• ‍By implementing a new CRM gradually, you can ensure your team has enough time to learn and integrate new features properly.
• After that, it’s essential that senior managers consistently demonstrate and communicate the platform’s value proposition in tangible business terms.  
• Looking ahead, monitoring performance metrics is key to ensuring that progress remains steady and that the new habits formed with the platform actually stick.

‍Increasing adoption with a gradual CRM implementation

A gradual implementation involves introducing a new CRM in phases rather than all at once. Overall, this approach is crucial for a variety of reasons, including user adoption because it allows teams to adapt and learn how to use the platform incrementally.

Instead of overwhelming your team with the challenge of learning a new system all at once, a more gradual implementation produces higher adoption rates by integrating the new platform at a more manageable pace, allowing new habits to develop sustainably.

Maintaining operational continuity is another crucial advantage. By not shutting down the old system too quickly, firms can ensure a smooth and productive workflow, reducing the risk of disruptions. This continuity helps to alleviate resistance to change by giving teams the time to adapt without feeling pressured.

Some firms, for example, might begin by prioritizing their platform’s simpler workflow and data entry tools before moving on to more advanced data and analysis features. Helping teams learn and build new habits into their daily workflows by focusing on easier-to-use features, this approach also creates incentives for individuals to keep exploring advanced features by gradually demonstrating and making accessible the benefits of the platform.

Without the right management, the transition period between an old system and a new CRM can stretch teams thin and make it harder for them to realize its value. On one hand, rushing the process can not only lead to insufficient training but also an incomplete data migration from the old system to the new platform. Together, poor data migration compounds the problem of poor training by making it harder for teams to access the value of their new CRM when the deal, relationship, and workflow data they need isn’t accessible or reliable.

On the other hand, a slow transition to a new CRM can decrease adoption by creating a prolonged period of frustration. When the switch from the old system to the new one drags on, teams often have to work across both platforms, which can be confusing and inefficient. Additionally, the extended timeline can cause a loss of momentum and enthusiasm, as the initial excitement and motivation to learn the new system wanes.

Lastly, timing the transition is crucial. Ensuring that your team has the proper training and support to maximize the return on your investment starts by making sure your team has the bandwidth to transition to a new system. While integrating a new CRM doesn’t mean halting normal business operations, it will create a new set of tasks for peoples’ to-do lists. Making sure that your deal makers are ready for a few meetings is essential.

To learn more about getting the most out of your investment during the early stages of a CRM rollout, read our report – How to Maximize the ROI from Your Investment Bank's New CRM.

The importance of leadership and communication from the top

Even if you do everything right, no firm’s investment in a new CRM will succeed without enough buy-in and enthusiasm from senior managers.

From the start, it’s important to effectively communicate the value proposition of a CRM. While some individuals might believe that it will simply create more work for them, this couldn’t be further from the truth.

With MadeMarket’s purpose-built CRM, for example, teams can save thousands of hours per year by streamlining and automating tedious tasks like building buyers lists, creating client reports, and a variety of data entry tasks. Combined with better deal and relationship data, firms can close around one additional deal each year for every five MDs with MadeMarket.

Once the value proposition for a new CRM has been effectively communicated, it’s essential for senior managers to walk the walk by using the platform consistently and setting the expectation for others to do so as well. Consider making the use of a CRM – from data entry to report building and analytics tools – a more formalized aspect of junior to mid-level bankers’ job descriptions and expectations.

Even if a few individuals may struggle to learn new habits, senior leaders are ultimately the ones in charge and if they want to see a return on their investment in a new CRM, they have the power to ensure they do.

Staying engaged by monitoring adoption performance metrics

Once the platform is fully integrated, it's important to set up and monitor checkpoints during the first few months to ensure that the new habits stick.

Monitoring user activity

A simple and straightforward way to gauge the adoption rates with your CRM is by monitoring login rates to see how often individuals and teams are engaging with the platform. Beyond this simple metric, it can also help to keep an eye on the amount of activity individuals and teams are logging on the platform. This includes monitoring activities like:

• Creating contact or opportunity records
• Completed tasks
• Sending emails and other forms of communications
• Updating deal statuses
• Filling out data forms
• Setting project and task goals
  

Keeping tabs on data quality

Even if users are on the platform consistently and logging their data, incorrect data entries can have a huge impact on the overall value of your data and CRM. Assessing data quality requires regular inspections and it's critical that users understand how important accurate data entry is.

To learn more about monitoring and improving data collection, read our report – Cutting Costs and Improving Decisions With Data Integrity in Investment Banking.

Gathering user feedback

Ask your team to provide feedback about their experience and hear what they have to say about different kinds of features and possible customizations. This will not only help you stay on top of your CRM’s rollout and adoption, but it will also give teams more incentives to stay engaged while giving them a sense of ownership in the project.

Choosing the right platform for your firm

Like in any merger or acquisition, fit matters. Too often, firms don’t take enough time to research their options for a new CRM. Skipping their due diligence, they often select a product based on the brands they know instead of taking the time to find something that meets their unique needs. As a result, one of the most common adoption problems firms face when they transition to a new system is its ease of use.

While there are plenty of CRMs to consider, we at MadeMarket are big believers in the idea that a platform should be purpose-built around the unique needs of an industry. In contrast to other generic CRMs, MadeMarket is the only CRM that’s designed around the unique needs of investment banking professionals. With a more intuitive and ready-built platform, MadeMarket helps firms increase adoption rates with tools that are easier to set up and use.

From the start, while many CRMs often require a large amount of customizations, MadeMarket’s platform comes ready-built with a variety of powerful features that integrate seamlessly with an investment banker’s data and workflows.  

By making it easier to realize the benefits sooner and offering more of them, MadeMarket helps firms overcome the adoption challenges of getting a new CRM. We also have a growing platform of interactive training tools and resources to help you keep growing with the platform well beyond the onboarding process.

• The MadeMarket Help Desk is filled with a constantly growing library of how-to guides and easy-to-read feature breakdowns that cover every corner of the platform.
• Our Office Hours is an interactive monthly presentation designed for customers to get to know MadeMarket’s features, where people can ask questions, get support, and connect with our team.
• MadeMarket’s blog is where you can find more helpful articles like this one. Looking beyond any one particular feature, you can also learn more about the way MadeMarket and tech is changing the way bankers and capital markets work.

To learn more and explore what MadeMarket can do for you, connect with a member of our team to get started with a demo!