Recommended payroll CRM data fields

Output

• Enhanced CRM Data Fields Setup: A demonstrable configuration within the CRM system showcasing the addition of suggested fields specific to payroll data capture, including "Payroll Decision Maker," "Number of employees," "Current payroll provider," and detailed opportunity stages tailored to the payroll sales process, enabling targeted campaigns and detailed opportunity tracking.

• Reporting and Analytics Dashboards: Custom-designed dashboards within the CRM that provide real-time insights into the payroll sales pipeline, segmentation effectiveness, conversion rates by segment, and detailed analysis of Closed-Lost reasons and competitive information. These dashboards should enable quick access to key metrics and trends, supporting strategic decisions and allowing sales consultants to monitor and adjust their sales strategies based on data-driven insights.

Suggested CRM Fields

Contact:

• First Name

• Last Name

• Title

• Email

• Primary Phone

• Secondary Phone

• “Payroll Decision Maker” - use for all contacts in case of multiple decision makers
• Yes / No

• Contact type
• C-Suite
• Office Manager
• “Payroll Manager” - Relevant for 100+ employee groups. For <100 employees businesses, payroll will not be broken out into a role
• “CPA” - Relevant for launching a CPA referral channel, which can account for a large percentage of sales leads after GA
• Field Manager

Account:

• “Number of employees” - This input will help segment your prospects into different buying personas and differentiate revenue by W2 and 1099, this can automatically tie into your CRM Opportunity - Revenue calculation.

• “Number of contractors” - This input will help segment your prospects into different buying personas and differentiate revenue by W2 and 1099, this can automatically tie into your CRM Opportunity - Revenue calculation.

• “Current Payroll Provider” - This label allows your sales representatives to filter by provider for more targeted campaigns.

• Website

• State(s)

• “Products (multiple selection)” - Allows you to segment clients for future product releases. One of the best reasons for launching a payroll business is all of the secondary revenue streams that can be cross-sold.
• [List of Core products]
• Payroll
• (Optional) Benefits
• (Optional) Retirement
• (Optional) Workers Comp

• “Benefit Provider” - Tracking Core 4 vendors allows you to target clients when you launch your service and/or build a strong channel sales referral funnel.
• None
• Payroll Provider
• Independent Broker

• “Retirement Provider” - Tracking Core 4 vendors allows you to target clients when you launch your service and/or build a strong channel sales referral funnel.
• None
• Payroll Provider
• Financial Advisor

• “Workers Compensation Provider” - Tracking Core 4 vendors allows you to 1. Target these clients for when you launch your own service and/or 2. Build a strong channel sales referral funnel.
• None
• Payroll Provider
• Independent Broker

Opportunities

• Opportunity Name
• Suggest “ACCOUNT NAME - PAYROLL”

• Opportunity Owner

• Opportunity Created DateTime timestamp

• Opportunity Closed DateTime timestamp

• “Opportunity Stage” - This is the standard payroll sales motion, which may differ from your core product sales motion(s)
• Discovery - information gathering call. - 10%
• Demo - Demo scheduled, but not held - 33%
• Negotiation - Demo held, pricing out. - 66%
• Closed-Won - 85%
• Closed-Lost - 0%
• Closed Lost Reason (see below)
• Competitive Information (see below)
• Implementation - 95%
• Won - 100%

• "Pricing" - Depends on Partner Pricing Model

• “Revenue” - Provides forecasts for finance and implementation
• Pricing multiplied by Estimated Number of W2/1099 multiplied by Percentage by Stage

• “Existing Customer” - Important to tie Churn Reasons in as well
• TRUE / FALSE / LOST

Closed-Lost

• Loss of Interest
• Actively declined further outreach
• Passively closed
• Doesn’t want to switch until future date
• Concerns/fear of switching process
• Unhappy with core product

• Lost on Price
• <10% cheaper
• 10-25% cheaper
• 25-50% cheaper
• 50%+ cheaper

• Lost Due to Existing Relationships
• CPA
• Benefit Broker
• Financial Advisor
• HR consultant
• Other

• Lack of Payroll Feature Support
• Company has foreign workers
• International payroll
• Lacks robust accounting integrations
• Requires unsupported benefits contributions
• Requires unsupported tax withholdings
• Special reporting required for Certified Payroll
• Other

• Lack of Expected Functionality or Services - Non-payroll
• Time Tracking and Attendance
• Health Benefits
• Retirement and 401(k)
• Workers Compensation
• Earned Wage Access (EWA)
• Human Resources Information System (HRIS)
• Paycards / Instant Payments
• Other

• Lack of Industry Support
• Household Payroll
• Government Entities & Contractors
• Drugs & Drug Paraphernalia
• Regulated Products
• Financial & Cryptocurrency Companies
• Gambling
• Adult Entertainment
• Counterfeit Goods
• Other

Competitive Information to Capture

• Dropdown: Did the company switch payroll providers?
• Yes / No

• Dropdown: Which provider will they be choosing?
• ADP
• Gusto
• Paychex
• Paycom
• Paycor
• Paylocity
• Quickbooks
• Rippling
• Square
• TriNet
• UKG
• Workday
• Zenefits
• Other