Prospecting Tip: How to Build Your Database

“I don’t know who my next 100 clients are, but they’re in my database.”

That’s a quote from a top advisor in California, as relayed by prospecting expert Robert Krumroy, CLU, ChFC, during Life Insurance Selling “Better Prospecting” columnist Kim Magdalein’s free monthly prospecting teleconference last week.

Krumroy, CEO at Greensboro, N.C.-based Identity Branding Inc. and founder of E-Relationship, was Magdalein’s guest for the call, which focuses exclusively on providing prospecting concepts for producers.

Krumroy delivered with a great core idea many producers could implement immediately. He noted that 80% of the people you met yesterday will turn down your offer today to set up an appointment. But if you take a different approach instead of asking for the meeting, you can be much more effective in the long run by building up your database in the following way:

“Do you have any objection if I put you in my database and treat you as a privileged client for 12 months?”

Krumroy says people hardly ever object to this suggestion. More likely, they may respond something like this: “Yes, I’d love to be treated as a privileged client for a year. No one in your business has ever offered that to me before — everyone just wants to make an appointment with me.”

Your primary prospecting goal, Krumroy says, ought to be building your database. The business will follow. Which brings us back to that top advisor in California. He has about 5,000 prospects in his database, so it should come as no surprise that the next 100 clients he adds will come from within the contacts already in that database.

Not a bad idea for turning “no” into “not yet,” as Krumroy suggests. If you want to tune in for Magdalein’s next prospecting teleconference, you can register for the free event at www.prospecting-teleconference.com. For more information on Krumroy’s E-Relationship system, visit www.e-relationship.com.

 

For more from Brian Anderson, see:

Threats to the Independent Distribution Channel

“It All Changes In an Instant”

Indexed UL Finds the Sweet Spot — and Stays There

About the Author
Brian Anderson

Brian Anderson

Brian Anderson is the Executive Managing Editor of National Underwriter Life & Health and Your Practice Channel Editor for LifeHealthPro.com. Prior to his current role he was the Editor-in-Chief of Life Insurance Selling magazine and Editor of Senior Market Advisor magazine. He has edited sales-oriented business-to-business magazines with an emphasis in the financial services sector for much of the past 15 years. He was also a key player in the 2011 launch of LifeHealthPro.com, and serves as a content director for the site.  Anderson is a journalism graduate of the University of Wyoming, Laramie. An avid skier, golfer, basketball and softball player, he resides with his wife and two children in Centennial, Colo. He can be reached at banderson@SummitProNets.com or on Twitter @LHPro_Practice.

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