Customize Dunning Campaigns to Enhance Your Cash Flow: Categorize Your Audience
At Tesorio, we have the opportunity to work with incredible client partners. We work with these teams every day and help them to change the workflows of their teams to be less transactional and more strategic. We seek to understand their challenges, listen to what has and hasn’t worked in the past, learn about their strategies, and adapt and evolve in order to create solutions they need to make their teams successful. We’re happy to share with you our insights and Best Practices from your peers in the hopes that it will help you, and your team, to meet your cash flow goals. In this blog post, we’ll cover the basics to get started.
Think about your campaign audience and message before you create your campaign:
What do you want to say and who do you want to hear it?
Tesorio offers flexibility in our campaigns and most clients purchase our software because they do not want to take a one-size-fits-all approach to collection campaigns. Most clients begin with a simple campaign that mirrors the same process they’ve been following, but that doesn’t change the results or increase cash coming into the door.
When you onboard with Tesorio, we dig deep into your entire customer outreach workflow. We seek to understand if you treat all your customers the same. Are there customers that need to receive a reminder every week? Are there customers that just want a statement once a month? Do you send a friendly reminder to some customers and demand for payment to others?
We’ve found that automated campaigns work best for high volume, low value transactions that do not require a high touch. Can you easily identify your low touch from your high touch customers? Great, we’ve just started to identify your campaign audience.
Is an email the right method to communicate with your customers? Some areas of the world are less comfortable with email communication and prefer voice communication. Let’s remove these customers from your email campaign audience and instead create an automated workflow that lets collectors know they need to pick up the phone.
How often do you want to communicate with your customers? Review how often you want to communicate with customers using a campaign and for how long. Does that cadence work for all your customers. Is it just right for some, but too much for others? Structure your campaign audience to create different campaigns for customers who respond differently to the frequency of communication. We want to collect payment, but we also don’t want to spam our customers so much that they ignore our messages.
In the next part of this series, we will focus on what your message should say. We know it’s already on your mind and we’ll provide Best Practices for what to say and some different ways to say it.