Companies frequently encounter a dilemma when selecting a CRM solution: do they opt for a platform that caters to a range of business demands, like a “Jack of All Trades” system or should they choose a specialized CRM system tailored specifically to their operations?
Each option has its pros and cons and the decision should be based on the needs and objectives of the company.
Versatility of a CRM System
An all-encompassing CRM system is like a “Jack of All Trades” – it is created to serve industries and business operations effectively by offering a diverse array of tools such as
- sales management tools for generating leads and closing deals efficiently;
- marketing tools for promoting products or services;
- customer service tools for enhancing client interactions;
- project management tools for organizing tasks and timelines;
- analytical tools for tracking performance metrics and making informed decisions.
These CRMs provide a range of features adaptable to different sectors, customizable options, and extensive integrations as well as versatile tools to meet the needs of various industries.
On the other hand, there are CRM systems specialized for a segment, e.g. a mortgage broker CRM.
Benefits of a Generalized CRM System
These customer relationship management (CRM) systems are flexible and versatile in nature—they can be utilized across functions within sales, customer service well and marketing, which makes them particularly suitable for companies looking for a unified solution to efficiently handle all customer-related tasks and interactions.
They usually offer a lot of flexibility and customization options, so you can personalize the system to fit your needs regardless of the industry you’re in and tweak the features as your business grows and changes over time.
Shortcomings of a CRM System that Tries to Do Everything
Generalized CRM systems may not include industry functionalities that are essential for sectors such as mortgage brokerages or healthcare services. For instance, the ability to see a client’s portfolio owned in tandem with different parties, generating FCA reports, or linking transactions together.
Dealing with an abundance of tools and features can make these CRMs appear daunting for less “techy” people. Users may find themselves requiring training sessions that could potentially hinder the speed of adoption.
While aiming to cater to an array of tasks, the CRM might not shine in any function. Users might discover that it doesn’t completely address requirements or lacks features in certain aspects.
Benefits of a Dedicated CRM System
These software were created with a particular sector in focus. For example, a mortgage broker CRM like ClientTree would contain functionalities aimed at simplifying the mortgage research process by having the relevant fields, automating the appropriate tasks, connecting with mortgage sourcing systems, and ensuring adherence to regulatory standards along with customizable sales pathways, follow-up steps, and documentation.
A mortgage broker CRM comes with features designed specifically for this industry, so mortgage brokers can benefit from tools that help them handle leads efficiently, and calculate affordability based on the correct income details, while also ensuring compliance and automating reminders for renewals’ next steps.
In sectors such as finance that follow strict regulations and standards; a customer relationship management (CRM) system for UK mortgage brokers typically includes compliance functionalities to assist brokers in adhering to FCA guidelines including Consumer Duty regulations.
A specialist mortgage broker CRM offers a workflow that caters to the needs and tasks of mortgage brokers who will notice how the system’s functionality closely mirrors their daily work routines leading to quicker system mastery and increased efficiency in their operations.
These CRMs can also significantly improve productivity by simplifying processes by offering industry tools tailored to the specific sector’s needs. For example, automated calculations and sourcing integrations streamline the process and also reduce the need for repetitive data entry.
The Limitations of Industry-Specific CRM Systems
Specialized CRMs may not be ideal for businesses with diverse operations since they might lack comprehensive marketing or customer service features that can be used beyond the needs of one specific team.
The tailoring may incur additional expenses due to the industry requirements and customization efforts, like in the case of a mortgage broker CRM when compared to building general CRMs.
Deciding Between All Purpose and Specialized CRM Systems
When deciding on the CRM system, businesses should take into account a variety of factors.
The unique requirements of the mortgage industry can pose challenges for a CRM system without significant customization efforts involved in meeting the industry’s needs effectively. A mortgage broker CRM solution, such as ClientTree, would therefore stand out by integrating with mortgage and insurance platforms, streamlining client communications including remortgage notifications and other functionalities to cater specifically to the demands of the mortgage sector.
Regulatory compliance is of utmost importance within the mortgage sector. It cannot be emphasized enough. A mortgage broker CRM system equipped with functionalities such as AML checks, identity verification, correct income details, and monitoring of Consumer Duty obligations can prove to be extremely beneficial. If ensuring compliance is a priority, specialized CRM software is expected to provide assistance.
Larger companies with a mortgage department may find a Jack of All Trades CRM useful for streamlining operations and centralizing tasks such as providing additional services or having dataflow across departments. On the other hand, it could also mean a loss of useful functionality and less efficiency for the mortgage brokers within the firm.
A CRM provider specializing in mortgages will be able to provide customer support and training tailored to the needs of the mortgage sector, which can help streamline the learning process and facilitate integration within teams. By offering training materials and industry-specific assistance, brokers can start seeing the advantages of a system straight away.
In summary, it’s about the ultimate aim of the company.
When deciding between a jack-of-all-trades and a specialist CRM system for your business needs and industry demands, the key factors to consider are the complexity of your operations and the requirements of your industry sector.
In the case of the mortgage industry, opting for a mortgage broker CRM solution offers benefits by catering to the unique demands of this profession. Features such as compliance monitoring, integration with mortgage tools, and personalized customer assistance all contribute to making specialist CRMs an invaluable resource for brokers.
In contrast, a versatile CRM that caters to departments and functions in a business might be attractive to companies seeking flexibility and integration within one platform. Although it may not have specialized features, the adaptability, and expansiveness of these systems make them a suitable choice for bigger organizations or those with varied business activities.