Having been in the collection industry for many years in the business development arena I have developed a step by step process that will make money. If you follow it, they you will succeed.
This is not for the telemarketer that has to dial 150 – 200 calls. This is for the person that is serious about business development in the collection space.
- Client Development – How to build your business. This is cultivation and you are developing at this point. Find an industry that you want to hit. Small business, Large business, Mid-sized business.
Figure out what you want to focus on and become an expert in. Consumer, Commercial, Medical. Don’t try to know everything, as it does not work.
- Approach – This is your initial contact. This is a meet & greet. This can be on the phone first, but then set up a meeting preferably in person. Invite them to come to your office so that they can see your facilities. Offer to go and meet them at their office. If you show that you are willing to invest the time and the money to come an meet with them, most times they will entertain signing up with you.
- Interview – Find out what the prospective clients needs are: a) How many accounts do they have? b) How much is outstanding? c)What is their aging? d)What type of accounts are they? d) How frequently can the client get a report? How frequently can you remit?
- Presentation of your Agency – What are the features and benefits of dealing with your company. Are you compliant with all the laws? Can the client login to your system to review their accounts, Are there any complaints? Can the client monitor collector talk-offs? There needs to be a benefit for a company to be willing to use your agency.
- Conduct a Demonstration – Invite the client to come to the office for a few days to observe your collectors in action. This will make the client real happy that they are making certain that there is nothing negative to reflect back on their company. Remember that your agency is an extension of their company. Perhaps the client wants the debtor back as a customer once this financial difficulty is resolved.
- Negotiate the Terms – How much are the commission rates? Remember you are playing for money and if you can provide superior service, that you can get serious money.
- Delivery – You client has agreed to the terms of the agreement. Make it an occasion. The first remittance check for a large sum as we know it will be bring it to the client. Throw a party for the collectors in your office as a way of saying thank you. Announce it on Facebook, LinkedIn, and Twitter with a photo of the check delivery. Think outside the box.
- Follow Up – Make sure you follow up with the client. Call weekly or bi-weekly just to see how things are going. This will be appreciated especially when you want more accounts next month.
These systems work. It may sound very elementary and it is. This is a very competitive industry and you need to outshine your competition. I have used this for years. Remember you are only as good as what you produce each month. Don’t project too high, because if you come in low you may lose a client.
If you would like to consult with us please call 954-722-0473.