Arturo Alvarez Demalde
Debt collection is big business. In the US alone, credit card debt accounts for 3.6 trillion dollars and has an annual revolving amount of 1.5 trillion dollars. There is a lot of competition in the debt collection business due in part to the amount of loans owed and the scope of customers. But, with competition comes the need to have a competitive edge, so if you are just starting up a debt collection business, or well established, but looking for a competitive edge, here are six ways you can promote your debt collection business as the only one worthy of the job!
Social Media
There are some who say that if you do not have a social media profile online, then you do not exist. But this is always the case. However, and having a social media account you can reach a wider audience and promote yourself and your business. There is a huge stigma surrounding debt collection agencies so if you can show a softer face people will be more likely to work with you. But be careful of social media and what you say online as what you say can come back to bite you or can hurt your business if it offends a potential or established client.
Websites
In order to have an effective business and returning or revolving customers, you must have a website. In having a website you can showcase your work, what you have to offer and the tools that you use to succeed in adequate or outstanding debt collection. Your website does not have to be in depth, but it should make you memorable. Well-established debt collecting agencies such as Pacific Collection Group have websites and generate a lot of business because of them.
Testimonials/Reviews
Word of mouth is something that’s been used for many years as such you should have testimonials placed on your website or on social media in the form of reviews. Don’t be afraid to allow negative reviews because there are many times we’re inside of the negative narrative there is a positive in the work that you did. For example, the client might be upset that it took six weeks to recover the $3,000, but the positive is that you did recover the money which in your line of work is not that easy and to recover that amount of money in such a short time is astronomical.
Get Certified
There is something to be said for getting certified as such you should make sure you have the proper certifications and licenses to back up your validity as a debt collector in the industry. More customers will come to you if you are certified and licensed because this just goes to prove your validity and enforce your ability to do the job of debt collecting.
Join the chamber of commerce
Now, joining a chamber of commerce might seem intimidating or seem like it’s something for older folks from another generation, but it is not. In joining a chamber of commerce, you can start networking for your business and marketing without even realizing you’re doing it. There are many in the business community who need adequate debt collection for deals that have gone sour or customers who are on the run with their goods.
Moreover, with membership to the chamber of commerce, this paints your debt collection business in its best light, because the chamber of commerce is sometimes selective as to who they admit into their ranks. Chambers of commerce exhibit and pull a lot of rank in small communities as such your relationship with the Chamber of Commerce could make or break your business.
Get a profile with the Better Business Bureau
For many folks, the first step in researching a business is the Better Business Bureau. Businesses like Pacific Collection Group and other debt collection agencies have a presence with the Better Business Bureau and show their reviews and rating with pride.
The Takeaway
As you can see, there are many ways that you can market your debt collecting business, and you have to put a lot of work in and make sure that your advertisements and marketing are fresh and always maintain your website and social media for the freshest of looks. There is nothing worse than stale marketing, because it negatively affects your business
