Many times, one of the greatest mental challenges faced by a BD (Business Developer) is the courage to commence prospecting for database growth. This should be followed by the commitment to this daily prospecting habit to extend and grow the volume of investors that may be converted into loyal clients today, tomorrow and into the future.
Something I have noticed with several of my great prospectors lately, is that solid “database growth prospecting” – searching for new investors to add to your future pipeline – must be effectively balanced with a well-executed communication plan with existing contacts.
Ask yourself – how regularly are you contacting, marketing to and communicating with, all the potential investors you already know. This includes:
- Current clients
- Past clients
- Missed Business
- Past Appraisals
- Investors who were previously or are currently looking to purchase
- Self-managed landlords
I recommend that as a BD, you design your time, and clearly articulate during what times during the week you will prospect for “New Leads” and what time and energy will be spent on further extending your relationship and traction with “Existing Leads”. After all, our existing leads have one unique benefit – we already know them and potentially their intentions when it comes to current or future investment in property.
Don’t be caught in the trap of gaining an investor lead, sticking them into your CRM database, and expecting that they will contact you when the time comes. The best BD’s understand that the longer the relationship, the more trust gained, the better the chances of converting from future to current client.
If you would like to better leverage your exiting client base – click here to join me in October for our Virtual class on all aspects of .Working your Pipeline’.