What is the cost versus the value of being in a CMA Industry Credit Group? What comes bundled in the cost of your CMA Industry Credit Group dues each month? For a moment, let’s pretend that CMA unbundled those items and that you had to pay for each of those benefits separately.
Many service providers, including CMA, have weighed the advantages of an unbundled price structure versus a bundled one; to charge for each item or service as opposed to a monthly fee. Below is an imaginary pricelist (if you had to buy each of the items separately) and an approximate cost for a typical month in most groups to see what that $119 a month (or lower) really gets you.
INDUSTRY GROUP STATEMENT FOR COMPANY XYZ FOR July, 2019
- Received 10 RFIs in month @ $22.50 (cost of average Experian or Dun & Bradstreet, most groups use double that amount)
- 12 NSF check notifications @ $5 each
- 4 placed for collection notices @$50 each
- 1 change of owner announcement -NO CHARGE
- 1 Chapter 7 bankruptcy alerts @ $500
- 2 “business is closed” alerts @ $250 each
- 1 mechanic’s lien filed @ $300
- 4 clearances at group meeting @ $5 each
- Educated by group member on various topics-PRICELESS
- Informed of new A/P contact at customer’s or owner’s cell phone #- NO CHARGE
This adds up to $1,805 for one month, considerably higher than the monthly bundled price now charged to most groups. This does not even include a Past Due list or Meeting Review reports, which as you know you is also a part of your Group membership.
While we don’t plan on “unbundling” your membership dues, it does make you realize how cost effective participation in a group is. The more RFIs submitted and alerts posted by your company, the Return on Investment becomes even greater.
Make sure you set aside time to attend the meetings and submit your reports. Be amongst the many CMA Group members who feel the hour (or 2) they spend a month with their Industry Credit Group is the most valuable credit tool at their disposal.
For those who are not in an Industry Credit Group, we encourage you to contact your CMA representative and sit in as a guest at an upcoming meeting to truly realize how valuable they are.
– Larry Convoy