The Artful Science of Collections Marketing

Collections is the meld of SCIENCE and ART. Instead of initiating an impulse to buy you are helping consumers navigate the maze of choice and make a payment to your firm versus a competitor.

At the very least you work to initiate ongoing customer engagement. It’s harder to ignore someone you have a relationship with. Every effort should be made to navigate and overcome customers psychological filters to engage. The four “P”s of marketing (Pricing, Promotion, Product and Place) should be embraced in the collections process to tease out better results.

The SCIENCE of collections is rank ordering willingness and ability to pay probabilities to better steer financial and human capital. The ART of collections is understanding human behavior and aligning offers, messaging and timing to pay versus competing interests. Financial institutions often spend small fortunes investing in analytics, advertising and branding originating customers but extend little of the same discipline collecting on them.

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