Collections and Accounts Receivable for Past Due Amounts
Total household debt in the United States has climbed to $17.3 trillion with $600 billion past due. Effective collections are more important than ever across numerous industries, including Banking and Lending, Insurance, Healthcare, Taxation, and products with a monthly billing cycle.
Typical collections team challenges include managing the cost of compliance to regulations, overcoming channel silos, and integrating outbound voice with SMS and email.
Acqueon significantly impacts key metrics that affect the ability to increase new logo sales. These KPIs are Lead Response Time*, aka Speed To Lead*, Lead Qualification Rate*, and Lead Conversion To Win Rate*.
Lead Response Time is a critical to sales and directly affects the conversions rates downstream. Historically, industry analysts have pointed to a ‘golden window*’ of opportunity from lead initiation to response time that dramatically increases both the success KPIs for Lead Qualification Rate and Lead Win Rate. That golden window was 5 minutes and led to a massive increase of KPIs, but we can do better, with an intgrated digital first plus voice approach to Lead Response Time.
Consider a scenario where a prospective customer initiates interest from your website. Immediately, a digital response is sent out confirming your interest with links to education regarding the product designed to further demonstrate the value of the product and an offer of a Scheduled Call Back*. The SCB will be set up after further qualifying questions via an additional text or email, so that Agent Labor is maximized by filtering out unqualified or NOT RPC* calls. The Lead Response time is less than 5 seconds, not 5 minutes or days, as was the case for many of our current customers. The SCB increases conversion rates. The education increases CSAT and conversion rates. Either choice will result in an automated next step and sequence of steps, all of which feed additional data back to systems of record and inform future steps for better results. These workflows are so easy to create that it is easy to iterate upon a sequence for A B, testing one sequence against another, further improving conversion rates. Additionally, each touch point can be designed to create interest in other products, which automatically can enter the prospect into a separate but parallel campaign.
What is Speed to Lead and How to Improve It
