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15 March 2017 3 min read

What’s the difference between a CRM and SRM?

What’s the best way to manage stakeholders? 

The best way to manage stakeholders is the method that allows you to track and respond to changing data, that allows you to engage and communicate with stakeholders, that works in line with GDPR and is also safe and secure.

If you’ve done stakeholder management with spreadsheets or are considering using a CRM system, this may be a false economy.

Can you manage stakeholders with a CRM system?

The short answer is – maybe, but your data might be flawed and you can expect to spend a lot of time working ‘against the tide’ to get the reports that you need.

At face value, Stakeholder Engagement and CRM software are similar. They both manage complex and confusing relationships around and within a business. They both store data on communications, engagements, and contact details. They can both offer analysis and provide reports on the progress of relationships.

But their main difference is what sets them apart – their objective. They have been designed, not as stakeholder engagement software, to manage stakeholders, but to manage one single customer. 

A CRM is tailored to help with the acquisition and retention of clients. Just one objective. Just one type of relationship.

Stakeholder engagement software is flexible

Stakeholder Engagement software needs to be considerably more flexible. Governments, religious leaders, and local business people can all find themselves defined as stakeholders whether or not they have an interest in a project. The software that’s involved in managing these relationships needs to be able to cater for the huge scope of engagement approaches and procedures that are going to be needed to be implemented for the project to be successful.

Choose wisely 

It’s not impossible to use a CRM instead of a dedicated Stakeholder Engagement. It is more difficult, more time consuming and, ultimately risky.

Stakeholder Engagement software, like Tractivity, is designed with the purpose of being a preventative measure against disruptions. It acts as an aid to the kind of healthy stakeholder engagement that guarantees the long-term success of a project. Using a dedicated Stakeholder Engagement software as part of your stakeholder engagement process is not a quicker or easier option, it’s a safeguard against mishaps in the future that wouldn’t be provided by a CRM.

Discover if Tractivity is right for you

A demonstration of Tractivity is quick and straightforward to set up, and we assure you that any product demonstration will be with one of our product experts. Click here to book in for a demonstration of Tractivity.