Wow, It Is Amazing How Many People In The ARM Industry Have Disappeared. 3 Tips To Survive And Thrive

I was going thru an old list of conference attendees from 2017 and sending emails to people I thought might be interested in my services and a large percentage of the emails and URL’s were no longer good. Some have been merged with others and many are just out of business. The Industry has been hard on many that were no forward looking and ready to find new strategies that do work in this marketplace of low fees and high volumes. 

So in my opinion the industry is about to go through a strong period of growth for the few years for those that are ready to collect in new ways. So the first thing you should be focused on is a strong text and email strategy that is supported by you call center staff and all other processes. This program must be highly scrutinized and improved constantly to be the most effective. Technology especially cell phone technology is changing daily and you must be bale to adjust your non verbal strategies at a moments notice. Multi channel collections is a lifestyle you must embrace and live daily. 

Second you must have a great collection software program. Many of you are living with substandard systems because of many excuses you have been giving yourself for years and maybe decades. YES it sucks to change systems but you need a system that is built for todays marketplace and for the technology in the near future as well. Spend the time to evaluate options and make sure you are forward looking when you do so. Call me if you want my personal opinion. 

The last thing you must do to thrive in the new collections environment is to have the best staff and the cheapest costs and this requires you to move seats away from the USA. Nearshore is what I have suggesting for the last few years and specifically Jamaica. Collectors and all other staff are knowledgeable, use to American  and Canadian cultures and willing to work. The cost of that labor is what makes it even more inviting. 

Jamaican proverb of the day 

A faitful pramise mek fool glad.

TRANSLATION: A promise delights the heart of a fool.

MEANINGS AND EXPLANATIONS: Do not be fooled by big promises.