In my previous article, "If results are what you want, why don't you track them?" I discussed some of the common reasons advisors don't track their numbers. Now, let's lay the groundwork for productive and efficient business tracking for those that would like to start tracking data that is critical to business success.
What are successful advisors tracking in their business and how do they do it? Here is a rundown of tools available to help track your business. Regardless of your budget, availability or resources, there is something for everyone.
Client Relationship Management systems
No matter which CRM software you use (Junxure, Redtail, Act4Advisors, etc.), it's important that you track basic client information. However, if you want to leave a lasting impression on your clients and prospects, you are going to need to "wow" them. Here are a few ideas that can make a strong impression.
- Enter your clients wedding anniversary and birthday into your CRM (in addition to their anniversary for becoming a client of your firm). Send them a card or call them each year on these important dates.
- Capture your client's children and grandchildren names in your CRM
- Keep records of personal preferences (e.g. if you offer coffee or refreshments, note their preferences and offer them upon arrival to your office)
- Keep a record of how you were introduced to the client (e.g. referral source if referred by another client, seminar attendee, charitable event, LinkedIn or social media, Web lead, etc.)
- Favorite sports team or college alma mater
- Military service
- Charitable and other organizational activities (e.g. role on the board of a credit union, school board position, Chamber of Commerce, etc.)
- Personal goals (e.g. run a marathon, travel to Africa, etc.)
- Retirement goals
Tracking information of a personal nature that you learn through conversations with clients and prospects will prove that you are not only listening to them, but taking an interest in them as a person. It will help enhance the experience you give your clients and bring life to the conversations you have with them. People want to do business with individuals they like and trust. Truly caring about your clients and taking an interest in them beyond the sale or business activity may aid in your client retention, as well as your referral efforts.
Operations and business tracking
As a business owner, you should track all business activity. For example, if you run seminars, you may want to consider tracking:
- Number of mailers sent
- Number of seminar attendees
- Appointments set and kept
This can be done with an excel spreadsheet by your office assistant quickly and easily. Some advisors track the number of appointments with each client as well, in order to see where the business was gained or lost. This may help develop your sales or planning approach. If you continue to lose the business after a few appointments, you may be pushing too hard for the business and need to take more time getting to know the prospect.
If you send email newsletters, mailers, postcards or rely on other traditional marketing strategies, you should track open rates on emails, click-through details on links (to see what was read), bounce rates, etc. Through the use of tools like Constant Contact, all of this information is at your fingertips. If you send mailers, track the number of responses by placing a response code for prospects or clients to use when responding. Data such as this will help you determine the type of content that resonates with your audience.
