Top 4 Ways Salesforce Improves Customer Relations in Financial Services

As a Customer Relationship Management system (CRM), Salesforce’s main objective is to improve the relationships that you have with your customers, regardless of your industry. For financial services, including banking and insurance, the notion of customer relationships can feel a little murky. 

People are generally private when it comes to money and finance, but equally they want and appreciate personalised care and advice from the experts. So how can you, as a financial service, offer customer service that strikes the perfect balance? 

Knowing all the combinations of ‘who,’ ‘when,’ and ‘how’ that form the basis of your ideal sales is the first step, and Salesforce can help you tap into the vital stats and data you need to get started. 

Here are the Top 4 Ways Salesforce Improves Customer Relations in Financial Services:

1. Identify your ideal clients

Chances are, you won’t have just one ideal type of client, and each one needs time and unique attention. To identify the types of clients and sales that work for you, you need to understand how different clients move through your business. 

Salesforce will help you highlight which demographics go for which products, which marketing channels draw in the highest revenue, and how active your most valuable clients are. Once you have identified the different types of clients that you work with, you can understand them better and offer them a more valuable service when they contact you or enquire about products. 

Salesforce offers plenty of apps that can enhance your data analysis, including Interaction Studio, Customer 360, and Pardot.

2. Personalise your communications

Next, take Step 1 to the next level. Use the information you have gathered about your ideal clients to communicate with them in a deliberately meaningful way. For starters, use their name in all communications, and link them to news, articles, and products that reflect where they are in their life.

There is a fine line here between a breach of trust through overzealous marketing and positioning yourself as a helpful, trusted advisor. To safely single yourself out as the latter, only use the data you’ve collected to market content and products that fit very specifically with their data, and always make sure to approach them as an individual. 

3. Pinpoint the right moment to sell

Salesforce can automatically identify key triggers within customer accounts that help you tailor your marketing suggestions. When something changes for a customer, you can comfortably reach out as a gentle reminder that you’re there to help. If, for example, you can see an influx of cash into their current account, then you can presume they might have had a promotion at work or received a bonus; but the same logic works in reverse too. 

By handling this information sensitively, you can offer your customers products that will add genuine value to their experience with you as a financial service, but also their experience with their finances more generally. 

4. Build customer lifetime value

With a more valuable customer journey, you can expect a higher customer lifetime value and greater customer loyalty. For this to happen, however, you will need to convert your customers into customers of more than one product. 

One of the key ways to do this is by observing how your current customers interact with your adverts. Salesforce Marketing Cloud helps manage all advertising campaigns. If you notice a customer who only has a current account interacting with mortgage adverts, you can safely assume that they are looking at buying a house and would be interested in discussing mortgage options with an advisor. Your sales, marketing, and customer service teams can now come together to offer them a useful product via the unified Salesforce channel. 

The key difference here is in expanding the value of the customers you already have – something that can only be done by improving your customer relations.

But don’t stop there…

Salesforce offers many helpful tools for enhancing the relationships that you build with your customers. Take a look at Salesforce Service Cloud, which makes providing perfect customer care possible. Or, read our Top CRM Customer Experience Trends for 2022 to find out some additional ways that you can make your business more customer-centric.

To speak to an expert about customising your Salesforce system, book a 30-minute, no-obligation call with a Consleague specialist. We’ll be able to talk you through how our Discovery Mapping Programme can revolutionise your day-to-day productivity and drive faster results using the Salesforce system you already have. Or, if you’re not yet set up with Salesforce, ask about how our QuickStart Programme can get you up and running in no time.