RE-ENGAGE YOUR DATABASE
You are in one of three possible states related to your database:
- You have a database and feel confident it is meeting your needs
- You have a database but know there is room for improvement
- You don’t have a database
No matter where you are it is important to review the information in this section.
Within our mortgage business we have spent years and countless hours developing our current database but the job is never done. We are always finding new and innovative ways to improve and make adjustments at least every few months, even if it is just a small adjustment. Your business changes, the industry changes, your needs change, etc. and your database should adjust accordingly.
On the other hand, you might be overwhelmed by the idea of “Designing Your Database” but don’t worry, it doesn’t have to be complicated. In fact, we have a super-simple and free database solution if now is not the right time for you to invest time or money into your database software.
What is a Database?
Simply stated, a database is a place for you to store data. For our purposes the data we are storing is client information.
Databases come in many forms…
Cabinet full of files is a database.
Index cards with your clients’ info is a database.
Your smart phone could be a database.
Spreadsheets can be used as a database.
Or you can get fancy and use a CRM (Customer Relationship Management) software.
We point this out so you don’t get caught up in the term “database”. It is merely a place to store your clients’ information so it can be easily accessed.
what data should you track?
The information you could keep on your clients is almost endless. With that said we have broken it up into two groups we believe are important and will assist you greatly as you move forward through Database Gold.
Minimum Info to Track
If you are just getting started (or getting organized) the following information is the absolute minimum you should start to collect for each person in your database. Even if you do not have all of this information it is important to have spots for this information to be stored.
- Mailing Address
- Phone Number(s)
- Email Address(es)
Ideal Info to Track
If you already have a database or want to create a new database the right way the following information is ideal:
- Mailing Address
- Phone Number(s)
- Email Address(es)
- Referral Source (ad, builder, client, family/friend, etc.)
- Referred By (name)
- Status (active lead, inactive lead, under contract, client/closed)
- Type (buyer, seller or buyer/seller)
- Cell Phone
- Work Phone
- Property Address
- Property Type
- Close Date
- Purchase or Sale Price
- Marital Status
Your database doesn’t have to be fancy or very sophisticated but there are a few things that you need to be able to do with your database for it to be valuable and effective as you start developing your database marketing program.
Your database must have these three capabilities:
Sorting Your Database
Sorting your database means being able to put people in a particular order in your database.
For example, you may want to sort your database by last name. Or close date. Maybe purchase price.
Your ability to quickly and easily sort your database will come in handy as you start to look for opportunities to add value, deliver information or reach out.
FILtering Your Database
Filtering is very similar to sorting except you can view just the information or people you want to see.
Let’s say you wanted to see everyone who was referred by a particular Referral Source. Filtering will allow you to do that.
Later on in Database Gold you will see many instances where filtering will be a valuable capability of your database.
ANALYZing Your Database
The ability to analyze the information in your database can be extremely valuable.
Once you have collected a sizable amount of people and data you can start to better understand your business. Where are you getting your business from. Which source of business is the most valuable. What is your average purchase or sale price.
The information you can get from your database through analyzing is only limited by the data you collect.
Talk about getting overwhelmed…the number of real estate database software options is mind-boggling…
Over 25 million results!!
- LEVEL 0: Calendar CRM
- LEVEL 1: Spreadsheet
- Microsoft Excel
- Google Sheets
- LEVEL 2: Simple CRM
- Custom Fields
- Sorting, Filtering, Analyzing
- Email Capabilities
- Limited or No Automation
- LEVEL 3: Robust CRM
- LEVEL 3+: Email Marketing
Our answer to that is, if you don’t know go with LEVEL 0. It’s free, easy to use and gets you going without getting caught in the trap of being focused on learning a new software tool instead of being focused on getting results fast.
As you grow your database marketing plan you can easily transition from LEVEL 0 to LEVEL 1 and so on using data export and import features available in all of these tools.
Most database software solutions are called CRMs or Customer Relationship Management for a reason. The whole point is to develop, cultivate and deepen your relationships with those in your database.
You have a unique opportunity here in Database Gold to benefit from information provided by two very different personality types (Scott & Marla) and how we have built our database marketing strategies taking both into consideration.
LOGIC & EMOTION
There are two types of people in the world…the logical and the emotional.
Humans are complicated. We have these things called brains. But we have two sides to our brain. We have the left side responsible for logic. And then we have our right side which is all about emotion.
It’s a good thing, too because without one or the other our world would be a very different place.
LEFT SIDE: Logical
Scott is logical.
Things are black and white. Right or wrong. On or off.
Scott focuses on solutions.
Right Side: Emotional
Marla is emotional.
Emotion. Feelings. “Heart” or “Gut”.
For Marla it is about connecting.
LOGIC & EMOTION
Why is this important to you?
Because your database is full of people like Scott AND Marla!
You will need to find ways to connect with both types of people. We will help you out with this as we dive into later modules but it is important to realize that you can not expect all of your clients to respond to the same things…or even your preferred topics.
Whether the person is logical or emotional they both want a relationship built on trust.
Without trust does a relationship really exist? Probably not.
How do you create trust in a relationship?
It’s actually quite simple!
Small promises can be anything. Returning a phone call you said you would make. Sending the email you promised. Staying in touch after closing like you told them you would.
It really doesn’t matter. Every small promise means something whether you keep that promise or not.
As you develop your database marketing program keep this in mind. Make many small promises. And then follow thru on those promises. Don’t make promises you feel you may not be able to keep.
Two things motivate people.
Yes, just two things.
Understanding these two things will help you in connecting with your database and providing value to them. Once you know them you will activate your Reticular Activating System (RAS).
Your RAS is the system in the brain that keeps you from going insane. When you think about the number of potential stimuli that your brain has to process in any given second it is in the billions. How fast are you breathing? The background noise. What color are the walls? And on and on and on.
Your RAS filters out the noise and allows you to focus on what is important. Have you ever bought a new, or new to you, car? And did you see those same color or model cars everywhere? That is your RAS at work. Prior to the purchase your RAS filtered them out and afterward recognized it was important information and filtered them in.
You can use your RAS to your benefit. Not just for this particular point but for anything in your life. We are going to use it for developing relationships with your database, initiating the filter for the two factors that motivate human beings…pain and pleasure.
That’s it…just pain and pleasure. Those are the two things you have to look and listen for. Then when you hear it, do something.
You can ask more questions.
You can empathize.
You can offer solutions.
You can provide a referral.
You can share in their excitement.
You can congratulate them. You can send something.
It really doesn’t matter so much what you do but instead that you notice and do something. In many cases the something you do could be an opportunity for a repeat client or a referral to a new client.
Everything so far has led to this moment. The moment you will take action and start generating results. And we’re only in MODULE 1!
This is the “Go!” part. Time for you to take action. We’ve talked about what has stopped you. Fear! Do not let fear stop you from taking this step, getting going and seeing results.
You are going to mail a letter to your entire database.
The letter will simply introduce your “Customer Loyalty Program”.
This may be the first time your database has heard from you at all. But maybe not. You may have been staying in touch with them but not in the way you will after implementing the Database Gold system. Which is exactly why we want to introduce them to your “Customer Loyalty Program”.
Sending the letter will do a few things:
- Introduce your Customer Loyalty Program
- Reengage your database’s RAS (so you are top of mind)
- Set the stage for the value you will provide in the future
- Remind them that you value them
- Gently encourage referrals
You will need to have the following information available from your database:
- Mailing Address
That’s it. So, even if your database is not fully organized with all the ideal tracking information you should be able to get the names and mailing addresses together.
Oh no…missing mailing addresses? Don’t worry we’ve got a Database Gold hack for you.
If your client is a registered voter you can use voter records lookup tool (scroll down to each state’s lookup link) to obtain their mailing address.
Not a registered voter? If you know the property address of the home they own, you can use your local Assessor office to lookup their property and then get their mailing address.
And, as a last resort you may also check with your title company to see if they can assist you in finding mailing addresses.
TWO Letter Options:
Are you tight on time, light on Word skills or just prefer to outsource this project? We have an amazing service provider for you.
White Knight Marketing, Design & Print
It's Up To You!
Alright, it’s up to you.
You can download the letter, input your information, merge your database info, print the letters, stuff the envelopes, place a stamp and get it out.
You can avoid it.
And there are a lot of disguises for avoiding it. You could delay it. You could perfect it. You could get organized. You could wait until you have more information.
The choice is yours. But I will promise you that by sending this letter you will get results. You may get some phone calls or text messages. Maybe an email or two. Maybe even a return letter or note. Or…a referral!
What’s stopping you? Fear? Come on, we’re past that, aren’t we?!
Get going! Get results!
- Identify the software you will use to organize your client database
- Organize all client data in single location
- Review the guide, Creating Consistency with the Next Step System
- Download Customer Loyalty Program Introduction Letter, modify as needed and merge with all client contacts
- Mail Customer Loyalty Program Introduction Letter