April 11, 2022
When it comes to connecting with consumers, email has become the de-facto mode of communication. Consider that just under 90% of Americans aged 15 and over have active email accounts. And, 99% of users check their email at least once per day.
Use of email has been solidly adopted by receivables organizations. Statistics from a 2019 Digital Collections Strategy study from the Consumer Relations Consortium (CRC) prove the point. For firms conducting first-party work, 56% already used email regularly for reactive engagements. The stats held up for use with initial notices and canned responses, with 33% and 44% using email regularly. And, with another more recent statistic from CNBC finding that people aged 35 and older spend an average of five hours a day on email, it’s clear that using this form of communication should be a key part of any receivables process.
Digital engagement has advantages beyond the ability to connect with consumers. It allows you to reach more people faster, and at a lower cost – compelling reasons to ensure that your organization is maximizing email as part of an overall digital engagement strategy.
An effective email strategy goes beyond sending out communications electronically. Without the proper controls and intelligence, sending emails can end up as an ineffective tactic. Undelivered, unopened, or unactioned emails decrease the likelihood of favorable collections results. Taken to an extreme, when not managed properly, it can result in unhappy clients and/or compliance violations.
So what should an organization look for? How can you evaluate whether your email solution will be a help instead of a hindrance?
Look for tools that add intelligence to the process. Delivery optimization and performance reporting are critical pieces. The ability to improve digital communication delivery rates through email design, list scrubbing, inbox analytics, and reputation monitoring, can help firms better understand how and where emails are being delivered, enabling them to quickly take action when needed. Analytics can help identify trends, provide data visualization.
RevSpring has developed eVoke™ Inbox, an email optimization service that empowers firms to confidently incorporate digital delivery into their collections strategy. eVoke Inbox provides a preferred channel for consumer interactions (email) that provides visibility into when a message is undeliverable or unopened. And, with digital-specific design formatting that inspires action, eVoke Inbox helps ensure that your communications are effective and actioned.
Learn more about eVoke Inbox.