by Bill Yerkey
 
Managing and controlling all the elements and processes to achieve and maintain quality results for your company’s Investment Recovery effort is challenging to an IR manager. Keeping focused on the goals, objectives, and results is critical to your long-term success and is also an integral part of the marketing effort you put forth.
 

This high-end checklist can help serve as a reminder for some critical elements of the implementation and management of your Investment Recovery marketing activities. More detail of Investment Recovery marketing can be obtained in the Marketing section of the Certified Manager of Investment Recovery Manual, available through the Association office.

 
Create a Plan
Establish the value of a marketing effort and develop an overall annual and long-range plan with implementation steps.
 
Begin Close to Home
Internal marketing is recognized as a key part of Investment Recovery marketing. Identify key corporate management, internal customers, and clients to focus on to promote the value, benefits and results of Investment Recovery.
 
Identify Markets
External marketing is recognized as a key part of Investment Recovery. Clearly identify the target/niche markets, customers, and outlets that you need to reach to achieve annual plans and objectives.
 
Identify Marketing Methods
External advertising/communications plans and budgets should be in place to implement so as to achieve the objectives and goals for expanding your potential customer base(s).
 
Sharpen Your Tools
Communications and advertising plans and mechanisms should be developed and ready to use for each specific group within the company. Continual follow-up with old and new customers assures continued excellence in the service and products you are delivering on an ongoing basis.
 
Track Results
Quarterly, measure and evaluate results of your internal and external marketing efforts to ensure that the efforts and processes are achieving the required results. Refocus efforts that are not achieving the anticipated short-term results. Review annually the results in the maintenance and expansion of the customer base.
 
Share the Good News
Annual results of the value of your Investment Recovery efforts, including your marketing programs, should be communicated internally to key management in a formalized document. Comparing benchmarks with other companies in your industry can be a great way to track your progress against your investment management peers.
 
Reprinted from ASSET 2.0, the Investment Recovery Business Journal, Vol. 1, 2008

© The Investment Recovery Association