Times are changing, and with the emergence of the digital age, consumers are becoming increasingly independent. Consumers now expect a marriage between the freedom of self-service and the ease of agent-assistance, so it’s imperative that those in the ARM industry begin shifting their business model to a more consumer-centric approach to collections.
Here’s how collectors can begin making that shift:
Instill a ‘consumer first’ philosophy
In this industry, every second we spend on the phone with a consumer is either a dollar in our pockets, or a dollar lost. It can be difficult to separate the consumer at hand from the profit at stake, but the fact of the matter is there’s a real person with a unique situation behind every call. To make a shift to a consumer-centric model, your customer service needs to be at the forefront of your operations. Consumer first. Business second. In the long run, a positive consumer experience could potentially lead to more conversions and money.
View the agent-consumer experience as a partnership
Shifting your approach in collections from a ‘make as much money as possible’ mindset to a partnership model completely changes the nature and direction of every conversation you’ll have. Agents should view the matter that they’re collecting on as a problem to help the consumer solve. A consumer who feels that their agent is working for them rather than against them is more likely to pay their debts. Become a problem-solver by offering different options, be nimble, and put yourselves in the shoes of the consumer.
Be a listener, not a talker
Think about your everyday life. Would you rather interact with someone who actively listens to your concerns and thoughts or someone who shows no intention of engaging in a genuine conversation? We all want to feel like the person we are talking to understand us and consumers aren’t any different. Adopt the practice of mirroring: reflecting the consumer’s tone in order to create a genuine connection. This will help establish a level of trust, while also putting the consumer at ease.
Meet them where they want to be met
Consumers want you to meet them where they are. This can be seen all around us in our everyday lives. Movie and TV streaming platforms are now available via mobile apps at the touch of a button, boarding passes conveniently located in our Apple Wallets, and even online ordering at our favorite fast-food restaurants. Consumers want options and they want freedom. Almost every industry has adopted this consumer-centric approach to meet consumers where they are – and it’s time that the ARM industry join in on that change.
DirectDrop Voicemail is helping collectors make the jump to a consumer-centric model. In lieu of a potential disruptive phone call, DirectDrop Voicemail leaves a voice message without ever causing the phone to ring. This allows consumers to respond at their convenience – meeting them where they are.
Ready to make the shift to a consumer-centric approach with DirectDrop Voicemail? Let’s have a conversation.