QUOTE:
“The bigger your database, the bigger and stronger the business you will be able to create”
LESSON/PRINCIPLE
I’ve built my business on the following formula:
RELATIONSHIPS +CONTENT= DATABASE
If you analyze any business, regardless of the industry, you will soon realize that the worth of the business is closely attached to its database. For example, in technology, Instagram was sold to Facebook in 2013 for over $1 billion–without making a single penny. Twitter has yet to earn any money. The company is valued around $11 billion and, in 2013, posted a net loss of $134 million. Tumblr was acquired by Yahoo in 2013 for $1.1 billion and generated a net loss of $12 million; however, it had 300 million unique visitors per month.
You may argue that it only happens in technology, but if you take a closer look you will find that bankers get huge bonuses, usually in excess of $1 million for jumping ship. It is no different in the insurance industry and the medical profession, where doctors sell their practices for $4-$9 million, on average. Why do these companies and professionals get paid so much? It’s because of their portfolio of clients. In other words, their database.
There are three ways of building your database, in business as a professional sales person:
- Advertising
- Building Relationships
- Creating Content
Let’s take a look at each of these and decide how best to build your business.
Advertising. This is very expensive for most professionals, effective only if you know how to build a campaign and position yourself. It also takes a long time to build a substantial database. Not a single top producer or sales coach would advise you to build your business based solely on advertising, unless you have the time and huge pockets.
Building Relationships. Relationships are what business is all about and it goes on to describe about its types. There are two types of business relationships:
- Connectors: People who can refer your business, such as bankers, accountants, lawyers, etc.
- End users: Buyers and sellers.
Creating Content. This is what I’ve learned in over 20 years of sales experience: You are not in the business of real estate, any longer. You are in the business of producing content. What did I just say? Read This Article.
APPLICATION
As a real estate agent, you can build your business and database by developing relationships through prospecting, pre-qualifying, following up, presenting, handling objections, and closing. You can also do it through building content. However, one strategy does not exclude the other, so my advice to you is that you work simultaneously at building relationships and creating content.
Those who are ready to start their Singapore dream business, the professional corporate services in Singapore can provide you a highly relevant, market-specific advice, management and support.
For a more detailed explanation on how to build your database and how we apply it in our coaching program, watch the following video.
You can also visit us at www.montielorganization.com or email me at [email protected] for information about programs on how to become more valuable, identify your niche, expand in your market area, and become the “expert of choice” for those clients you are targeting.
REMEMBER THAT WISHFUL THINKING IS NOT A STRATEGY. TAKE ACTION TODAY!
Download the report “THE 7 STEPS TO BECOME A TOP PRODUCER