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What Are The Fastest Growing Agencies Doing Today To Grow Their Placements?

We’re all working to grow our agencies, but what yields the best ROI?
I can tell you right now that if you write a small strategy first thing in the morning before you check your email, attend a meeting or answer the phone, you are above 95% of agencies today. If you don’t plan your day, you are in reactionary behavior and it will slow down your ability to reach your destination. I’ve seen so many agency owners get stuck in rotation, $14 an hour tasks they shouldn’t be doing. If you are reading this, you are in charge of growing the business, and thinking strategically every day is mandatory.


We’ve helped build 81 collection companies since 2002, and I wrote down some of the most effective strategies. It seems like a lot of companies to build, but it’s only 5.2 a year. The organic revenue we produced exceeded $820 million. What I’m going to talk about are not my epiphanies. I work with brilliant agency owners. I will talk about the strategic choices we did together to position growth without spending a lot of money. And I think if you just did these 9 things habitually, you will thrive.


1. Choose the Most Profitable Aspect of Your Portfolio and Acquire More of the Debt

 Not the most volume, the most profitable. Then add profitable volume through marketing in a strategic market. That doesn’t just mean starting a commercial division. Allow me to suggest an example. Our Overdraft Collections partner has a consistent 30-60% liquidation rate. All they focus on is collecting overdraft balances for banks and credit unions. They actively market under the name OverdraftCollections.com.

2. Once You Land a Top Company in Your Industry, Go For all the Top Prospects

I’ve witnessed a 23-collector shop with good compliance ink a deal with a multi-billion dollar, publicly traded company based on experience and performance. More importantly, they took the paper from a much larger agency. Once you solve an industry problem, do it for everyone in the industry. This is where it gets tricky; I will provide an example. We worked on an agency that collected for Retirement Care Facilities. This would typically fall under medical collections. It’s not Medical Collections, but it kind of is because elderly require consistent medical attention. We recognized this. We serviced the top two Resident Care facilities in the nation. We wanted the top 10. Therefore, we actively marketed to the other eight and acquired two more based on our experience in eight months. This quickly increased the size of the queue, and no new procedures or major software integrations were required.

3. Don’t Just Say you Have Better Collection Results, Prove it

I assume you understand those collection reports pulled from your software, but most prospects need a black and white presentation. This can be articulated in a cost-benefit analysis. I’ve seen more than a dozen agencies double their size just by taking the time to show their true value in a RFP/RFI. Go to www.vintonmoss.com/costvsbenefit to see an example cost vs benefit diagram.


4. Integrate with Enterprise Resource Planning Software Solutions (ERP)


We worked with the nation’s largest Property Management collection agency. They integrated with the top 5 property management ERP Software Solutions. Let me paint the picture. After 60 days, the software automatically submits a placement to the agency of choice. I believe accepting that your client might be too lazy is the future of easy placements; I currently do this with one of our companies, Attorney Receivables. About 7 percent of 60 days default automatically flows to our fulfillment agencies.

5. Organize Your Opportunities

This is probably the biggest problem in collection sales today. Agencies don’t follow up. It seems that if there is not an immediate demand, the opportunity is ignored. Debt Collections are one to five percent of a CFO’s problem, which is not a high priority. If you want the portfolio, you got to be the squeaky wheel. The only way to stay on top of your opportunities is to be organized, and we built an entire solution around this with SalesCollect.com. Proper organization and monthly follow-up is going to increase your results by 32 percent.

6. Bury Your Bad PR with Good PR

Google your agency’s name. If you see Yelp, a Google rating, or Rip-off report giving you a bad rap, you can change it. There are a few things you can do right now. Set up a Facebook, LinkedIn, Yellow Pages, Twitter, Instagram, and Google+ company page in your company’s name. I know, what would you post on Instagram? It doesn’t matter - the way Google ranks results is by heavily trafficked websites and the number of links to your website. So they’re going to display these results and your company page before anything potentially negative. You can do this for free.

7. Get Social

LinkedIn is my new lead generation source. I can identify decision makers at companies I want to work with. I see the person’s entire history and they see mine. I can email them a custom message directly, earn their respect and then do business together. Sounds too easy, doesn’t it? Well it doesn’t work 100 percent of the time but it works about 25 percent of the time, and I’ll take it because it’s free, I get to choose who I want to work with, and I don’t have to explain my service. My profile and endorsements do it for me.

8. Look Legit

If you haven’t updated your website in 5 years, you don’t look legit. Technology has changed too much in the last 3 years. User defined content is becoming the new norm. What does that mean? Prospects are taking less of your word for fact and more of the masses’ feedback. You want to create a website that allows users to submit content. Keep a few negative responses, resolve them, and keep the majority positive.

9. Get People to Remember You

If your name is nebulous no one is going to remember you. This is madness, but we have so many things on our minds unless a brand or company is memorable. We forget and your prospects are literally not remembering you. For example, attorneyrecievables.com is a company of attorneys that work in receivables. Don’t name your company after you and your partner’s last name combined, don’t give your company a name of a Greek God from 2000 B.C. because it sounds cool. Just tell them what you do, or how you benefit them in your brand. They will remember the simplicity and contact you when they are ready for the service. That being said, I know it’s against FDCPA Law to display a name that is associated with a type of bill collection. The name you use to market to prospects for relevance can be different than what you send to debtors without a licensing change.

If you have a great agency, ideas, questions, or want to talk, email me anytime. I invest in nearly every firm we help build. This email address is being protected from spambots. You need JavaScript enabled to view it..

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