New Collection Methods by Edward Hall Gardner, published in 1922, provides a timeless and systematic treatment of the role of collections in marketing.
The book covers various aspects such as constructive credits, psychology of collections, procedures and systems for collection departments, and the principles of resale.
The author begins by highlighting the need for collection reform in the business world. He emphasizes that the change is not automatic and requires a successful collection policy to be implemented. Gardner discusses the importance of putting one's house in order and outlines methods for acquiring new business and increasing capital.
In the chapter on efficiency, the author delves into ways to increase the efficiency of the credit department. He discusses the division of energy between sales and collections, factors affecting credit department costs, and the function of the credit manager. Gardner also challenges the traditional methods of measuring credit department success, arguing that the percentage of loss is not the true test.
The book explores the place of collections in the marketing plan, emphasizing the goal of credit and the importance of viewing collections from the buyer's perspective. Gardner advocates for a unified merchandising plan and the co-ordination of departments to ensure a productive and efficient collection process. He addresses the challenges of handling increased volume and discusses the role of collections in direct-selling manufacturing.
In the final chapter, Gardner discusses the principle of resale and its significance in the collection process. He argues that collection is a form of resale and emphasizes the value of reawakening a state of mind in customers. The author challenges the notion that collections are a disease and presents a compelling case for viewing them as an essential part of the marketing strategy.
Overall, New Collection Methods provides valuable insights and practical advice for businesses looking to improve their collection processes and enhance their marketing strategies. Edward Hall Gardner's systematic approach and in-depth analysis make this book a valuable resource for professionals in the field of marketing and finance.
Date 1922
