How do you keep track of your startup's contacts?

SDS 001: Clarifying CRM

Hey! I don't know about you but I am really excited for issue 001 of Startup Definition Sunday (SDS).

SDS is the newsletter for founders, bringing you clarity so you can read the startup newsletters in your inbox.

SDS arrives every two weeks (you guessed it) on Sundays.

In every issue you can expect:

• 1 Definition of startup jargon

• 1 actionable tip you can implement right away

• 1 article on Africa tech that you should read

• 1 gift for founders

Let's dive in:

What is a CRM?

CRM: Customer Relationship Management (CRM) tool keeps all the information about your customers and leads in one place.

Why is a CRM necessary?

In the early stages of building a startup, there are several people you are engaging with:

• customers

• investors

• partners

Over time, you will want to keep track of all the different names and action items. The right CRM should help you maintain a database of information in a way that is dynamic and allows you to run different use cases.

For example, an investor might pass on you for being too early. Keeping track of this lead will be useful when your startup reaches the right traction for the investor. A CRM helps you do this effectively.

In sales, a CRM is just as effective. A CRM can help you build a core set of true fans: keeping track of new customers' information in the early stage and intentionally connecting with them can help you build true fans. True fans recruit new customers and new customers mean more money

What CRM options are available?

Great! I have convinced you that you need a CRM but some CRMs cost $1000s. Yeah, we are not doing that.

At the early stage, resources are too constrained to be spending this kind of money. That money would be better used acquiring new customers...but you'll need to track these customers...back to square one.

Not to worry - I've got you.

Here are some of my favorite CRMs that will NOT leave you broke:

• Airtable: It takes a bit of getting used to but the automations you integrate can make all the difference. Just imagine it: sending segmented emails in response to certain actions by customers...your sales pipeline will thank you.

• Hubspot: I used hubspot in one of my prior roles. Great perks for startups AND a killer support team.

• Zoho: Lots of our portfolio companies at Accion Venture Lab use and love Zoho. Our portfolio companies often use zoho up to about series A / B, depending on sales strategy.

• Pipedrive: I have not used Pipedrive personally but several B2B founders swear by Pipedrive.

There you have it, 4 CRMs for you to pick from that won't cost you $1000s.

If you decide to use any of them, I want to know: how has implementing a CRM helped you?

If you already, use any of these, what should founders know before signing up?

I can't wait to hear from you!

If you only read one thing this week, read this...

My friend, Yvonne, wrote a great medium article about her firm's decision to back African tech startup, Gigmile. Gigmile is creating financial access for mobility-based gig workers.

Founder's Corner

If you're raising your first round and are not sure how to find investors, here's a database of investors that have done deals in Africa.

Max and Max have been updating this database since 2019 for deals done in Africa. It's a fraction of the cost of Crunchbase or Pitchbook (Disclaimer: I use it myself).

Thank you for reading to the end of issue 001.

If you enjoyed reading this, you will enjoy following me on twitter. I share daily insights on the founder journey, Africa tech and gender-lens investing.

Let's chat again in two weeks,

Jasiel