How the debt world can leverage the power of email

Here are a few digital communication ideas that can help manufacture that great customer experience:

  • Welcome email: Send a welcome email immediately when a customer takes up your product offering and guide your customer through the onboarding process
  • Operational or notification messages: Examples include payment reminder, payment confirmation, monthly statement, and then sending confirmations in response to your customer’s action, such as the payment transaction
  • Collections Series: Guides your customer through a process if they have missed a payment. It helps maintain the trust, keeps your customer loyal and ensures smooth and easy payment
  • Customer lifecycle journey communications: Makes your customer’s life easier by guiding them through the journey with your brand

The list is endless!

The power of email in creating the right customer experience in the ‘debt world’

CX is so important these days and it is very topical. Customers are operating in a digital world and so organizations need to communicate with them digitally as well and focus on creating the right CX and UX.

Debt can be seen as a stigma. No customer actually wants to fall into debt, some may have done this by mistake. They may be reluctant to engage with a call centre agent, as they feel embarrassed and could also become aggressive. So, it is vital that you make debt recovery a self-service process and real-time across the various digital channels, as this will not only help the customer but also result in better returns.

Getting this right relies on having the correct customer data on hand. Remember that no customer is the same, their circumstances are very different and so, the communications you send them, should align with their unique needs and circumstances.

Data helps make informed decisions and also to segment a customer database, for example enabling the good debt customers to be separated from the bad debt customers, when segmenting your email database.

Everyone knows that customer communication needs to be meaningful, measurable, and provide the right level of user and personal experience. The power of data pretty much rests in the marketer’s ability to personalize communication so it creates an engagement with an individual. In order to achieve this, we rely on data to help make informed decisions.

In my mind, email is the one channel that will outperform all others in accomplishing this. If you leverage data to compile a well-crafted message, and measure the results effectively, you will achieve an outstanding return on investment using email.

The value of Big Data

The value of Big Data is undeniable. It’s made up of large and complex data sets, collected from a variety of sources. It provides marketers with better predictability for buying behavior and ROI.

Big Data also plays a valuable role in Customer Lifecycle Management (CLM) and enables automated triggered communications – which allow brands to deliver customer communications that effectively engage customers at vital touchpoints throughout their journey. This helps manufacture those great customer experiences I discussed earlier.

The power of email in lowering costs and speeding up payment

Including payment functionality within an email helps speed up the payment process and reduces call center costs, as it can drive payment for both current and overdue accounts. And based on customer data you can also provide various payment options i.e. give certain customers the option to select a preferred payment plan.

There is also huge value in digitizing collection notices.

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