As an advisor, you have more data at your disposal than you realize. Without the proper tools to maintain and interpret that data, there’s a strong possibility you won’t be able to utilize it in ways that will help you market, manage and grow your business. You really only have three options for data: drown in it, ignore it or learn how to harness it to your advantage. Since the first two aren’t conducive to your business, let’s talk about three ways to utilize your data.
First, there’s a necessary caveat to get out of the way: your CRM is only as good as the data you put into it. You need to enter ALL client and prospect data into your CRM. Keep detailed notes on every client activity and interaction. A basic rule of thumb in your office should be: if it isn’t in your CRM, it didn’t happen! While this practice may sound daunting, it is simply a matter of commitment through education and repetition.
Mining And Segmenting
A CRM encourages deep dives into your data and subsequent segmentation that a Rolodex or Outlook most certainly will not. It allows you to weed out clients or irrelevant prospects in order to focus on specific groups.
The CRM allows you to define your client demographics; by selecting certain categories of data, you can better understand the segmentation of your market. Once the most receptive client demographics have been identified, you can focus on targeting them. If you’re looking beyond contact or account data, not only can you filter that from the report page itself, but you can also send any related contacts to search and then filter (or funnel) by any additional requirements. This funneling capability makes the CRM sing with data possibilities. For instance, patterns that arise at the end of your funneling process may bring to light re-engagement opportunities with clients or prospects you haven’t been in contact with for some time. At the other end of the spectrum, funneling can also provide the ability to get really granular with your data mining and segmentation, allowing you to practice just-in-time delivery of information to all clients and prospects.
Reacting Proactively Rather Than Reactively
The CRM allows you to better predetermine your client’s needs. Business planning helps start the right conversations, but your CRM can determine the right audience and timing for relaying specific information. Too early and you can be perceived as a nuisance; too late and you’re irrelevant. The CRM serves as an expansive data resource, but it also provides detailed records of successful strategies with particular clients.
Collaboration is key here as well. An offhand remark to your admin while a client or prospect is waiting to see you could be relationship-building gold later—but only if the employee adds that information to your CRM. If employees consistently update the CRM, records of exchanges, whether formal or off the cuff, will remain accessible regardless of turnover or forgetfulness. Additionally, information others have gathered may be the spark for your ability to anticipate a need before it arises.
Always Be Building
The old salesman mantra of “always be closing” is a relic that puts you, rather than your clients and prospects, at the center of all your business-related activities. You want them in the center. Your CRM data and the unique insights it can provide are integral to those efforts. Before you speak with any client or prospect, look at their record in your CRM. It only takes a few seconds, and the returns can hugely increase the quality and longevity of your relationships.