5 Early Warning Signs of Bad Debt Lead Follow-up

April 28, 2010

Graffiti: Debt

Image by Franco Folini via Flickr

Bad debt leads are a fast growing segment especially in this grim economic scenario. There are plenty of debt leads out there waiting for a call from you, hoping to set their accounts right and improving their lot.

However, at times it is possible that you have plenty of debt leads but are unable to get any business. The reasons may range from poor management style to having incorrect debt lead information.

Check Available Leads!

Here are the 5 early warning signs of debt lead follow up that you should be aware of when in the business of debt lead sales:

1. Lack of prompt follow ups – Your sales team should immediately get in touch with the debt lead when they receive information. If this does not happen, it translates to lost business as the debt lead will be snapped up by the quickest competitor. If your sales team lags in contacting through emails or phone, your debt lead sales will slip.

2. Sales report – This is a very good indicator that something is really wrong. Sales reports usually contain information on the quantity and quality of work done. If your sales person is turning in reports which state that all is in the positive and that all debt leads have been taken care of, you need to be alarmed. Run your CRM system, get out reports of other sales persons and check for inconsistencies. Some months may be genuinely good and others really bad. If you do not have a CRM system in place, you can track by randomly checking on the sales person’s performance reports in the previous months. This should give you the picture.

3. Lack of streamlined sales systems and process – Most of you would love to get all your business from internet debt leads. But if your house is not in order – you do not have rules, checks and procedures in place to monitor your sales team; it will become difficult for you to know which debt lead actually translated into business for you. The idea is not to go on purchasing debt leads. You have to convert them into sales too. Get a disciplined process so that you get the most out of each debt lead.

4. Ignoring the economic scenario – Economic trends are an indicator of the amount of business you can garner. For someone in sales selling financial solutions, a bad economy is a good time to purchase internet leads. This is because more persons have most likely faced financial crisis and need debt management.

5. Hiring policy and inadequate sales persons training – Debt lead sales force should be trained to spot a prospective debt lead and close sales. If they fail most times and come up with excuses, you either need to change your hiring policy and get in persons with more experience or you need to train your sales team to be more responsive, aggressive and most of all have plenty of common sense. This is because most debt leads need solutions from you but at the same time are dodging collection agents. Your sales team needs to be clever enough to know how to contact the lead and turn the situation to their advantage.

Check Available Leads!

If your debt lead management system has any or all of these signs, it is time to take stock of your business and get it back in control.

About Troy Wilson