Why 30% of Your Prospect Database Is Dormant (The Reason It Happens to ALL Databases)

You and your home office know that your prospect database is highly valuable. But unlike a fine age-appreciating merlot, it has an expiration date.  The first year of a new prospect database is your most effective. We know that sending six “lead-generation e-briefs” over a year (created by e-Relationship) generates 15%-20% responses (none are generated from newsletters or articles). Assuming 15%, a 400-name database generates 60 “lead responses” within the agent’s first 12 months. That should deliver a significant boost to production, confidence, security and career satisfaction.

At the end of 12 months, 30% of your database will go dormant (recipients will lose interest), which means the database of 400 now only delivers the effectiveness of a 280-person prospect database during the second year. Assuming you have added no new names, and you experience a lower second-year pull rate of 10% on the 280 prospects, your first year’s attained response rate of 60 now decreases to 28 responses. Remember, you have added no new names.

The third year will be similar—another 30% “dormancy” drop, reducing the effective database from 400 to 280 to now 196. The third-year response rate will also dip to 8%, equaling 15 responses from 196 prospects. What started at 60 responses the first year has now dropped to a total of 15 responses in the third year.

Let’s compare the same database but assume you decide to get four new names per week — a total of 200 per year. The new names will yield 30 additional responses to the advisor’s second year. Adding 28 leads from the existing database will provide the advisor with 58 leads, essentially the same as his or her first year.

The third-year result, assuming the advisor added 200 names again (four per week) will generate 59 annual leads, as compared with 15. That’s a significant advantage in leads, production and retention.

Here are two charts showing the different outcomes:

Your prospect data is the foundation of your sales and marketing campaigns. But because purging bad data can become time consuming and therefore expensive to manage in-house, many companies put analyzing the strength of their prospect data and the affect poor data has on sales and ROI – on the eternally-flaming back burner.

On the flip side, this bad data is costing you serious money if you do not have a system that purges your bad database information.  In fact, 30% of your marketing objectives are likely failing due to incorrect database essentials such as phone numbers, physical addresses and email addresses.

How Does Prospect Data Die?

  • 37% of email addresses are deactivated
  • 40% of people change their phone number
  • 66% of job functions and titles change
  • 40% of people switch jobs

Are you basing important business decisions off of data that is up to 30% incorrect? Is it worth employing a system to purge irrelevant or invalid data while verifying incomplete information so you can properly nurture leads and create powerful digital marketing strategies?

The fact is, the longer incorrect data stays in your system, the more it costs you: It costs $1 to verify a record when it is entered into your database, $10 to scrub and cleanse it later, and $100 if nothing is done. Indeed, 50% of IT budgets are spent on data rehabilitation, (IBM revealed that bad data costs US companies over $3.1 trillion a year.)

Do you know that 15% of your data contains duplicate entries and another 18% contains invalid ranges or missing fields? Employing a reliable tool to govern proper prospect database management can keep your database clean with 99% accuracy.

e-Relationship provides routine prospect data monitoring as part of your monthly digital marketing subscription!

Not only do you get the technology to cleanse and update your database, you get the only email, content, website and social media marketing platform proven to develop leads, generate appointments, and upsell clients.

It’s easy to see why you need to add at least 4 new contacts to your database each week to make up for the rate your database is naturally depleted. That’s why our Customer Service Team and VP of Training, Alan Polczynski personally assist you with live training, whitepapers and compelling scripts that are proven to cause targets to eagerly hand over their contact information for entry into your database. We’ll even transfer your current database into our system for you!

e-Relationship is your 24/7 digital marketing assistant allowing you to stay in touch with clients and prospects without spending hours at your computer. We flawlessly juggle all the details while you concentrate on sales!

Our multi-touch digital marketing suite keeps you in top of mind through a powerhouse of automated email marketing, automated social-media marketing and advisor website development services. Whether you’re building your brand, converting prospects into clients or building a website that actually increases production — e-Relationship is your simple-to-use, easily affordable, all-in-one solution!

It utilizes compliance-approved content created by experienced advisors to deliver targeted results! In addition, a library of pre-built, tested, compliance-approved email communication messages are ready at your fingertips. As a leading provider of technology-driven email communication tools for clients and prospects of banks, insurance companies and financial services companies, e-Relationship isn’t just a global fintech leader — it’s the benchmark.

Our dynamic content library consists of 16 types of content that will make the biggest positive shift in your ability to make more appointments with prospects and clients. Let’s surpass your sales goals this year by effecting vigorous digital financial services marketing strategies!

We CAN do it — let’s start today!

Watch our product demo at: https://www.e-relationship.com/demo

Call: 1-800-851-8169 or email sales@e-relationship.com.

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