Published on March 8, 2014
THE ONE QUESTION COLLECTORS WON’T ASK AND WHY IT WORKS Steve Hodgdon Modern Asset Management Steve@ModernAssetManagement.c om 415-596-2415
3/8/2014 WHAT HAPPENED 2014 - All Rights Reserved firstname.lastname@example.org Why Listen to This Webinar Become happier and more effective in your dealings with customers and in every day life. 2. Learn tools for successful collections and keep customers happy at the same time 1. 3. Take some stress out of your job 4. Collect more $$
3/8/2014 WHAT HAPPENED 2014 - All Rights Reserved email@example.com Why Listen at all? • To learn • To connect and relate to another • Because we have 2 ears and only 1 mouth • To get what we want • Because reading a joke is never as funny as hearing one
3/8/2014 WHAT HAPPENED 2014 - All Rights Reserved firstname.lastname@example.org Let’s make some MONEY!
WHAT HAPPENED 2014 - All Rights Reserved email@example.com 3/8/2014 What kind of Collector are You? Old School New School
3/8/2014 WHAT HAPPENED 2014 - All Rights Reserved firstname.lastname@example.org Attributes of a Great Collector • Brave, unafraid of • Good attention to conflict • Wants to WIN • Great communicator • Hard working • Strong sense of right and wrong • Great detective detail • Genuinely likes people • Knows a lie when she hears it • No nonsense • Takes themselves seriously
3/8/2014 WHAT HAPPENED 2014 - All Rights Reserved email@example.com Now The Secret Sauce! • Changes the game. • Changes your POV • Takes the customer off defense • Opens the door to solutions • Makes your job easier • 80% effective
3/8/2014 WHAT HAPPENED 2014 - All Rights Reserved firstname.lastname@example.org WHAT HAPPENED? • WHAT HAPPENED? ASK THIS LIKE YOU MEAN IT. • ALLOW THE CUSTOMER TO TELL YOU WHAT UNFORESEEN PROBLEM, WHATEVER REASON THEY HAD TO NOT PAY. TRULY HEAR THEM, WHETHER YOU BELIEVE THE EXCUSE OR NOT, WHETHER IT’S VALID TO YOU OR JUST A STALL. • “OH, SO YOU DIDN’T PAY BECAUSE THE CAR BROKE DOWN AND YOU COULDN’T GET TO WORK. IS THE CAR FIXED? REASON FOR NOT PAYING WAS)”. (OR WHATEVER THE • IF THEY TELL YOU WHAT HAPPENED, THEN THEY’RE HALF WAY TO PAYING.
3/8/2014 WHAT HAPPENED 2014 - All Rights Reserved email@example.com Ask Again – What Happened? • Take a moment to let the customer know you actually heard them. “Oh, that must be difficult” “That’s a lot to shoulder all at once” “It sounds like it was temporary, that’s good” • This ONE action separates you from all the other collectors landlords and utilities that they owe money. This isn’t their only bill. • We ALL owe somebody something. Don’t judge. Engage!
3/8/2014 WHAT HAPPENED 2014 - All Rights Reserved firstname.lastname@example.org Going from Us vs. Them to WE • Did we help you by lending you this money? What did you use it for? (overcomes the objection that the loan wasn’t of value to them) • Would you have paid this back on time if you could have? (who would say no?) • Do you think of yourself as an honest person? (A challenge for them to state their values)
3/8/2014 WHAT HAPPENED 2014 - All Rights Reserved email@example.com Going for the Close - Problem solve and Find a WIN/WIN solution • You promised to pay this when you borrowed the money. Do you remember that? • Do you have a solution? • How do you want to make this right? • Can we deposit your payment today? No? When will your check clear? • Why isn’t this important to you?
3/8/2014 WHAT HAPPENED 2014 - All Rights Reserved firstname.lastname@example.org Suggested Responses • The cat, dog, uncle died. • Oh, that must have been hard. But I don’t understand how that connects to your agreement to pay this back? • Straight Refusal • No? You won’t pay? Now hang on a minute! Didn’t you say…” (repeat back when they accepted responsibility) • No Money • That must be tough. You understood the terms when you borrowed the money, right? I want to help you avoid more interest. What CAN you do? • Next payday • What happened to this paycheck? Why will it be different in 2 weeks? How about an ACH for $xx.xx today and we will (offer incentive).
WHAT HAPPENED 2014 - All Rights Reserved email@example.com 3/8/2014 What works for you? • You are a professional bill collector. • You know what life issues your customers have. • What works? Share with your coworkers. • How quickly do you know there’s no hope? Move on to the next account. Take the next steps. • How do you keep good will and still generate revenue? • Oh, how to tell if you might be breaking a law? • The Giggle Test… • If you tell your buddy about your talk off and they giggle then maybe you went too far.
3/8/2014 Give What Happened a Try! WHAT HAPPENED 2014 - All Rights Reserved firstname.lastname@example.org • Try it! You might like it! • Engage. Listen. Relate. Be human. • Be a problem solver. • Enjoy your work. You’re stuck here for 8 hours. Have some fun! Set some personal goals. • Contact Steve@ModernAssetManagement.com or visit www.modernassetmanagement.com for more collection views and solutions for A/R improvement.
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