• David

Quit using your CRM to manage applications



CRMs are wired to assist with sales.


They’re designed to move potential and existing clients through a linear “yes/no” sales funnel, and they’re amazing tools that work well for their intended purpose. However, they should not be mistaken for effective client-facing application management platforms. It’s hard enough for your team to learn and use a CRM. Is that really an experience you would want a client to go through while they’re considering other lenders?


There’s no denying the fact that off the shelf CRM tools are highly customizable. There are so many bells and whistles that it’s easy to confuse an excellent CRM for a platform that is just as good at application management.


While sales and marketing automations are wonderful tools, the end game is to get a potential or existing customer, to agree to move forward. You’re looking for as many “yes” moments to move a client through to close. During the application phase, your clients are needing to hear “yes” from you... and they want to hear it as quickly as possible!


Consider the differences, and where various points of customer and lending team frustration might occur!


Generalized Sales Funnel - End Goal: Client says yes

  • Email campaign to attract interest

  • Personalized quotes and offers to attract more interest

  • Attempt 100% click rate to ensure as many new leads as possible.

  • Provide little to no additional information (Click to move forward)

  • New lead created

Generalized Application Project - End Goal: You say yes

  • Require more than contact information to know if you’re even eligible

  • Ask for large amounts of information, and documentation

  • Move all information around internally between departments for review

  • Multiple individuals weigh in on whether or not to say “yes”

  • Approve a subset of initial leads


The end goal is actually reversed. At the point where a new or existing client is ready to apply, you’re now working on a project with a team member who has little to no access to the same systems as your team. You’re having to relay information with PDF checklists, email threads that cover 5 topics, and phone calls that require additional follow-up via written communication.


If you’re using your CRM to manage client interactions once the application work has begun, you're destined for headaches and lost leads.


Regardless of your ability to quickly receive information and documentation, your CRM is not designed to facilitate interactive communications around key information with your client.


They can’t efficiently identify bottlenecks in application processes over time because a CRM doesn't organize data in a manner that's useful for application processes. It’s not able to inform you client about internal tasks that may cause a delay, send personalized updates that are specific to the progress they’re making, provide real-time pipeline updates across multiple teams and products, or send a note to your client when it’s been a few days since you’ve heard from them.


It makes sense on a lot of fronts to utilized your CRM on a regular basis, however, managing application workflows can be accomplished far effectively with a niche solution. Lenderfit was designed from the ground up for use with client-centric applications and projects. If this article struck a chord, we'd love to connect!


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