In my personal life, sometimes I feel like I am the last one to know about major life changing events that impact my family or friends. If it wasn’t for social media sites, how else would I have known that Jack and Jill are now separated and that Katie & Kyle just got engaged? Back before social media existed, you would need to actually pick up the phone and call someone to hear about a major “life event” like that. These days, personal information is painted all over social media sites and is more readily available than ever before.
Have you ever thought to yourself - Is too much information ever a bad thing? Is it better to ‘know’ or ‘not know’? Well, I’d have to say – that depends on what it is! But when it comes down to events that impact you or your business –it is better to be “in the know”.
In the business world, your customers are not going to pick up the phone to tell you they had a major “business event” change. So do you have the right safe guards in place that are going to tell you what major business events are occurring with your customers? Many businesses utilize services that provide customer updates or “triggers” from changing customer files. Triggers provide continual updates on both potentially damaging and positive commercial activity. Bankruptcy, Tax Lien, Judgment, Collections and Late Payment triggers are typical business event change triggers that could indicate your customer is headed down the path of no return. Taking proactive action on these types of “business event” triggers will significantly reduce your losses which impact your bottom line.
Just like social media sites provide you real time personal event information, triggers provide you with real time business event information. So the next time one you see a negative “business event” occurring with one of your customers, ask yourself “Was I the first or the last one to know?”