What Is Your Future

One of the greatest challenges facing many people today is keeping their job.  With the economic downturn and financial stress reaching breaking point, many more companies are making redundancies and cutting back on spending.

As a Credit Professional do you:

·        Look for another job in Credit

·        Re-train for something totally different

·        Set up your own business

Many Credit Managers known to me have opted for setting up as Credit Management Consultants, Debt Collectors or Presenters of Credit Training Courses.

If you are looking to run a small business, here are some tips:

CREATE A MARKETING STRATEGY

A marketing strategy doesn’t have to be complex.  In many cases the simplest prove best. 

Think about:

·        How you will attract potential clients/customers to engage with you. 

·        How you will reach the marketplace

·        What form of communication vehicle will get the best results

You are likely to have a small marketing budget.  This means every communication vehicle chosen as part of your marketing strategy must be very cost effective.  Ideally every £1 spent returning £10 plus in actual income.

I have found from experience that print advertising, massed mailing and telemarketing are not the most cost effective, feasible choices. 

Online marketing now seems to offer the most effective media available for promoting a small business, however even in this area you need to be wary of methods needing high investment for little return.  For example, mass email campaigns, particularly broad based spam approaches, offer limited return unless targeted to highly qualified lists. 

Websites can attract work, but statistics show that visitors generally spend few seconds on any page as they click around a site.  They have to be drawn and motivated to go deeper for more information on specific topics which result in business.

If you are going to use online methods then ask yourself: 

·        Who wants to hear, see my message

·        How can I interest them and turn them into prospects

·        How can I convert them into clients/customers

In the last month or so I have worked on a very personal approach to clients who have already used our services.  Personal e-mails and follow up telephone calls.  This has been very well received and has resulted in bookings for training.  Others, unable to confirm because their companies are currently making redundancies and therefore have restrictions on spending, have been able to talk, seek advice and in many cases pledge future commitment to our services.

DEVELOP THE RIGHT MARKETING MESSAGES

To grab the attention of potential clients/customers, you need clear, compelling marketing messages. 

You need to work out who your prospects are and what your services need to fulfil for them!  From this consider writing a description of necessary messages by answering these questions, all of which deal with the needs of potential clients/customers:

·        What need can I fulfil for my prospects

·        Why should a prospect use my services rather than a competitors

·        What benefits will they gain from using my services

·        What will spur a prospect to take action and use my services

When writing a description of what you have to offer, leave out any unnecessary details and bear in mind that clients/customers buy for their own reasons, not yours!

MAKE SURE YOU DELIVER

Don’t offer or accept business you are unable to deliver.  The best feedback you can get is a new client/customer who has been recommended by an existing client/customer.

For example, during these hard times with training budgets slashed and fewer people booking on external courses, rather than cancel courses I have gone into companies and presented one on one, one on two and one on three.

With delegates booking from different companies, I have managed to get one to host the training at their company and changed the venue for the others, treating all to lunch at a local restaurant.

Going the extra mile is great customer service and clients/customers certainly appreciate it and strongly recommend your services.

Whatever you decide to do, should you be made redundant, please contact the Association of Credit Professionals; we will help you however we can.

If we can’t, we will put you in touch with others who may be able to do so. 

All the very best 

Steve Savva

ACP Chairman

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