Collector - October 2017 - 15
the Hive Mind
Why it can pay to work
with competitors instead
of against them.
By Anne Rosso May
ver the last decade, the competition for client
portfolios has increased tremendously, with
multiple agencies jockeying for a single client.
Everyone wants a piece of the pie, and everyone wants to be
Which is why the notion of swapping best practices
with another of your client's collection agencies-aka the
enemy-may initially seem unwise. But if you've ever
been to an industry conference, you understand the value
in having conversations with your peers about trends,
technology and techniques specific to your industry
and markets. Is it possible to apply that same spirit of
collaboration to agencies in your own backyard without
hurting your bottom line?
State Collection Service in Madison, Wis., competes with
a half-dozen or so agencies on a regular basis, but company
leaders say they've found tremendous value in breaking
down the barriers between them.
"I think competition is always great, but friendly
competition is even better," said Tim Haag, vice president of
support services for State Collection Service.