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Expert: - 12/4/2008


Question
QUESTION: Michelle,

I am starting up a new collection agency, targeting consumer debt(retailers, medical, credit card, loans and lines of credit). We are going to be targeting some of our small to mid size local banks as well as area retailers and medical professionals.

Is there any advise that you can offer in respect to marketing toward these businesses. Any and all advise having to do with obtaining clients to get our company off the ground would be appreciated.

Thank you in advance for sharing your expertise.

Randy

ANSWER: Randy,

Right now with businesses everywhere looking for collection agencies, this should be an easy time for you to attract new clients.  Capitalize on the fact that there is such a demand for your services, and the fact that the economy is driving that demand. If businesses that you are approaching already use an agency, find out what you can about that agency and what they do for that business, see where you can be different or provide something the business needs that they are not getting from their current agency.

Good luck!
Michelle Dunn

---------- FOLLOW-UP ----------

QUESTION: As a collector of consumer debt, have you experienced certain business types that may be more receptive. We are focusing on Educational facilities, small local banks and credit unions. Do you have any other suggestions and based on your past experience what is the best approach to take with these types of companies in our sales pitch.

Answer
When I had my agency I collected mostly consumer debt, right now you should n have any problems getting clients. The problems are not getting clients, but actually collecting from people who are suffering during this recession.  
I would take the steps I outlined previously, which were to find out what you can about the agencies companies you want as clients are already using, what they do for that business, and see where you can be different or provide something they need but that they are not getting form their current agency.
This worked for me and many other agency owners I consult with.
Sincerely,
Michelle Dunn

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Michelle Dunn

Expertise

As one of the Top 5 Women in Collections, one of the Top 50 Collection Professionals, and winner of the Business Excellence award, I can answer any questions about debt, debt collection, improving business credit, creating a credit policy, enforcing a credit policy and collecting on past due accounts. I can also answer questions in regards to starting a debt collection agency since I have been a bill collector for over 24 years, started and ran my own collection agency for 8 years, and maintain my 12 year old Credit & Collections Association for members of the credit & debt collection industry. I am also the author of the popular and award winning book "Starting a Collection Agency, how to make money collecting money" now on it's 3rd edition. This book has won a the Writers Digest self published award as well as the New York Book Festival Award. I am a repeat contributor to the Wall Street Journal, and have been featured on NPR, CNN, as well as many other national radio and television programs. I have also been featured in national publications such as the Wall Street Journal, Forbes, Smart Money, MSNBC and much more. I have 17 published books to my name and am an accomplished speaker and consultant. I currently write 9 columns for newspapers, magazines and online portals worldwide.

Experience

I have over 24 years experience in debt collection, I started and ran my own collection agency for 8 years and I am the founder & owner of my Credit & Collections Association that I founded in 1998. www.credit-and-collections.com

Organizations
My Credit & Collections Association, I was also a member of the American Collectors Association and Plymouth Chamber of Commerce for 11 years. I am a member of many writing groups as well as my local Women Inspiring Women chapter. I am a member of Know More Media as an expert for their blog on business credit.

Publications
Business NH Magazine, Smart Money Magazine, MSNBC, CNN, Forbes.com, The Wall Street Journal, Home Business Magazine, Entrepreneur Magazine and website, many books, newspapers and television programs as well.

Education/Credentials
I have written 17 books in my collecting money series and one for Entrepreneur Press called the Ultimate Credit and Collections Handbook. My newest book is being published by John Wiley & Sons in May titled, The Guide to Getting Paid, how to weed out bad paying customers, collect on past due balances and avoid bad debt. This book is also being sold to many colleges as a text book.

Awards and Honors
My book Starting a Collection Agency, how to make money collecting money won an award from Writers Digest and the 2007 New York Book Festival in the "How to" category. I have won 2 awards from Dun & Bradstreet and Governor Jean Shaheen. I was nominated as one of the Top 5 Women in Collections twice as well as having been selected as one of Collection Advisor's Top 50 Collection Professionals by my peers.

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