Our Data Tells A Story – Vol 2
Data always changes.
Marketing and recruiting requires that you expand your reach outside of your current prospecting pool to get more visibility. Many companies choose to accomplish this by purchasing or renting a marketing list. Why not, right? Lists are inexpensive and they can really target your ideal audience. Its seems like a decent solution with one big catch; When and where did the data come from?
There is a better solution; a data subscription.
A well-maintained database should consistently and constantly be updated. A database has a lot of moving parts that requires skilled professionals to manage and maintain it making sure it’s as accurate as possible. Where do you think the data in your purchased list came from? Probably a database. The better question shouldn’t be asking where, rather it should be asking when. When was the information added to the your purchased list and when was that data pulled from a database to add to your purchased list? The purchased list is only a dataset at one single point in time. But a database is updated real-time, and if you subscribe to it you automatically get the freshest most accurate data every time you need a list.
The Data Tells the Story
Historical data from our data research shows over the past 10 years a steady decrease of agents leaving the industry. In fact, by the second term renewal, at least 20% of agents choose not to renew their license. The decline continues into the third and fourth terms and by the fifth term (or 10 years in the industry) where only 30% of agents remain (or 70% have left the industry.)
If you are working with a purchased or rented list, how do you know if you are still recruiting or marketing to a licensed agent or advisor?
To add to the alarming failure rate, it’s also important to note that we are seeing 61% of all licensed agents with less than 7 years of experience. This number is very interesting as we often have clients come to us looking to recruit prospects with a lot of experience.
With only 25% of the nation’s agents having more than 20 years of experience, is it strategic to eliminate 75% of the audience because they are not as experienced as your ideal candidate?
Segment Your List
If you see the strategic miss in excluding 75% of the industry as explained above, then this is your next step. Segment your list by breaking it up into defined groups. Maybe you segment your lists into years of experience or based on license types… Whatever you decide, the key is to group similar data together to be able to measure results better. You can test different copy, design, subject lines, etc based on each group you created to see what resonates with each segment better. You may find the same message works across the board. However, you may find that someone who is newer to the industry would rather get promotions about new products offers and someone with 20 years of experience would rather get information about succession planning. The best way to know what works for you is to test and keep detailed records to measure results.
Want to learn more but not sure where to start? Contact Us, our team is here to help get you exactly what you are looking for.