Is It Time to Love or Leave Your Forex CRM?

14 February 2024

In any relationship, there comes a time when you must evaluate its health and determine if it's meeting your needs. The same goes for the relationship between professionals and their CRM systems. Before you decide to invest in a new CRM, consider updating and improving your current system. It may be a more budget-friendly option with numerous benefits. 

At FX Back Office (FXBO), we have played the role of relationship counselor for numerous brokerages contemplating a CRM change. Through our experience, we have identified key factors that can help determine if your relationship with your CRM is a healthy and happy one. 

CRM: A Love-Hate Relationship 

Changing CRM system may initially seem like the obvious choice. However, just as couples often try to work through their issues before ending things, brokerages should explore the potential of rekindling their relationship with their current CRM. Take the time to evaluate if remodeling your existing system can provide more benefits. We have seen clients who, after thorough evaluation, choose to give their current system another chance and find ways to love it more. 

The Process of Decision-Making 

So, how do you decide if it's time to break up with your CRM? Start by assessing your current CRM system. As experts in CRM success assessments, we recommend the following best practices to guide you through the process: 

  1. Meet with Key Stakeholders: Engage key stakeholders from different departments to understand their needs and requirements. Document their feedback and turn it into a comprehensive assessment report for firm leaders. 

  1. Build a Foundation: Use the findings from the CRM assessment to create plans and requirements for your new or remodeled system. This requirements document will serve as a blueprint for demonstrations, helping you make objective decisions based on facts. 

Additional Considerations While evaluating your CRM relationship, keep these factors in mind: 

  1. Are Your Needs Being Met? If your current CRM system doesn't offer the capabilities you require, it may be time to explore alternatives, such as migrating to a cloud-based solution like FXBO. 

  1. People and Process Issues: Sometimes, end users may feel their needs are not being met when, in reality, they lack proper training or understanding of the system's features and functions. 

  1. Brand Damage: In certain cases, the mere mention of an existing CRM system can create negative associations. However, changing the system won't address underlying cultural issues within the firm. 

  1. Firm Technology Platform: Similar to couples who have grown together over the years, some firms have invested in a single CRM vendor's platform for various reasons, including preferred pricing, company vision, or ease of integration. 

Having an Independent Advocate  

When deciding whether to love or leave your CRM, having an independent advocate or consultant can provide valuable guidance. At FXBO, we can be that advocate, offering our expertise and assisting you in making informed decisions about your CRM relationship. 

Remember, before you jump into a new CRM, consider updating and improving your current system. It may be the key to unlocking greater benefits and success for your brokerage.