Working Aged Debt Leads – The Basics

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Aged debt leads can be a great marketing approach for mortgage and debt companies, particularly if they are managed correctly. Typically they work best in a telemarketing or call center environment, but if you are comfortable on the phone and have an aggressive sales attitude, will serve you well.

It can be a bit of a learning curve, but with a few basic tips and techniques it’s well worth the time spent in mastering this marketing opportunity. Whether you have old leads you’re working through again, or you received aged debt leads, these are some tips that will make the process much more productive.

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1.    Cold Calling. The first step to working aged leads is simply getting on the phone and starting a conversation. Use mortgage or debt CRM program is the best way to make this process efficient, and track the kind of response rate you are getting. With debt leads, the good news is, most people will be in more debt now than they were weeks to months ago when they first requested help.

You can use this to your advantage, particularly in the case of consumers that are having trouble making ends meet in this down turning economy.

2.    Pipeline Management. The second key is effectively managing your sales pipeline. Getting pipeline management right will help your entire organization better manage marketing, sales, and revenue goals. You may even consider hiring someone to help you manage your pipeline and processing of deals, freeing you up to land the next deal and ensure that the customer you have on the hook gets a smooth experience all the way to their final debt solution. Set up a prioritization system to help you work through the aged leads and keep track of new clients.

Work with your sales team to build a pipeline that will help you move quickly, and make follow ups easier.

3.    Lead Management. We touched on this briefly above, but you really can’t neglect managing your leads. Any business needs to be organized, but it is even more important for a debt management company to have their leads categorized, prioritized, and tracked. If you are relying on an old database to manage your leads, consider upgrading to a web-based debt CRM software package.

Assign specific team members to lead management to help them follow-up on and track the leads, and see which ones are most likely to result in a debt consolidation or management deal.

Aged debt leads open up many possibilities for companies of all sizes, but they are particularly useful for debt management companies. You’ll be able to quickly grow your business if you take the time and make the effort to go through your older leads.

Lead management is part of that success and does not have to be difficult, and the first step is getting everything organized and consistent with your sales process. The time that you spend collecting leads and managing them can be streamlined with effective sales pipeline management. Although this does require extra resources as well as time, in the long run, your lead ROI will bear improve.

Cold calling is just one way to reach out to your aged leads, but don’t forget about the power of email marketing either. This centerpiece of online marketing has never been stronger and the possibilities are endless when utilized correctly.

Turn this down market to your advantage by following these easy steps and you’ll end up recession proofing your business.

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