Why the Customer Experience is Critical to the Success of Your Debt Settlement Business - Dept Pay Pro

September 4th, 2019

Why the Customer Experience is Critical to the Success of Your Debt Settlement Business

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Here’s the real deal for any debt-settlement business today; it’s not about you or your business, it’s about the consumer. 

For companies that adopt this philosophy, their success is greater, and are more likely to be profitable. And yes, you read that correctly—strong customer experience will have a direct impact on your revenue and profitability. 

Forrester, who conducted a survey on how business performance relates to the customer experience, concluded that “good experience is good for business.” Also, the study found that experience-led businesses have:

  • 1.6x higher brand awareness
  • 1.5x higher employee satisfaction
  • 1.7x higher customer retention
  • 1.9x return on spend
  • 1.6x higher customer satisfaction rates

When providing a strong customer experience, consumers will naturally gravitate towards you whether it’s through word of mouth or even your online presence.  

By putting the customer at the center of your company or organization, it instantly puts them at ease, they feel appreciated, and more loyal to your company. To keep such momentum going, improving the customer experience must be a constant effort.

5 Ways to Make the Customer the Center of Your Debt Settlement Business

  1. Train Employees to Put the Customer First
    It goes without saying,  it’s vital that every employee understands your customer-first philosophy. You can reiterate this by making it a part of your internal training program and by continually emphasizing how it is a core value of your company. By doing so, your customers will feel valued and cared for, which will help you retain the customers you have. And as you might guess, a strong customer retention rate is often a determining factor in the long-term success of your company.
  2. Use a Debt Settlement CRM to Centralize Customer Data
    By centralizing customer data and activity inside your Debt Settlement CRM, it makes the data accessible to support your customers. Instead of having multiple cloud-based systems to log into to retrieve relevant customer data, a CRM houses every bit of activity related to that customer.
  3. Track Support Issues or Inquiries
    One of the best ways to retain customers is to respond quickly to customer queries or issues. By using a digital ticketing system for your support desk, you can automate the process, ensuring that issues are resolved quickly and include communication to the customer. Such automation and communication keep the customer in the loop, making them feel valued and included along the way.
  4. Use Modern Communication Methods to Engage with Customers
    It’s essential that you use modern communication methods, like SMS, otherwise known as text messaging. Better yet, your Debt Settlement CRM should help you track such communications so that customer-facing teams know when the last touchpoint was with that customer. This provides teams with the most recent activity as it relates to that customer.
  5. Use Triggers to Prompt Action by Employees
    By using automation and triggers within your Debt Settlement CRM, you ensure that processes are tracked from department to department as you designed.  For example, let’s assume that you sent a text message alerting a customer that they have e-documents that require their signature. You should be able to set up an alert that occurs when those documents were signed. This alert is then sent to your on-boarding team to let them know it is time to reach out to the customer for a welcome call.

If you’d like to learn how DebtPayPro can help improve customer experience at your company via their debt settlement CRM, reach out to us here.

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