Gathering data, CRM management and making more dials requires systems and a plan.. here is what I'd recommend.
I get asked on a regular basis about gathering data for prospecting whether it be cold calls, referrals, or networking opportunities.
Oftentimes, people are looking for a magic tool that will get them everything they need in order to succeed with prospecting.
They are looking for the best CRM with a dialer, appropriate contact information, data, points, etc.
Although this information is vital to starting out with a strong prospecting strategy, I would argue that there is something even more important that needs to be figured out first.
More important is having a systematic approach to identifying and continuing to refine who your ideal prospect is.
Your prospect will likely be defined at a high-level initially and change/evolve over time.
You might identify things like they are the CEO of a company with a certain number of employees within a certain demographic.
You might also find out that you want to do deals with people who own or lease real estate within certain size criteria.
For example, a company that leases 15,000 ft.² of office space in a certain ZIP Code.
Or an out-of-state owner, who self manages an apartment building.
It would be wise to continue to identify things that are much more precise about your prospect as you go through the process and start doing more deals.
The best way to differentiate yourself in your marketplace is to be the only person pursuing exactly this type of prospect.
What I mean by this is, let’s say you did 50 deals, and determined that 80% of the deals you did were with the CFO of a tech company that had recently closed a Series A and was in an aggressive expansion mode.
Then, let’s say the last three deals you did came from a small business banker, who is a great source of contacts for you.
You can then start to refine your data to include data points, such as when the company was founded, who is their banker, and who the CFO is at the company.
As I discussed in the audio version here, just as important is to make sure you understand what your prospect is going to say when you call them and how you were going to respond to it.
Having a 95% chance of hearing an objection you are prepared for is going to reduce your call reluctance.
Just like a professional actor, take the time to sit down and script out, exactly what the journey looks like from initial cold call through closing that call for a face-to-face meeting.
If you need help creating a a specific script, check the Prospecting Library button below.
I think you get the point… Having a baseline understanding of where to get the data and what tools to use our important.
However, knowing who you are pursuing, how are you were going to pursue them, is vastly more important to the success of your new business development.
Having said all of that, I’m sure there are still some who would like to know what the preferred data sources are and CRM’s as recommended by top commercial real estate professionals.
You can check out these two threads for information on data sources as well as CRMs.
Looking to improve your prospecting?
The prospecting library is full of all of my call, voicemail and email scripts, templates, workbooks, PDFs, videos, recommendations, plans, and one month of email support.
Reader note: I write this letter most every day as a way to organize my thoughts and solicit feedback from smart individuals like yourself. The letter is sent for free some days while other days only to paid subscribers. If you would like to receive this letter every time it’s sent, you can subscribe here for $80 per year. Hope you join us.
Gathering prospect data and making more efficient calls