We know that all companies, especially large established corporations, are clamoring for a larger share of the same customer population. Take wireless carriers: 91% of Americans have a cell phone and over half of them have a smartphone. Think that market is growing from an overall customer base standpoint? If so, it’s not by much.
We also know that all customers are not good customers, meaning they don’t pay their bill on time. There are also those customers who post their grievances online about your company or service wanting ‘more for less’ when you’ve done all you can about explaining and educating about the limits of service or product they’ve purchased. More on that later but for now, let’s think about all those late payers. Should we cut them off and say bye-bye? Since they are late, some really late, it costs your organization more money to deal with these customers due to the collection efforts, right?
Not necessarily. The problem goes back to the limited supply of customers. Even bad ones add significant revenue and profit to a company provided they are managed effectively and given a great customer experience. YES – a great customer experience – even for the bad customers. Late-paying customers already have many reasons why they have not paid their bill. If we cut them off or become overly aggressive, it’s most likely going to be remembered as a bad customer experience. Why give them another reason not to pay?
The magic in getting better returns from your late-paying customer is a blended strategy of live agents and cross-channel automated communications. Think of it this way: Inform, Remind, Engage, Repeat.
Blending these two strategies gives organizations extremely cost-effective customer communication across multiple channels (voice, email, SMS, Mobile Apps) plus adds the psychological element of having one human being talk to another human being about sensitive items. Take this one step further by being able to decipher customer preferences in channel, time of day, home or mobile as best contact probability, language, etc., and you’ve got incredible tools available for when the most expensive interaction needs to take place…the Agent-to-Customer interaction.
So don’t just write-off your troublesome customers – use an orchestrated channel strategy to engage them and you’ll reap the benefits in the long term.