Convert Coal Into Gold – How to Automatically Mine Your Database for Hidden Gems
Zack Lewis : December 1 2020
If you would find gold, you must search where gold is.
– William Juneau
Sales coaches across every industry speak about the importance of working your database and sphere of influence.
Because there’s gold in them thar hills!
On *March 20th, 2015 The Wall Street Journal reported that Caesars Entertainment customer rewards database was valued at over $1 BILLION DOLLARS by creditors in a bankruptcy case.
$1 BILLION DOLLARS for an excel spreadsheet made up of information most business owners forget they have. We’re not even talking about a book of actively paying customers either but for what’s leftover after the money, products, or services paid for are long gone.
Just their contact information and 8 quantifiable pieces of information for how they spent their time at the hotels.
How much is your database worth?
Imagine every day you had a fresh list of leads made up of current and past clients coming eligible for Open Enrollment, Part D, or whose Spouse is turning 65 in the next few months? These are golden nuggets of opportunity that exist within the line items of your database and would be layups if you knew about them…if only you knew about them!
But if you’ve been in business longer than 6 months, it’s impossible to sort through your entire database by hand consistently to separate the coal from the gold.
Lucky for us we’re in the golden age of technology, and a quality Brokerage Management System (BMS) or CRM can do this for us automatically.
What is a database?
Your database is essentially your digital Rolodex – the contact information of relationships you’ve developed over your career that could produce value to your business now or in the future:
- Current clients
- Past clients
- LinkedIn connections
- Leads you purchased or acquired in the past (as far back as you can go)
- Connections made through groups or networking events
Where is my database?
Unfortunately for many, the answer isn’t always clear. Depending on your current business process some contacts might be held in a spreadsheet, others throughout various emails in your inbox/outbox, some in your BMS or CRM, etc.
This presents the first problem most have for designing a successful database management strategy that generates revenue (check out a case study for T65 who generates 21.33% of total monthly sales from automated database mining).
Ideally as a broker, your entire team works out of one shared BMS or CRM to manage leads and the book of business. This is how you can consolidate all your metaphorical coal into one place, keep it clean, and easily pick out those valuable gold nuggets at the most opportune times.
If your agency does not leverage a BMS or CRM platform, OR if your database is messy and full of stale or duplicate information, this should be your highest priority. Trust me when I say from experience, a clean and organized database is a GAMECHANGER. No matter how fancy your system is, if the database isn’t clean it will be garbage in and garbage out.
Setting Up Your Automation a.k.a “Make it Go”
If you have a quality BMS or CRM platform, Automation and Business Intelligence Tools should be key features included. All we have to do is set up a couple of rules to make them work together in unison and we can produce the results we’re looking for.
*Not all systems are built equally, so depending on what platform you use will depend on how effectively you can execute on this strategy.*
- It all starts at the beginning – when the lead or contact first enters the system. Make sure you have all the appropriate fields you’ll need so you can filter them at a later date (these may need to be customized depending on the system you use). This could mean tracking birthdays, dates of enrollment, spousal information, or any other relevant variables you see as critical sales opportunity metrics. A good BMS or CRM will automatically do most of this for you.
- When these fields are created and completed with the appropriate information, you can run reports at any time to see which contacts in your database fit the golden nugget criteria. For example, if you have current clients whose spouses weren’t 65 at the time you enrolled them you could run a report based on the birthdate of the spouse listed in your database to see who’s 65th birthday is coming up in the next x months. Using this report you can leverage your current relationship with the client and get in front of the spouse before someone else does.
- If you have a quality CRM or BMS tool, multiple reports based on different criteria can be configured to run automatically every day to ensure no opportunity is ever missed. If your dialer is connected with your CRM or BMS tool, you can also implement an automation strategy that filters the daily dial lists for your agents to incorporate new leads, follow-ups, and golden nuggets found in your database based on priority.
Using these three simple steps, you can harvest new business opportunities for your agency at no cost every.single.day.
You’ve already paid for this information in some form or another – now you’re just squeezing the remaining juice from the orange.
For more valuable insights about Medicare technology, check out our blog at https://stackboost.dev/blog/
P.S. I started a LinkedIn group called “Success-With-Tech for Health Insurance Brokers” where you can ask tech questions and get answers from experts and other brokers experiences. If you’re considering buying some of these valuable tools to increase your flexibility and want some feedback before pulling the trigger, ask and ye shall receive.
The Best is Yet to Come…
*Credit to https://orobora.com/billion-dollar-database/ for the information about the bankruptcy case.