Let us start by recognizing a truth: collection agencies do not sell a sexy product. They sell a service, and a historically unpopular one at that. Yet, collection agencies provide a valuable service to other businesses in helping them collect bad debt so the client can remain solvent. How can an agency be marketed in a method that brings in clients? Using online technology can enhance your marketing efforts, but building personal relationships still earns business in the collection industry.
Many of the old sales techniques that worked before the digital age have been abandoned by agencies. Yet, building relationships is the best way to get more clients. But now it must be a combinations of both online and offline techniques. To attract new clients, collection agencies must reinvent their marketing strategies; they need to optimize their website and social media presence as well as build their face-to-face sales efforts.
Make the Most of Your Website. Your website is an essential sales tool. It represents you, your brand and your reputation. Potential clients want to know more about your business and what you can offer them. You can do this through the website.
For your website to be effective, it should look professional. It should explain your company, your brand and your products in a businesslike manner. Since collections is a financial services company and large amounts of money are going to be involved, present a professional image. In addition, the website should also have gone through search engine optimization (SEO) in order to be found by the search engines. Also use your website to explain the importance of data security and how your company is PCI compliant and can handle their collections safely and securely.
Leverage Social Media. Social media marketing is an important part of online marketing. However, the standard “rules” of social media marketing do not apply to collection services. Social media platforms and interaction should be professional and businesslike. Avoid the “casual” platforms like Facebook and Instagram. Better to focus on business platforms like LinkedIn. Use the platform to join business groups in order to begin interactions with potential clients and to introduce yourself to people who might be interested in your services. It is important that people see your name and some positive information associated with your company and services before you discuss possibly working with them.
Personal interaction. No matter how clever you are with your website and social media, face-to-face conversations will always be the key to building a solid business relationship. Meeting potential clients at trade shows and industry conferences, as well as sales meetings are still essential to the modern sales and marketing process. No amount of electronic presence can overcome the strength of the handshake and one-on-one discussion of the industry and how you can both be successful in it.
To summarize, use both online and offline techniques to build a relationship with potential clients. As was stated earlier, research has shown that collection agencies provide a valuable service by collection revenue that the business might not have been able to collect. So invest the time to build relationships and watch your business grow.
BillingTree has the latest payment processing technology and the best programs in order to help their clients grow their businesses easily, quickly and within full compliance. Contact your BillingTree representative today to get all your questions answered.