Organization is the bane of our existence. We seek constantly to simplify, to streamline, to collate and calibrate all aspects of our lives. From the grocery list to our fantasy league results we are constantly in tabulation mode. Why, then, is managing prospect data so daunting? Here are a few reasons:
- Prospects Move Constantly
- Key Information Is Often Provided In Face to Face Interactions
- Nothing Is Immediate = Retention Is Key
Prospects and channels are constantly changing. The movement in the financial services industry has been staggering. Thank goodness for database tools that should play a critical role for busy organizations seeking accurate, updated and timely data on a variety of channels and prospects. Yet, a major miss by firms is often their own organization and tracking of this data for easy access when marketing, sales and investment professionals get the opportunity to have that call or meeting with a prospect. Particularly when it comes to follow up, managers consistently report this as an area of major weakness. How can this be solved?
- Use a CRM Actively—Require the Team To Utilize It Too
- Engage A Remote Note System to Ensure Timely Integration Of Individual Prospect Updates (Better Yet, Put Them Right Into the CRM)
- Share Feedback With the Team
- Have A Calendar—For Regular Touch Points
- Use LinkedIn—A Key Tool for Professional Contact & Tracking
A strong CRM tool that permits the firm to house its data and easily sort, prioritize and communicate internally regarding prospects is a necessity. Ensure the firm’s CRM tool is fully updated, completing a review at least annually of all data points. Take the time to train the team–all constituents who can possibly touch prospects–in the CRM’s use. The regular review and updating of this data, v. a subscribed to database, industry listings, LinkedIn and Google, is critical in today’s market. Talent moves quickly. The best prospect is the one you already know. Track talent and stay connected to ensure you are front and center with mandate opportunities arise.
