“What can I do in order to make my firm more marketable to potential clients within the industry?” was a question that popped out on the Spring 2016 NARCA Conference Agenda, as NL VP of Client Services Kacey Rask was preparing to attend. This is a question she answers on a daily basis as she promotes the services provided by The National List.
Kacey contacted panel members Jay Bostwick of Razor Capital, Gress Hickman of Resurgent Capital Services, Scott Hoffman of Harvest Strategy Group and Wyatt Shaw of Investi-Net who graciously agreed to give NL advance access to the PowerPoint portion of their presentation so that we could share at least part of this important information with All of our member firms, whether or not you were able to attend NARCA and this session titled “Marketing Your Firm in Today’s ARM Environment, presented on Friday, May 6th.
We have purposefully singled out 4 tips in the presentation that we think will help give you the tools you need to convince all prospective clients that your firm stands out as a “best-in-class ‘partner to be’ and therefore a servicer that [they] will want to bring into their network.”
Tip #1 – Partnership: Convince prospects that working with your firm will constitute a partnership that is performance-driven, operationally sound and solutions-oriented.
Potential clients want to know:
- If you understand their expectations and objectives
- “Is there synergy here?”
- That you will develop sustainable, measurable and appropriate strategies suited to them
- That you understand the current collection environment and trends, along with their organization and industry
- That you can answer the question, “Where do I provide the most benefit?”
- That your firm has a culture of solutions based on ideas, talent and leadership
Tip # 2 – Know yourself and your “sweet spot.”
What separates you from others with similar offerings? Is it…..
- Pre-suit Collection lift from customer contact via letters and call programs
- Speed to suit and ability/technical expertise to determine most suit-worthy accounts
- Higher success rates due to extensive use and management of all service options
- Judgment percentages and expected executions
- The ability to provide data confirming current production on like services
Tip #3 – Maintain and demonstrate a Compliance Program with a “spill-over effect.”
Compliance can sometimes feel like a necessary evil, but if you think of it as a “sunk cost” then you will never fully reap the benefits of what clients think of the “spill-over effect.” Reviewing policies and procedures routinely can cause the best firms to think outside the box and continuously question how and why they are doing things the way they are, thus “spilling over” and impacting the rest of the business in a positive way.
- Be able to discuss how controls fit into your daily processes and monitoring. Don’t bury internal controls within your policy. Keep them organized as separate sections or line items that are easier to find.
- Promote continued process improvement. When clients make their assessment of your operation, they look for what you are doing that gives you an edge over your competition. When marketing your firm, share examples of successes where opportunities for improvement were identified.
- Communicate on a regular basis about your firm’s compliance advancements, and confirm that you both agree on how you are managing their expectations.
Tip # 4 – Continually evaluate your firm’s sustainability.
Ask yourself if you are in this for the long haul, and make the “Stock Decision”—Would you invest in you? In order to be able to answer “Yes!” consider:
- Client Mix and net profitability
- Forward flow of new business
- Level of difficulty to work with
- How important you are to each client
- Remaining strong players in the network
- How do you “really” compete with other in-state firms?
- How much inventory have you taken from your fellow firms, or are you the one being forced to hand over inventory?
- Are clients asking you to expand your footprint? Are you willing?
If you were at NARCA and were able to attend this session, we would love to have you help us “fill in the blanks” by reporting on the discussions and related examples that we were not privy to when this piece was written. Remember that your National List membership gives you and your firm marketing exposure and opportunities that you can easily take advantage of. For more information, check out our website or contact Kacey Rask at (800)227-1675 Ext. 104