Turn Your Database into a Thriving Source of Referrals

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 production, I had two local rosters totaling 350 names. Knowing these lists were my target market, I really worked it! My strategy included 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, sending nurture emails and calling them on a regular, consistent basis, but even the best database will dry up. 

If you are not constantly replenishing your list over time, your list will no longer provide you with business growth. 

So the question becomes how many do you need in your pipeline to fuel your business continually, and what is the best way to access more leads and replenish your list? Remember, there is a difference between leads and qualified prospects. 

Consider 1 out of every 10 leads are qualified, which means they have needs, dollars and can make the commitment. Although they are not qualified now, there may be 3 more leads that 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 had about 200 leads in her pipeline, of which 25% are centers of influence (not necessarily a direct market). She has had these same 200 leads for years and is no longer getting referrals, and the new business has disappeared; her database has dried up.  Her whole focus now needs to be on how to build a new database. 

As a financial advisor, you must take an honest assessment of your current database; how many do you have, and how old or stagnant is your list? Start focusing on building and adding to your database.  Set a goal to add 30 leads in 30 days to your database. Make this the focus of all your activities. If you have the systems in place, those new leads will automatically fuel your business growth.

Related: As a Female Advisor, Have You Been Called a “C” Word?