If you want to grow your business you must have a good database. Having a good database of contacts enhances your marketing efforts, increases referrals and grows your business. When I started into production I had two local rosters totaling 350 names. Knowing these lists were my target market I really worked it sending seminar invitations at least once a month sometimes twice a month. This worked effectively for about two years at which time I began to recognize I had probably generated as much business as I could from this list. I worked this list effectively dripping on them and calling them on a regular consistent basis but even the best data bases dry up. If you are not constantly replenishing your list over time your list will no longer provide you with business growth.
So the questions becomes how many do you need in your pipeline to continually fuel your business and what is the best way to access more leads and replenish your list? Remember there is a difference in leads and qualified prospects. Consider 1 out of every 10 leads are qualified which means they have need, dollar and commitment. There may be 3 more leads that although are not qualified now may become qualified over time, thus the need for a consistent drip system. That being the case the more leads you have the more potential for generating new accounts. I have a client whose sole source of new business is through her drip marketing strategy. This financial advisor has over 1000 leads in her database and is constantly adding more. I have another client who has just about 200 leads in his pipeline of which 25% are centers of influence (not necessarily a direct market) He has had these same 200 leads for years and is no longer getting referrals and his new business has disappeared, his database has dried up. His whole focus now needs to be on how to build a new database.
As a financial advisor you must take and honest assessment of your current database, how many do you have and how old and stagnant is your list? Start focusing on building and adding to your database. Set a goal to add 200 new leads to your database, make this the focus of all your activities. If you have the systems in place those new leads will begin to automatically fuel your business growth.
In my next blog I will share methods for building a fresh new database.