May 27, 2020  
 
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Marketing a Debt Collection Service

A profitable debt collection service is about more than supply and demand. It's about designing ways to entice new customers to engage with your products and to encourage existing customers to increase the frequency of their purchases.

Marketing a debt collection service has changed dramatically over the past twenty years.

A robust marketing plan cements your company's relationships with customers. With that in mind, it's important to leverage marketing as a path toward better customer engagement in your debt collection service's strategic plan.

Bundling

Messaging matters - but only to the degree that it communicates value to cost-conscious consumers. Businesses that bundle products tap into the market's psyche by creating the perception (real or imagined) of cost-savings. Most debt collection services have the ability to bundle multiple products and services into a single offering that customers find appealing. Often, bundling is used to offload excess inventory or to pair a low profit product with one that has a higher markup.

Multichannel Marketing Strategies

Multichannel is an important buzzword in today's marketing circles. Today's consumers engage with brands in diverse ways. That means brands need to demonstrate similar diversity in the channels they employ to connect with customers.

A single channel approach just isn't enough for a debt collection service to maintain a noticeable presence in the marketplace. In practice, multichannel means embracing a mixture of online and offline message pipelines, based on the places your customers go for information. The acquisition of reliable mailing lists from proven providers can expedite the transition, but ultimately your efforts to go multichannel may require the assistance of a marketing professional.

When It's Time to Rebrand

There are many reasons why it might be time to begin a rebranding initiative - but a lack of alternative tactics is not one of them. Rebranding is an intentional marketing technique designed to deliver long term results. In a debt collection service, brands are tied to specific stages in the life of a business. If your company is expanding, you will inevitably outgrow your brand and it will be time to prepare for a comprehensive rebranding effort. Unless you are confident that you possess the skills necessary to rebrand your business, we advise consulting with a professional marketing firm before you introduce a new brand to your customers.

More Articles on Marketing

Given your interest in marketing and in debt collection services, you might find these additional resources to be of interest.

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Selling a Debt Collection Service


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