When going through the planning stages of starting a credit repair business, don’t make the mistake of thinking that marketing is a low priority. You may think that because 30% of Americans have a credit score of 650 or lower. And, finding customers will be like shooting fish in a barrel so you really don’t have to worry about getting clients. After 11 years of building a credit repair business, I’m here to tell you that credit repair marketing should be at the top of your list in your planning stages. But what should you be marketing? You should be marketing you!
The Competition
Here’s the reason why credit repair marketing is so important even though according to foxbusiness.com, there are 68 million consumers with a credit score of less than 601. There are a lot of companies, individuals, and large firms, competing for those customers. According to Bank.com there are 81,000 companies in the credit repair industry in this country. That doesn’t include the people that have fixed their own credit and are now doing it for family and friends.
Think About Your State
Because you can most likely only do business in your state because of credit repair law, let’s break this down. For a quick and rough calculation, let’s divide 81,000 by 50 and we come up with 1,650 companies in each state, more or less, in the credit repair business. There are very roughly 1,650 companies competing for 1.5 million customers (68 million divided by 50) in your state. That leaves us with 909 people per company.
People Can Live with Bad Credit
Another factor to consider is that many of those with bad credit are not motivated to fix their credit. If they were motivated, they would have fixed it by now. The fact is that people can live with bad credit all their life. It’s harder to live with a low credit score but you can still get a job. You can still find a place to live in. Buy here, pay here car lots exist for a reason. You can still live your life with a low credit score. The only time a low credit score will affect someone is when they go to use their credit. But many people have found a way to not have to use their credit and still get by.
Do I Have Your Attention?
I recognize that the breakdown of the numbers above is not accurate. I just wanted to make you realize that there is a limited number of people that will want your services even though there are many more that need them. And, that credit repair marketing should be at the top of your list in planning your credit repair business.
What Makes You Different?
Now that I have your attention let me give you something else to think about. Other than credit repair, what are you going to provide prospective customers that differentiate you from all these other credit repair companies? Credit repair, the removal of negative items from a credit report, is credit repair. What are you offering to a prospective client that is going to compel them to do business with you?
Credit Repair Marketing - Market You
You may have some services to offer to people other than credit repair, true. But in order for people to know about those services you have to get their attention. The #1 thing that can get their attention is you! Don’t create a website that tries to make you look like a big company. That’s a mistake. You should be all over your website with pictures and videos. Make it personal. People want to do business with someone they can see, trust, and that they like. People don’t trust what they can’t see. People don’t trust big companies that they don’t know anything about. So, don’t try to be something that you’re not. Be the local gal or guy that fixes credit.
Be Something Special - Be You
In addition to videos and pictures on your website, you should have a YouTube channel. And, you should be the one doing the videos. If you’re not comfortable in front of a camera, get past that and do it anyway. You don’t know how to film and edit video? Learn or find someone that does. If you don’t know how to build a YouTube channel, learn or find somebody that does. In other words, don’t make mountains out of molehills. Blow through these perceived barriers and find a way to get yourself out there. Do you know how awesome it is for people when they get to talk with the person that was in that video? It solidifies everything for them.
Make It Personal
If you’re going to do social media the same concept applies as with your website. Make it personal. Don’t try and be Lexington Law because you’re not Lexington Law. Be better than Lexington Law by being you. Be approachable, likable, and trustworthy. Do Facebook Lives on your business and personal page. Take pictures of you with your kids and/or your spouse. If you went to the beach last weekend put post some pictures of that. Be a human being that people can relate to.
Get Out in the Community
As I’m writing this we are in the midst of the Coronavirus. However, when it lifts get out there in your community. Join your Chamber of Commerce. Become a member of local real estate groups and business networking groups. You are the best piece of marketing material. People will refer business to you after they get to know you. This is also a great way to meet real estate agents, mortgage brokers, and bankers. I discuss this in detail in another article, Market a Credit Repair Business.
What Other Ways Can You Get Out There?
When I say get out there, I don’t necessarily mean only physically get out there. I mean get virtually out there as well. Get exposure to you. Expose you, your knowledge, your personality, and your sincerity. How can you do that? Sit on the couch with a blank note pad and start writing. There are lots of ways to do it. If you want to talk about that in detail with me visit Credit Repair Business Coach and book a time with me.
Credit repair marketing for someone that is just starting a credit repair business shouldn’t be about marketing credit repair. It’s about marketing the person that is doing the credit repair!
This article which was originally posted in 2020 is updated regularly and was last updated in July 2023.