Expanding your collection agencies client base is surely a necessity, however, this does indeed serve as a challenge for all. Strategic investment of time and effort to bolster the “roster” of clients will definitely open up opportunities. Ultimately, adding to the bottom line of your agency.
In this article, we will delve into the 5 best strategies that your collection agency can adopt to expand their clientele.
Network the Right Way!
Networking is a strategy that has always proven to be successful. Whether you are an individual or a business, it is a proven gateway to new opportunities. Your collection agency needs to seek out and join business associations in the area, ensuring to participate in their trade shows, fairs, and networking events. Aim to form new professional relationships that will develop the necessary foundation to expand your client base. Even though every social interaction may not be successful at these events, you will have the opportunity to make a lasting impression and possibly create a ripple effect. Currently, in the light of the COVID-19 pandemic, an alternative would be attending webinars hosted by associations.
Why Not Just Buy Debts?
This may be a risky move but also an effective one. Collection agencies can expand their client base by purchasing debt through Certified Debt Buying. This is by far the most direct means of adding to your clientele portfolio. Access to debtor accounts can be purchased in the form of “bought paper”, meaning it has been sold by the original creditor for considerably less than the aggregate amount of debt actually owed. Though there is no guarantee you will be able to collect on these accounts, the access provides the opportunity to pursue the debts in accordance with the law.
Identify and Define Your Uniqueness
Demonstrate the value and effectiveness of your collection agency to any potential client. Define what makes you unique and better than your competitors. Although in-person meetings with prospective clients might not be possible at all times, webinars certainly are. Develop a script along with a slide presentation for a polished webinar session. Demonstrate your unique value offering within 45 minutes or less and you will stand a much better chance of adding to your client list. In turn, this will hold up both consistency and the professional quality of your collection agency.
Social Media is Your Friend
Social media presence is a necessity in today’s world. It increases your online credibility and also serves as an effective marketing tool. Your debt collection agency should have an active presence on all the top relative social media platforms. From Facebook to Twitter, LinkedIn, and beyond. Professional networking platforms such as Linkedin or Indeed may prove to be a Holy Grail for collection agencies. Here, you can easily search up businesses looking for debt collection help and contact them. Furthermore, LinkedIn has specific groups in the debt collection industry. Host Facebook live videos to highlight your strengths and show prospective clients how you can help them. If necessary, hire someone to work part-time on your social media campaign to take full advantage of these invaluable digital networking opportunities.
References Can Never Go Wrong
Last but not least, create a referral network. One way to do this is by getting in touch with businesses in complementary markets. Such as accounting, finance, and legal market, just to name a few. The companies can do each other a favor. You can market their products and services and in return, they will market yours. This can be done by referring your services of debt collection to their clients, you can carry your agency’s brochures and flyers and hand them out in their offices.
Furthermore, you can ask your current and former clients to spread the word in regards to the merit of your services. In fact, simply posting a positive review on your website or other components of your online footprint will reinforce your value offering. If a client expresses gratitude for your collections efforts, float out the idea of them typing up a short review to feature on your website, social media, and online review directories.
Be sure to check out your company’s review on the Better Business Bureau (BBB) website and other online review directories. Do this often as time progresses to ensure all of the information is accurate. Even a minor error on one of these important sites has the potential to steer prospective clients toward other debt collections agencies.