The Power of Association

Lindsey Walters

In the ARM industry, we should all be aware of the power of association. When you talk to an outsider – maybe your spouse or friends – about your job, the term “debt collection” is almost always met with the same reaction (usually negative). Even though we know collections is not all about scams and bad practices it once was known for, that negative association is still tied to our industry from an outsider looking in.

Besides just negative feelings, your associations for your company can affect and impact business decisions with partners or clients as well. Affiliating your company, team or even brand with positive & strategic opportunities can make a world of a difference for your marketing plans.

From a marketing standpoint, your end goal should be to have your brand directly associated with your product or service in your customers’ minds, so that nothing else exists. What does that mean?

Think of when you have a runny nose – you want to grab a Kleenex®. Kleenex® is not a product or a service. Kleenex® is a brand that makes facial tissues. Even though there are plenty of facial tissue brands out there, calling a tissue a Kleenex® is a commonly used term and demonstrates Kleenex®’s brand positioning in their perspective market.

Another example is googling something. Yes, google is now a verb, and means to search for something on the Internet. There are plenty of online search engines, like Bing, yet we use a brand name (Google) because we directly associate their service offering with their company. Although ambitious, all the marketing strategies and affiliations you use should help you work up to having your product/service associated with your company like this.

When searching for opportunities to tie your company or brand to, you should keep true to what makes the most sense for your company and keep your goals for the year/quarter in consideration. If you specialize in compliance consulting, you should tie your brand to something positive and relevant to compliance specifically. Often times, I find companies associating their brand with certain events or companies because everyone else is doing it, and they fear of missing out on something. Typically, these sorts of affiliations result in lackluster marketing/sales profits.

When you evaluate events and sponsorships for the year, take a look at what strategically makes the most sense for your company, rather than making decisions solely based on price or fear of missing out on something that has proven to be less than stellar in the past.

Focusing on key initiatives for your company outside of yearly/quarterly strategies are great too. For instance, you want everyone to truly know that not only are you a collections giant, but that you have one of the best work environments. You should get involved with programs that highlight your company, employees, and overall work experience, like signing up for the Best Places to Work in Collections program for a chance to be seen by the industry. Whether you want to be seen for a new product offering, your thought-leading ideas, or your team, your company associations can greatly impact your brand and even revenue.

Are you looking for ways to tie your brand with an impactful topic in the industry? InsideARM’s editorial topic sponsorships might be the perfect association for your brand! Get exposure and affiliate your brand with a topic that is unique to you!