Like your existing Client Relationships, you should use Elements to manage your Prospect Relationships. Use a Prospect Relationship record, along with a New Business record, to track your prospects through the sales cycle to becoming a client.
Elements has a Relationship type of Prospect. Create the Prospect Relationship first.
Creating a Prospect Relationship
- Select Relationships from the Navigation Bar.
- Select +New Relationship.
- Select the record type of Prospect. Click Next.
- Fill out the required and recommended fields. Click Save.
Once you've created the Prospect Relationship, create the New Business record to track the potential sale, service, or product you are offering your prospect.
Create a New Business Record
- Select the Prospect Relationship for the New Business record.
- From the Related Quick Links, select New Business > New.
- Fill out the New New Business form.
- Click Save. The New Business record is now visible on the Prospect Relationship record in the New Business Related Quick Link as well as the New Business Object on the Navigation Bar.
New Business has a timeline that shows where the record is in the sales process. The New Business Timeline has predefined steps with corresponding fields and can be customized by your System Administrator. Learn more about what information is contained in a New Business record here.
Managing the New Business Timeline
- Select the Qualify phase.
- Select Mark as Current Pipeline Phase.
- Select the pencil icon. Fill out the key fields in the phase's submenu. Click Save.
- Select Mark Pipeline Phase as Complete to move to the next phase in the timeline.
Close a New Business Record
- Select the Closed phase from the New Business timeline.
- Provide values for the Won/Lost and Reason Won/Lost fields.
- Click Save.
- Select Mark as Current Pipeline Phase. This New Business record is now closed.
Once New Business has been closed as won, you need to change the Relationship record type from Prospect to Client.
Converting a Prospect Relationship to a Client Relationship
- Select the Prospect Relationship.
- In the Relationship Updates links, select Change Record Type.
- Select Client from the available record types list.
- Select Next.
- Update any information if needed.
- Select Save. The Prospect Relationship is now a Client Relationship.
How does the CRM sync Relationships with the Portfolio Management System?
When the new relationship is created in the portfolio management system, and the Relationship name must match exactly with the Relationship name in Elements. The daily sync process looks for an exact match in Relationship names and once the Relationship name is recognized and synced, a unique ID will be assigned and any future data updates will sync based on the ID. If the Relationship names do not match exactly, a new, duplicate Relationship will be created. Duplicate Relationships can be merged if needed, but it’s easier to match the Relationship name between the two systems to ensure data integrity.