Collections agencies across the nation have a difficult challenge: convincing debtors to pay their debts. In some cases, the debtor may not be aware of the debt and want to resolve the issue right away. A few others might outright refuse to pay an old bill.
But, many other debtors fall into a third category, the undecided. These debtors, when called, may simply not have the means to pay at that moment, or they may be just trying to let down a debt collection caller easy. The difference is that making another call with one type of noncommittal debtor can result in a successful collection, while another call with the other type results in nothing but wasted time for your phone agents.
Why Repeat Calls Can Be Wasteful for Collections Call Centers
Collections-oriented call centers face a different challenge from customer support centers. Rather than trying to keep existing customers happy and resolve a question or account issue, these call centers have to turn a stranger into a customer.
Many first calls with potential payers end in a noncommittal response along the lines of “maybe later.” When this happens, it’s left up to your individual phone agents to judge whether or not a repeat sales call would be worth the time and effort.
While your top phone agents might have a fairly good ability to make this judgment on their own, what about the rest of your phone agents? It can take a person months or years to build up the interpersonal and analytical skills needed to make this assessment with any sort of reliability, and that’s something newer phone agents don’t have.
Because of this simple fact, phone agents may wind up spending hours of their time every day making repeat calls to prospects who will never commit to a pay agreement. This wastes the phone agent’s time and only serves to annoy and further alienate the prospect.
If your phone agents spend 2 hours of every 8 hours they work on repeat calls with bad prospects, that’s 25% of your company’s labor for that worker being wasted. How much does 25% of your payroll cost your company?
There has to be a better way, one that helps you minimize time spent on collections calls that will go nowhere.
Reducing Time Wasted on Repeat Calls in Sales-Oriented Call Centers
One of the most effective ways to prevent your phone agents from wasting time on repeat debtor calls is to establish a reliable way to sort all of the “maybe later” calls by their likelihood of saying “YES” if they were to be called again.
If you could rank each of these ambiguous calls from very likely to say “YES” to unlikely to say “YES” in order of probability, you could save an enormous amount of time on calls that would go nowhere and build up your company’s sales rate.
This is where predictive voice analytics can help a sales contact center.
For example, RankMiner’s Customer Insight program can analyze a prospect’s speech patterns on a call and create an objective analysis of their emotional behavior and tone. This analysis is then used by the program to establish how likely a customer is to say “YES” on a future call.
By doing this automatically for all of your sales calls, the program can provide you a ranked list of who’s likely to say “YES,” with a little more effort, and which customers are a hard “NO.” This allows you to focus phone agent efforts on the calls that will actually produce tangible results for your contact center, and reduce time and resources wasted on dead-end calls.
With just a little predictive voice analytics, your contact center can go a long way towards milking more out of your books of business.