Get a Collections Strategy That Actually Works
February 5, 2021
A Successful Collections Strategy Must Have the Right Elements
Delinquencies are climbing while your team works hard to mitigate loss. But, customers won’t answer your calls and the future promises to bring further regulation on call volumes. Without an updated collections strategy and a change in the current collections model, teams will continue to be challenged with low response rates, inefficiencies and fewer dollars collected.
Alternatively, a robust collections strategy needs to do a lot. You have to get customers at the right time, in their right channel of choice, with the right message. And you also need to capitalize on that communication when it happens.
Our infographic breaks down exactly how you can align these strategy elements for success. Essentially, we show you how to deliver the right message with the right offer at the right time through the right channel.
The Right Customer
For a successful strategy that improves overall efficiency, organizations should analyze existing customer data to identify predictive attributes. An enhanced segmentation strategy makes it easy to target and contact the right customers.
The Right Message
Our lives are all busy—and that’s no different for your delinquent customers. Tailoring a message that does not get drowned out in the noise of your customers’ lives is key to increasing response rates. Organizations should evaluate existing communications and review scripts, emails and letters to provide enhanced communication content.
The Right Offer
Times are challenging and budgets are tight. Customers may be more receptive to prescribed treatments that account for their individual circumstances. Because of this, organizations looking to improve dollars collected should assess current treatment options and recommend an enhanced suite of treatments by segment.
The Right Channel
The industry is launching millions of calls a year and contacting only a tiny fraction of customers. There’s a good chance that Gen Z, Y and X generations make up more than half of your portfolio—and these customers will not answer your call. However, they will use your website and look at your text. In order to improve customer responsiveness, organizations should analyze current contact channels to design an outreach strategy by segment.
Bridgeforce assesses current digital strategies and recommends a near and long-term digital enhancement roadmap with an implementation plan. We prioritize enhancements based on our assessment of existing capabilities and include integration with current strategic initiatives.
Are you struggling to identify one of these crucial pieces in your collections roadmap? Bridgeforce’s process allows us to efficiently evaluate the right customer with the right message and right offer through the right channel within your organization. Our expertise and resources will help you create a digital collections strategy that improves your results within weeks.
Contact us to learn how you can implement digital collections platforms with day one strategies.
See our digital collections strategy in action in this case study.