Effective Collections Communications

Transcription

1 Effective Collections Communications If I told you your company can decrease your overall AR aging, your revenue margins, and you can do this with your current technology and staff, interested? This is a step by step overview of how our AR team increased our 4 TH quarter annual renewal percentage by 4.85%, decreased our aging buckets by 28.57% within 3 months any additional costs, new AR software or technology, while decreasing staff... increase would you be without and did so We were able to accomplish this with: a very thorough strategic plan, effective and rep call messaging, and actionable data This allowed us to quickly modify and revise our collection campaigns based on results. The Accounts Receivable and Order-to-Cash Expo Conference is produced by:

2 Let`s start! 1 Company Biography Strategic Plan Development 2 3 Effective Message Development

3 Developing Subject Lines 4 5 Measuring Campaign Results Sample of Strategic Communications Plan 6

4 Personal Biography Degree in Culinary Arts Elected official in Town of Plainville for 10 years, Serving my third term as a constable Skip-Tracers National Certification Program Owned a political consulting business and assisted over 30 candidates seek and obtain elected office Foley 3 years, as a representative, team leader, and supervisor Accounts Receivable ARM certification Best Minds in A/R 2015 Ranked 12 TH (over 200 participants) And I have a 14 year old daughter

5 Company Biography

6 Company Biography Foley Carrier Services A company in motion driving your business forward Founded in ,000 companies 139,000 active clients and their employees nationwide

7 Company Biography Manages over 113,000 pre-employment, random selected drug and alcohol tests Generates over 85,000 invoices a year totaling $19.6 million Located within the Colt Armory 140 Huyshope Avenue, 2 ND Floor, Hartford, CT 06106

8 Strategic Plan Development

9 Strategic Planning For any communication plan to be successful you must have a strategic plan in place for that particular campaign communication Outbound caller project

10 What is Needed for a Strategic Plan Any good strategic plan starts with data Compile a set list of date points Narrow it down for specific campaign Client account name, number, and contact information

11 What is Needed for a Strategic Plan Customer No Customer Name Corp Number Contact Address 1 - City State Zip Rep Phone Address Last Payment Dt Last Payment Amt Last Collection Note Last Action Assigned To Customer Balance Current 0 To To To To To Doc Type Doc Number Doc Date Item Number Item Description

12 What We Avoid with Strategic Planning Trying to accomplish too much Spreading resources too thin

13 Effective Message Development

14 Effective Message Development Decide on a specific communications plan Develop a specific messaging campaign Design your message The goal is a quick response from your client

15 5 Client Questions 1. Who is contacting me? 2. What is this person contacting me about? 3. Why is this important? 4. How do I rectify this issue? 5. When does this need my attention?

16 Call to Action Voice Message Example 1. Who is contacting me? 2. What is this person contacting me about? 3. Why is this important? 4. How do I rectify this issue? 5. When does this need my attention? Hello, this is Jason with Foley Carrier Services. I am obligated to inform you that your mandated DOT safety compliance program is currently under review for termination. Should your account be terminated, you may be out of compliance with the DOT and subject to penalties and fines. It is critical that I hear from you as soon as possible to resolve this issue. I can be reached at. Thank you for your time and promptness regarding this matter.

17 Developing Subject Lines

18 Developing Subject Lines The goal of any subject line To initiate a client to open an Continue to the message of the

19 Effective Subject Lines Examples Action Required Concerning Your DOT Compliance Program Pending: Out of DOT Compliance Warning Final Notice Regarding Your Compliance Program Pending Termination: DOT Compliance Account Final Notice: Pending Termination Non-Compliance Warning Pending: Collections Notification

20 Call to Action Example Subject: DOT Safety Compliance Program This is a reminder notifying you that we need to hear from you regarding your 2. What is this person contacting me about? 3. Why is this important? 4. How do I rectify this issue? 5. When does this need my attention? 1. Who is contacting me? mandated DOT Safety Compliance Program under Code of Federal Regulations Title 49 Part 40. Should we not hear from you, your account could become out of compliance with the DOT. Please promptly contact us by CALLING US TODAY Representatives are available Monday through Friday 8:30 5:00 (Eastern Standard Time). Keeping you in compliance is our #1 concern. Foley Carrier Services

21 Measuring Campaign Results

22 Measuring Campaign Results Measuring campaign results - using data to measure open rates, body messaging, call activity and collections Rep based data data on phone calls, call to payment ratios etc.. call scripts

23 Measuring Campaign Results Process based data - data on ing responses, open ratios, forward ratios body messaging, subject lines etc. Name Total Sends Total Delivered Total Hard Bounce backs Hard Bounce back Rate Total Soft Bounce backs Soft Bounce back Rate Total Bounce backs Bounce back Rate Total Opens Open Rate Total Click throughs Click through Rate Existing Visitor Click throughs New Visitor Click throughs Click To Open Rate Possible Forwards Possible Forward Rate Possible Forwarders Total Unsubscrib es Unsubscrib e Rate Total Form Submissio ns from Form Conversion Rate from Unique Opens Unique Click throughs 90 Day Reminder % % % % % % % % % Day Reminder % % % % % % % % % Total % % % % % % % % %

24 Sample of Strategic Communications Plans

25 Strategic Communications Plan Example Subject: Action Required: Pending DOT Safety Compliance Program We have made several attempts to contact you regarding your mandated DOT Safety Compliance Program under Code of Federal Regulations Title 49 Part 40 which is under review for termination. Should this occur, you could be out of compliance and subject to fines, out-of-service orders and compliance reviews. Plus, violations are publicized in the CSA system, leading to increased insurance rates and enforcement activity. Wednesday 12/ :00 5: ct (7 day period) data capture (12/16) Please contact us immediately to avoid any service interruptions or reactivation fees. Please promptly contact us by CALLING US TODAY Representatives are available Monday through Friday 8:30 5:00 (Eastern Standard Time). Keeping you in compliance is our #1 concern. Foley Carrier Services

26 Communication Stats 872 Accounts Communications Data 87.61% or 764 s sent that were opened (send to open %) 26.70% or 204 clients who opened s and called (click to call %) 16.33% or 33 clients who opened s, called and made payments, totaling $5, pay %) 1.43% or 11 clients who opened s and made payments total $1, without calling pay %) (call to (click to

27 Communication Stats 872 Accounts Collections Data Collection Stats - Invoice total Amount - $39, Total 13.14% collected with clients calling in / 33 payments totaling $5, Total 2.73 collected without clients calling in / 11 payments totaling $1, Total 12.73% returned on outstanding balance with 44 credit memos totaling $5, Total 28.6% collected/returned

28 Strategic Communications Plan Example Subject: Action Required: Pending DOT Safety Compliance Program This is a reminder notifying you that action is required regarding your mandated DOT Safety Compliance Program under Code of Federal Regulations Title 49 Part 40. Should no action be taken, you may be out of compliance with the DOT and subject to fines, out-of-service orders and compliance reviews. It is critical that we hear from you as soon as possible to resolve this issue. Please promptly contact us by CALLING US TODAY Representatives are available Monday through Friday 8:30 5:00 (Eastern Standard Time). Thursday 12/ :00 5: ct (7 day period) data capture (12/16) Keeping you in compliance is our #1 concern. Carrier Services Foley

29 Communication Stats 872 Accounts Communications Data 73.50% or 641 s sent that were opened (send to open %) 21.37% or 137 clients who opened s and called (click to call %) 45.98% or 63 clients who opened s, called and made payments, totaling $8, pay %) 4.52% or 29 clients who opened s and made payments total $4, without calling pay %) (call to (click to

30 Communication Stats 872 Accounts Collections Data Collection Stats Invoice Total Amount - $126, Total 7.04% collected with clients calling in / 63 payments totaling $8, Total 3.29% collected without clients calling in / 29 payments totaling $4, Total 4.46% returned on outstanding balance with 31 credit memos totaling $5, Total 14.79% collected/returned

31 Voice Message Communications Plan Hello this is with Foley Carrier Services. I am obligated to inform you that your mandated DOT safety compliance program is currently under review for termination. Should your account be terminated, you may be out of compliance with the DOT and subject to penalties and fines. It is critical that I hear from you as soon as possible to resolve this issue. I can be reached at. Thank you for your time and promptness regarding this matter. # Client code Phone Time LM Time called back

32 Summary With a correct and effective messaging plan, a means to measure the results and being able to revise your messaging strategy based on the data, you can: decrease your overall aging, increase your revenue margins, and do this with your current technology and staff.

33 Contact Information Jason Rupaka, ARM Accounts Receivable Team Lead The Accounts Receivable and Order-to-Cash Expo Conference is produced by: