Introduction:
Asset Management Companies (AMCs) play a crucial role in managing funds from investors and strategically investing them in various assets like stocks, real estate, and bonds. The Indian Asset Management Market, particularly Mutual Funds, is forecasted to grow at a robust CAGR of approximately 14%. Top AMCs in India control a substantial 80% of sector assets, amounting to INR 24.46 trillion.
Challenge:
Within asset management firms, the sales team is fundamental to driving business growth. However, an identified challenge within a globally trusted asset management company centered on the inefficiencies of its sales team. Issues such as disorganized client meetings, inadequate sales collateral distribution, spending time on unqualified prospects, extended sales cycles, and lackluster post-sales support were identified, hindering the team's assessment and growth.
Solution:
VENPRAV stepped in to address the asset management firm's sales team challenges with a tailored solution – a Sales CRM suite. This suite was designed to address the universal challenges faced by sales teams irrespective of their size or structure. The CRM suite empowered the sales team with appropriate resources, streamlining their processes and facilitating efficient sales management.
Benefits:
Implementing VENPRAV's Sales CRM suite yielded remarkable benefits for the asset management firm:
- Increased Sales and ROI: Post-adoption, 67% of fund managers reported that the system contributed to an increased ROI of 2.29% within the first annual general meeting. 23.35% of sales representatives using mobile CRM met or exceeded their sales objectives, showcasing a higher performance compared to non-mobile CRM users.
- Centralized Data Management: The CRM suite centralized customer interactions, leading to improved customer retention and higher sales. Sales managers could create automated reports with detailed analytics, aiding in sales forecast accuracy, campaign performance assessment, and effective lead management.
- Mobile CRM Enhancements: The mobile CRM significantly improved the sales team's efficiency. It facilitated lead management, prioritized activities, and increased target reach. Its user-friendly interface empowered sales representatives to excel in critical areas, enhancing their performance and productivity.
- Instant Chat Feature: The CRM's instant chat feature enhanced communication efficiency, saving time for both the business and customers. It streamlined communication channels, signifying professionalism and expediting interactions.
VENPRAV's Sales CRM suite not only addressed the identified challenges but also elevated the asset management firm's sales performance, fostering improved customer relationships, streamlined processes, and ultimately driving higher ROI within the Australian asset management landscape.
