Bringing commissions out of chaosArticle added by Erica Pauly on January 29, 2016
Erica Pauly

Erica Pauly

Joined: January 28, 2016

For the most part, you, as an advisor, are a bottom line person, right? Too many details overwhelm you, and too little details don’t give you the full picture. Where is the line when it comes to figuring out return on investment and data tracking within your company? Can it be done without making you want to pull your hair out because it’s just too many numbers? Yes, yes it can.

Here are a few tips to help you get started to making sense of all the data.

1. Start from the bottom.

This process begins with your team. Designate which team member will track what types of data. It will be important to create a system each team member is comfortable with and understands well enough to enter the data without constant help.

A few ideas of what you can begin to track:
  • Seminar Marketing:
    Number of seminar attendees, how many came in for an appointment, how many became clients, how much mailing and food costs per seminar

  • Radio Marketing:
    -Number of prospects who called in after hearing an ad, number of prospects who called in after hearing your program
    -Number of those prospects that set and kept an appointment, the number of those prospects who became clients
    -Monthly cost for ads and/or radio program to the station and to your program host

  • Office Production:
    Name of the person who became a client, how much was written for annuity business and how much came in-house under AUM, where that people came from (marketing source)

  • Income:
    Record your own commissions and quarterly fees. Record where each of those clients came from
2. Think it Through.

Once your team is tracking all of these numbers, think through what data you would like to know about your company.

A few ideas on why types of data would be helpful for you to know:
  • Total cost of seminar (food and invitations) compared to total commission/AUM made from clients gained from seminars
  • Total number of radio leads versus how many set and kept their first appointment, and then how many became clients. This will determine the quality of the leads you are getting from radio
  • Return on Investment for every marketing source. Total made minus total spent. This will show which marketing category was your highest money making effort and can help you determine if it may be time to put more money towards one over another
3. Stay on Top of it.

Check in with your team once a month for a report to be sure they are staying on track with the numbers. This is to ensure team accountability. If you ask to see it, and hold them to it, you will teach them that it IS a priority. If you ask once and forget, it tells them it is not important. Stay on top of it.

4. Schedule a meeting with YOURSELF and look at the numbers!

More often than not, your team will track the data for you and present it to you, and what do you do? You put it on your desk along with the plethora of other "important" things, and it gets lost before you’ve ever looked at it. Schedule a meeting with YOURSELF (once per quarter) to go over the numbers to see what you spent on seminars, radio, referral events etc., and what you made. Taking one hour every quarter will give you tremendous insight on where your money is being spent, and made most efficiently.

Sometimes learning how to make the most on your dollar can’t be found in a book or at a mastermind event; it’s right under your nose. You must first put in place the systems to find it, ask for it often, and then LOOK at it. The numbers will tell you exactly where to spend more or less of your marketing dollars.
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