To ensure the research draws an accurate picture of the functioning of CRM teams in defining DE, I used the service blueprint method to map the work-flows for three of the focal firms in the study. I then provided drafts of the blueprints to the senior leaders and team-members at those firms and requested feedback to improve the clarity and accuracy of the blueprints. The three service blueprints for the fastest growing financial advisory firms among all those in the study are provided here.
Detailed work-flows and roles
Figure 19: Service Blueprint for Focal Firm C
Detailed work-flows and roles
Detailed work-flows and roles
Figure 21: Service Blueprint for Focal Firm J
By documenting and confirming the work-flows of CRM teams, the analysis revealed several corroborating insights concerning the mechanisms at work in DE. First, since CRM team work-flows depend upon repeatable routines for handling a complex array of client interactions and tasks, full engagement in implementation (DE dimension I) across all multi-disciplinary roles and acceptance of CRM strategies and adjustments (DE dimension II) are both essential to ensure that all team roles are able to incorporate new approaches that come with the strategy without disrupting client services in the short term. Similarly, in the long term the success of CRM teams comes from the sustained effort of team members to find and refine the most efficient and effective processes to meet clients’ needs.
Consequently, new strategies require team-members to communicate and collaborate (DE dimension III) and commit the necessary time and effort (DE dimension IV) to incorporating elements of a new strategy into their work-flows. Lastly, the qualitative research was consistent in emphasizing the importance of sustained effort and tenacity over time (DE dimension V) to address the many different challenges and unanticipated contingencies that may arise when serving a variety of different clients with a diverse range of needs.
The five team dimensions that comprised by DE contribute to marketing strategy literature by improving our understanding of marketing orientation in teams, particularly related to the dimension of cross-functional coordination – one of the foundations of marketing orientation (Kohli and Jaworski 1990; Menon et al. 1999; Narver and Slater 1990; Payne and Frow 2005). The DE behaviors address the interface between marketing, product, sales and service and the integration of efforts across the firm to execute complex strategies like CRM (Barney 1991; Cron et al. 2014; Wernerfelt 1984). We believe interdisciplinary teams are a strong analogue for studying the cross-functional nature of marketing strategy implementation. We found the natural tensions that emerge in interdisciplinary teams are similar to the friction that can occur between company functions (Kohli and Jaworski 1990; Krasnikov et al. 2009; Venkatesan et al. 2007). Marketing strategy in the customer relationship management domain often relies on efforts that may have conflicting goals, like customer segmentation and selectivity to increase client-level profitability versus standardization efforts aimed at gaining efficiencies through scale and scope economies (Payne and Frow 2005). Similar conflicts between varying perspectives and priorities are present in interdisciplinary teams tasked with implementing strategy and can influence their
interactions and overall efforts. We believe this kind of misalignment and tension may help explain the poor track record of CRM implementation efforts among practitioners (Bohling et al. 2006; Rigby et al. 2002; Venkatesan et al. 2007) and the reason that DE has strong effects on CRM outcomes.
3.6.1. Implications for practice
The qualitative interviewing uncovered several tools and techniques used by teams with success in implementing CRM strategies. Each tool was designed by a financial advisory firm to address a specific challenge or opportunity associated with executing CRM strategies.
The first tool was developed as part of the on-boarding process for new clients. They found that clients used this team introduction piece as a guide throughout their relationship with the firm, but relied on it often in the earliest stages. By enumerating the roles team-members in new CRM processes, it clarifies service expectations, highlights the advantages of the team approach, and serves as a personal
introduction of every associate who works with the client. In particular, the introductory piece allows the client to know whom to contact in a new CRM processes so they reach the right team member for any question or need that they may have, increasing their confidence level and helping to establish knowledge of team members and rapport.
Clarifies the roles and value of CRM team-members
Figure 22: CRM team introduction tool to facilitate new roles
Focused weekly team meetings serve as a touchpoint for CRM strategy implementation efforts throughout the week. To be effective, these meetings have mandatory attendance and are considered inviolable time for the CRM teams who use them. The meetings are kept short and often are held as standing meeting where very item on the agenda is assigned to an owner so all information is ready to discuss. Team members are conditioned to keep all discussions action-oriented since these meetings are for working through implementation problems and for debating the new strategies or approaches.
“Sacred time” weekly to review upcoming client meetings and needs
Figure 23: Format for CRM team meetings
A leadership pipeline tool was developed by one of the most advanced firms to ensure they were developing the talent needed to support rapid growth and structures associated with new strategies. By tracking both the progress and interests of the firm’s talented associates, partners were able to make better decisions about education and development programs, appointments, promotions, and efforts to close knowledge and leadership gaps that arise when firms introduce new strategies.
The leaders of financial advisory practices thinking about implementing new CRM strategies should consider some key challenges identified in this research. The first is answering the question “What do our current clients need and want most in working with us?” Answering this question before CRM strategy implementation allows leaders to anticipate potential challenges associated with getting legacy client to accept and become comfortable with new service approaches.
A second task in implementing new CRM strategies is engaging all associates in efforts to define and formalize new roles, work-flows and tools that will be used in execution. One excellent tool in mapping detailed roles and work-flows is a service blueprint which provides a snapshot of the client experience according to the roles and tasks needed to deliver it. The three firms that received the service blueprints
from this study reported that they used them to discuss potential improvements to their approaches and to clarify roles when onboarding new associates.