Standing out in a crowd of similar businesses is no easy feat, especially as every other credit repair company claims to be number one. The key to getting ahead is to go from just advertising your business as the best to truly and effectively differentiating yourself within the market.
Follow these steps to get your credit repair business closer to reaching the right people, at the right time, with the right message.
Be an Expert
A great business needs a great leader. Instead of throwing together a DIY approach that has the potential to leave many gaps in your knowledge base, seek out verified credit repair training and gain insight, confidence, and specialized knowledge to succeed.
Becoming a credit repair specialist will give you a title that is essential for differentiation. Pursue more education through resources like the American Credit Repair Academy’s credit repair certification program to add a standout credential to your resume and business cards.
Focus on being an expert in the services you offer and in communicating with your customers. Begin with friends and family whom you trust to give you direct feedback. Then make a business page on Facebook and ask everyone to check-in and review when they seek out your services.
Facebook business check-ins are great free local advertising and a way to generate free leads. Showcase your expertise to your current clients and their communities to help your business stand out from the crowd.
Customer Segmentation
One of the most useful ways a small business can become a force in the local market is to microsegment marketing efforts.
Segment your audience by defining smaller, fine-tuned customer groups that you notice based on any of the following criteria:
- Age
- Marital status
- Location
- Education
Look at these specific groups to discover valuable information about the characteristics of your business’s most valuable visitors. Create email marketing campaigns for each segment that focus on their needs. For example, offer clients ages 18-25 tips on budgeting and improving credit so they have an easier time applying for their first apartments and are better at managing loan repayment. They will know you understand their personal circumstances and are more likely to send you an email asking for help.
Successfully drive up your customer engagement with a marketing plan that speaks directly to clients’ lifestyle and needs.
Learn about Credit Scores and Trends in Your Area
Did you know Minnesota residents have the highest average credit scores in the country? Or that Mississippi residents have the lowest average score?
As a new credit repair business, keeping tabs on your market will help you make decisions about what services your customers need and when. Look at the local data to observe information that will directly affect your community.
Here are some ways that you can learn about credit repair trends in your area:
- Visit your local Small Business Development Center (SBDC) for free initial market research
- Use US Census Bureau tools to find pertinent statistics about local income, household types, home tenure
- Consult FICO to see local and regional credit score trends
If you have clients who are looking to buy a home, you can inform them about the average credit score trends in their locality which will affect their ability to be competitive buyers or qualify for loans.
Offering guidance is a large part of what can set you apart from your competition. Your clients need to know you have verified knowledge about credit and that you have additional expertise that will help you provide for their unique lifestyles and financial situations.
Educate Your Community on Credit
Working directly with clients is just one part of your gig. You are an expert on credit and have plenty of day-to-day financial advice that can benefit most people in your community. Offer advice and consulting services for specific demographics, like younger people looking to get their first credit card.
Your business can stand out from other local credit repair businesses by offering advice and credit consultations through non-traditional methods. Consider any of the following ways to expand your client base and differentiate your business:
- Reach out to the local paper and offer to write a monthly credit advice column
- Offer free credit repair consultations at a local library
- Be a guest speaker at a local community college finances class
- Write a blog that focuses on local financial issues and tag local businesses
Get yourself out there! Soon enough you won’t be just another credit repair company, but people will be excited to work because you are the subject matter expert.
Learn more about running a successful credit repair business now!
