For years, financial services providers have been using Junxure to manage their customer data. Apart from Junxure, other popular CRM (customer relationship management) solutions useful for marketing include Redtail and Salesforce.
Junxure comes from humble beginnings. Initially, it was started as proprietary solution for Friedman & Associates whose offices are in Novato. Over time, the company has grown to become one of the largest CRMs trusted by wealth management companies. Its growth can be mostly attributed to innovation and word-of-mouth of its customers.
But over the last five years, Salesforce has emerged as a serious challenger to Junxure in financial management industry. One of the reasons Salesforce is taking over the market is its capability to handle the expanding needs of customers who have outgrown the capabilities of their legacy solutions.
Why Are Wealth Management Organizations moving to Salesforce?
Organizations are built to expand; at least that is what is usually at the minds of the founders. Letâ€™s take an example of ABC Wealth Management. The company started small, bootstrapped its way to profitability and started using Junxure to manage its data.
Initially, Junxure will work well given that the company is still young and not a lot of activity may be taking place. Basic functions such as storing contact information, managing office records, tracking emails and calendars will be effectively handled by Junxure.
However, when more data is required to help the sales team follow up with your customers, Junxure comes as a little bit too basic. If you are using Junxure and have outgrown it, you may need to switch to Salesforce
Salesforce for Wealth Management Industry
Salesforce is quickly becoming the preferred CRM among wealth management companies. The solution has robust capabilities that help marketing and sales team reach and lead prospects through the buying process. Apart from providing the basic functions available in Junxure, Salesforce has other capabilities that make it easy for any team to generate and nurture leads.
Usually, the sales process goes something like this:
- You market your products/services online where you know your audience hangs out
- You attract qualified leads to make contact with you
- You nurture the leads by communication with them (whether through email, phone, etc.)
While the three processes look simple, planning and executing them is an intricate process that involves a number of activities. For example, when marketing, you will need to launch campaigns for your product on multiple online avenues to attract quality leads. You can plan your campaigns from start to finish on Salesforce and measure the results to determine their impact. This information from Salesforce will not only help you know whether your campaigns are working, but also where you need to tweak to improve performance.
Apart from simply creating campaigns and generating leads, Salesforce can do much more when integrated with third party apps. There are more than 4 million third party apps for Salesforce available at App Exchange.
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