most businesses spend an inordinate amount of their revenue on trade shows and then do not do enough follow-ups. Workflows are capable of fixing this problem. Hence, when you return from your next trade show, be sure that you have all the contact information of every visitor who visited your booth, which most trade shows provide on a spreadsheet. Once you import the spreadsheet into your CRM, you can then launch a workflow to assign those leads to the right salespeople in your organization based on demographical preferences, specialty, or product line. Using workflow automation, you can even send a thank you email to the prospects who visited your booth and if no action is taken, ensure that a manager in your company is notified under such circumstances.

Workflow # 3:  Lost Customers

Every month create a workflow in your CRM system, which scans your database and looks for contacts who are in your existing customer lists and check their purchase history to run a drip email campaign educating your customers of your new products or services. In the same way, you can also create workflows in your CRM software, informing you of customers those who have not purchased your products for the last six months, so that you can nurture those customers who may have inadvertently fallen through the crack.

Setting up a workflow in a CRM system like ConvergeHub is not at all difficult. However, if you find that you are not an expert, do not let this stop you. Find and hire CRM consultants who are experienced with CRM applications and let them create and support the workflow that you need for your business.

Although, it may cost you a few hundred bucks, creating a proper workflow, it will surely provide you with greater business gains, and bigger returns on your investments.

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If you have liked reading this article, or want us to contact you for further knowledge on setting up workflows, write to us in the comment box below.