5 Collection Call Strategies to Improve Your Net Promoter Score
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In the post-pandemic credit and collections landscape, the Net Promoter Score (NPS) has become an "important-than ever" KPI and a benchmarking tool for customer satisfaction. Gauging your customers’ loyalty by measuring their willingness to recommend your agency to others, a poor NPS can negatively affect your business especially if you are planning to increase your account volume.
However, if you pay attention to your collection call techniques, you can improve your collection yield per client which will ultimately improve your customer retention and NPS. So, if your primary goal is to improve customer satisfaction and referral business, make sure your call center operations are continuously reviewed to minimize the major sources of customer frustration. Here are five key strategies that should help you accomplish exactly the same.
1. Capture Every Conversation
There is no limit to the array of errors that can be made during a collection call. Monitoring every call not only ensures that agents are staying compliant with the current CFPB rules such as Reg F but all calls are sampled for bad as well as ideal conversations. An advanced speech analytics platform can assist you in this process.
2. Benchmark Ideal Calls
Don’t let ineffective calls fall through the cracks. When you train new agents, make sure you establish a set criterion of best calling standards by sampling good vs bad calls. To help agents distinguish between a good and bad call in training sessions, pick a random call from the speech analytics software and mark keywords that determine if desired performance standards are met in each conversation.
3. Empower the Team to Self-assess
Empower agents to initiate reviews of their calls. Allow them to score their own calls before their performance review meetings or subsequent training session(s). This will encourage them to identify the areas of improvement they believe are most essential to their performance. This exercise should create teachable moments for any gaps in the assessment.
4. Provide Personalized Feedback
Feedback must be given to agents in real-time and specific to their performance issue(s) (not generalized) so that they can fix any issues promptly. By listening to calls together, team leads and agents can discover performance gaps and brainstorm ways to improve the consumer experience on the next calls.
Another way to help agents self-reflect (and self-improve) is inputting their individual scorecards into your speech analytics system as per their performance gap(s). This will empower them to view their individual score in visual format and self-learn to fix errors or seek their supervisor’s help for further training.
5. Analyze consumer sentiments more proactively
By randomly listening to calls, the voice of the consumers can be heard, and their sentiment be captured by call center managers and QA personnel. Through a speech analytics platform, you can always monitor and analyze consumer sentiment trends and uncover improvement opportunities for each agent. Interpreting this data should allow you to understand what exactly is needed for a call to be successful.