Within the next 3 years, the ARM industry is forecasted to grow by 26%. While this significant increase in industry-wide growth likely means more business, it also means more competition. With 4,100 debt collection agencies in the U.S. already, it can be difficult to figure out how to stay prevalent in the market. To get your business ahead of the growth curve, here are 3 simple ways to increase scalability in third-party collections.
Focus on agent development
Your agents are your biggest asset. The amount of consumers they reach every day directly correlates to the amount of money brought into the business. By investing in the development of your agents, you’re investing in the longevity and profitability of your business. Think of it this way – an agent will only go as far as their learning curve takes them. So if they only know 1/8th of what your most well-rounded agent does, they’ll only be reaching 1/8th of the consumers, and converting on 1/8th of their calls. Purposeful training will not only expand their skills and mindset, but make them even more of an asset to your business.
Improve call quality
Call quality is the heart of every call center and collection agency’s business. Good call quality indicates a healthy and booming business. The lower your call quality, the less business you have. The less business you have, the less market share you own. To improve your call quality, be sure that each of your agents is properly trained, is aware of best practices, and is prepared for each and every call.
Technology is here to make our lives easier. In the ARM industry, utilizing the latest innovations is vital to staying both compliant and on top of changing consumer behaviors. With so many adults being wireless-only users, it’s important that collectors use technology that will allow them to meet their consumers where they currently are. DirectDrop Voicemail technology allows collectors to leave a voicemail message on the consumer’s mobile phone without the phone ever ringing. Not only does this meet consumers where they want to be met, but it allows agents to spend more time taking inbound calls from consumers ready to pay their debts than making outbound calls that may not ever convert.
With these three plans of attack in your back pocket, coupled with the power of DirectDrop Voicemail technology, your business will be able to instantly reach your client’s customers with consideration and scalability.
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