It happens all too often that a person will boot up a database program for the first time and become overwhelmed by the number of possible fields, all the different areas to automate, reminders to set and marketing strategies available. Many database screens can be intimidating enough to make one feel like they need a pilot’s license to operate it. From this sometimes daunting perspective it can be hard to imagine how all these fields can connect your business practices in a way that creates harmony and ease in your daily tasks, let alone increase your revenue.
Take comfort in the fact that your database and its related technology are a means to an end only and not the end itself. This is especially important when you’re making decisions about what data fields to collect and fill that will serve you best in the short and long run.
Many people feel pressured to fill out every single field they see from the outset. Let’s release some of that pressure and get back to basics with the recommended must-have fields that you should fill out in your database. The fact is that a solid foundation of a few non-negotiable fields can have an immediate positive impact on your revenue streams. The other fields can be utilized down the line as you get more comfortable with your database tool. The critical fields listed below are necessary for keeping in touch with clients as well as having a solid baseline for powerful data mining which helps you to drive in new business.
The example below is specific to the mortgage industry, however, the principle of a small set of 'must have' fields to start applies to any industry.
Name
Mailing Address
Mobile Phone
Work Phone
Email Address
Referral Source Name
Subject Property Address
Loan Program
Loan Amount
Loan Rate
Loan Close Date
This may seem like an obvious list, however, given all the possible fields in most database tools it is important to note that these will serve as the strongest foundation for a mortgage professional.
What are the 'must have' fields to track for your business?
It is OK to start very basic and then in time, you can evolve and layer in additional data to track and data mine. Your 'must have' fields will provide a rich database baseline which will allow you to easily produce potential revenue opportunities. Remember that if you are new to using CRM, no matter how impossibly complex it all looks when you open your database for the first time, you can sit back and smile, knowing that even the most architecturally complex buildings start with a basic unbreakable foundation and it is more than OK to start Simple!
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