Trying to reduce power consumption

I have a small project on a custom board using an nRF51824 processor. 

The code basically initializes the BLE stack timer and GPIO and then falls into a loop

while (true) sd_app_evt_wait(); 

The timer (using RTC) fires every 5 seconds to kick the watchdog and check for a connect timeout condition (15 minutes). 

When I connect I'm responding to one of a half dozen commands.

While advertising for a connection I see the board draw 0.92 - 0.97 milliamps. When connected I draw 1.01 - 1.10 milliamps. 

Whether connected or not, 99.99% of the time my application is not doing anything other than sleeping. 

What I'd like to do is reduce the power draw when advertising and connected as much as possible. 

My advertising interval is 250ms.

Thoughts where I should look?