Tags |
|
|
Links |
|
|
Other Added - Dealing With Emotions When Calling To Collect Your Money
Customer Lifetime Value (CLV) can get a little tricky, but I’ll try to make it simple. By now you’ve probably heard the term yet may not fully understand how to use it effectively, if at all. That’s because every “Tom, Dick and Mary Marketer” have done their best to make it more complicated than necessary.The hardest part of calculating CLV is figuring out exactly what your customers’ “lifetime” really is…. and the only accurate way to arrive at that number is by getting, storing and analyzing your customers’ data. Period. If you’ve been in busines
Realistically, nothing will 100% eliminate confrontation over these types of issues, but having your customers sign your Terms and Conditions of Sales documents gives you a strong legal leg to stand on if the lack of agreement goes as far as small claims court for yo
At a management seminar the other day, I was asked to define why EQ is important in a small business context. I defined a high Emotional Quotient as indicating ease in perceiving what others feel:Communicating effectively (two way). Listening actively (with attention). Speaking a shared language (and words). Making strangers welcome (across cultures).As I listened to myself, I was shocked how academic, superficial and false this sounds. A more practical approach is to note that communicati
Let’s examine three uncomfortable emotions, and give you some tips on how to collect your money with less stress.
Emotions:
* Dislike of calling, so constantly put it on the bottom
of the “to-do” list
* Dislike of confrontation over the money owed
* Fear of losing the customer
First, you must accept the fact that collections are a normal part of doing business. This will help you to remember that the call is a business transaction, not an emotional experience. Give yourself that mental distance, and cultivate that professional attitude.
Getting paid is the last part of your sales cycle, whether you are paid immediately, or thirty or sixty days later. Your customer is not “doing you a favor” (a commonly experienced feeling) by paying you, they are fulfilling their part of the business contract (written or not).
There is a special chapter in my book “Get Your Money EZ, A Business Owner’s Guide to Collecting Their Receivables” that deals with training your customers. Yes, you can train them to pay you on time! This automatically cuts down on the amount of collections you have to do.
Second, sometimes when you call, you will uncover PROBLEMS instead of payments! Maybe your customer never got the shipment, or it was the wrong item, or for any other reason it needs to be returned, so they have put off paying for it, but never called to let you know it needs to be returned.
It is better to take care of these customer service issues now, before the debt or item is really old, and you have been trying for months to collect your money.
The best way to avoid confrontations is to give your customers a clear statement of your policies in document form, such as a Terms and Conditions of Sales. You can specify exactly how and when returns are allowed.
Realistically, nothing will 100% eliminate confrontation over these types of issues, but having your customers sign your Terms and Conditions of Sales documents gives you a strong legal leg to stand on if the lack of agreement goes as far as small claims court for you
Automation is essential for expanding and accelerating service in many industries. But when individual care or attention is required, customers need contact with real people. When human energy flows and connects, good things (can) get done.Try this experiment:Call the main number of four companies and state, ‘I am calling with a question about your product’. Then ask a few basic questions and rate the quality of service you receive.Now call four different companies and ask for help again. But this time, make a ‘personal connection’ first.<
of the “to-do” list
* Dislike of confrontation over the money owed
* Fear of losing the customer
First, you must accept the fact that collections are a normal part of doing business. This will help you to remember that the call is a business transaction, not an emotional experience. Give yourself that mental distance, and cultivate that professional attitude.
Getting paid is the last part of your sales cycle, whether you are paid immediately, or thirty or sixty days later. Your customer is not “doing you a favor” (a commonly experienced feeling) by paying you, they are fulfilling their part of the business contract (written or not).
There is a special chapter in my book “Get Your Money EZ, A Business Owner’s Guide to Collecting Their Receivables” that deals with training your customers. Yes, you can train them to pay you on time! This automatically cuts down on the amount of collections you have to do.
Second, sometimes when you call, you will uncover PROBLEMS instead of payments! Maybe your customer never got the shipment, or it was the wrong item, or for any other reason it needs to be returned, so they have put off paying for it, but never called to let you know it needs to be returned.
It is better to take care of these customer service issues now, before the debt or item is really old, and you have been trying for months to collect your money.
The best way to avoid confrontations is to give your customers a clear statement of your policies in document form, such as a Terms and Conditions of Sales. You can specify exactly how and when returns are allowed.
Realistically, nothing will 100% eliminate confrontation over these types of issues, but having your customers sign your Terms and Conditions of Sales documents gives you a strong legal leg to stand on if the lack of agreement goes as far as small claims court for yo
First let’s clear up a common misconception of what a “Brand” really is. A brand is more than just your company’s name or logo. It’s more than just a particular type of product you offer such as Q-tips brand of cotton swabs. It’s more than just the look of the packaging of your product. In a nutshell your ”Brand” is the culmination of everything your prospect’s 5 senses can pick up on about you.It’s the image you present at all times. From the company’s logo and color scheme all the way to the manner in which your employees dress.It’s what y
There is a special chapter in my book “Get Your Money EZ, A Business Owner’s Guide to Collecting Their Receivables” that deals with training your customers. Yes, you can train them to pay you on time! This automatically cuts down on the amount of collections you have to do.
Second, sometimes when you call, you will uncover PROBLEMS instead of payments! Maybe your customer never got the shipment, or it was the wrong item, or for any other reason it needs to be returned, so they have put off paying for it, but never called to let you know it needs to be returned.
It is better to take care of these customer service issues now, before the debt or item is really old, and you have been trying for months to collect your money.
The best way to avoid confrontations is to give your customers a clear statement of your policies in document form, such as a Terms and Conditions of Sales. You can specify exactly how and when returns are allowed.
Realistically, nothing will 100% eliminate confrontation over these types of issues, but having your customers sign your Terms and Conditions of Sales documents gives you a strong legal leg to stand on if the lack of agreement goes as far as small claims court for yo
Hard pulling the trigger isn't it? Due diligence is done. Research from A to Z: complete. It's time to fire. Wait. Let's just check a few more things. There's only one chance to get it right.Drop the hammer and FIRE!Talk with a small business owner and he has a hard time, sometimes, putting a plan in action. He fears failure. He loathes loss. We all do. But business is about being bold and forthright. It's about knowing you have the right product at the right time. It's about decisive action.When you started the business, you were resolute
Second, sometimes when you call, you will uncover PROBLEMS instead of payments! Maybe your customer never got the shipment, or it was the wrong item, or for any other reason it needs to be returned, so they have put off paying for it, but never called to let you know it needs to be returned.
It is better to take care of these customer service issues now, before the debt or item is really old, and you have been trying for months to collect your money.
The best way to avoid confrontations is to give your customers a clear statement of your policies in document form, such as a Terms and Conditions of Sales. You can specify exactly how and when returns are allowed.
Realistically, nothing will 100% eliminate confrontation over these types of issues, but having your customers sign your Terms and Conditions of Sales documents gives you a strong legal leg to stand on if the lack of agreement goes as far as small claims court for yo
We all have weaknesses. Whatever our roles.In management positions, one of the bigger challenges is to recognise our own shortcomings and alter our own behaviours. Sometimes this can be very challenging.Often a hint is that there are areas of your work where you feel like you really struggle, or are things you avoid. Or are things that you don't enjoy doing. So you do other things that you do like and leave gaps. Spaces in your attention that are important, but get missed.You are not alone, your gaps are natural, because no-one is perfect,
Realistically, nothing will 100% eliminate confrontation over these types of issues, but having your customers sign your Terms and Conditions of Sales documents gives you a strong legal leg to stand on if the lack of agreement goes as far as small claims court for you to get your money.
There is a chapter in my book “Get Your Money EZ, A Business Owner’s Guide to Collecting Their Receivables” that outlines setting up policy and procedures.
Do you have a Terms and Conditions of Sales document as part of your credit policy? You need one! A sample TOC is included in the book, which you can use as a base to customize your own policies.
This is not a dry complicated accounting manual. It is easy to read and easy to do, written to help you get results.
Third, there can be a huge fear in the mind of a business owner that if you call to collect, you risk a chance of losing that customer’s future business. You have probably invested some time and money into getting that customer, and have an established “sales relationship”. Now they have to see you as a “bill collector” too. Many business owners have their bookkeeper or other designated people make the collection calls, to side-step this issue. But if you don’t have a person to do that, then it is up to you to make the collection calls.
To put your mind at ease about this, professional collectors (referenced in my book) have said that the exact opposite is true!
To allow the customer to continue to owe you is to actually DRIVE THE CUSTOMER TO YOUR COMPETITION! To collect from them on time is the best customer service, and will ensure them to remain your customer.
There is a lot more information for you in the book, “Get Your Money EZ, A Business Owner’s Guide to Collecting Their Receivables”, such as steps to collection, the four steps to a collection call, and taking checks by phone.
If you are interested, there is a f.r.e.e 3 part Mini-Course “Get Your $ EZ”, available to sign up for at the web site: http://www.goldenwestpublishing.com.
The book “Get Your Money EZ, A Business Owner’s Guide to Collecting Their Receivables” is available at the web site as a PDF file
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.otheradded.com/article/42883/otheradded-Dealing-With-Emotions-When-Calling-To-Collect-Your-Money.html">Dealing With Emotions When Calling To Collect Your Money</a>
BB link (for phorums):
[url=http://www.otheradded.com/article/42883/otheradded-Dealing-With-Emotions-When-Calling-To-Collect-Your-Money.html]Dealing With Emotions When Calling To Collect Your Money[/url]
Related Articles:
Small Ads Produce Dynamic Results 4 Steps to Exploding Your Market With Small Ads
Presentation Titles That Fill the Room
Stage Glass, This Has Nothing to do With the Theatre
Bookmark it:
|