Imagine not being able to open up your email account for a few days. When you finally do, you’ll likely be bombarded with several emails ranging from your favorite retailers' letting you know about a sale or emails from senders you actually need to hear from; the entire experience can be overwhelming. We've been hearing about email fatigue for quite some time now. The pandemic has only increased that fatigue as retailers have scrambled to move the bulk of their business online to entice shoppers, which has resulted in an even higher volume of daily emails.
Emails are still vital, though, especially when it comes to bills from service providers, and consumers need to be on the lookout for them. In our 2020 Consumer Repayment Preferences survey, 54% of Canadians stated they prefer to be contacted digitally about their past-due accounts. Emails with a personalized subject line and short, helpful, straight-to-point content can get their attention faster.
Below, we outline some ways emails are beneficial to both past-due customers and companies:
Past-due customer emails are user-friendly
Past-due customer emails are not intrusive, and they can decide whether they want to engage with them. They are not required to open or click anything within the email if they do not feel they want. However, they encourage them to open it by including a subject line that is specifically tailored to the individual and helps increase open rates and assure the past-due customer that the email was sent specifically to them and not to the masses.
These emails provide an excellent benefit for past-due customers if they choose to engage. They will be able to get a great deal of pertinent information about their past-due accounts and be able to connect to a past-due payment portal and see what their options are to pay. These flexible options include making an arrangement, paying in full, or making a minimum payment. This provides the past-due customer an easy and fast experience if they want to make a payment quickly without speaking to an agent.
Companies can benefit from emails with optimized insights and engagement
These emails can also be an excellent asset for companies. The delivery rate, open rate, and clicks all uncover critical KPIs a company needs to fine-tune its collection process. This can help your company with its collection strategy and figure out when the best time to send emails is based on when past-due customers open them.
Because there is so much competition in inboxes, cutting through the noise is imperative. Emails need to be optimized for engagement and conversion. Give your past-due customers an easy, simple way to fulfill their payment obligations. Be very clear in the email and subject line what you are seeking from them and how they can resolve it quickly. Also, make sure the email subject line is tailored specifically to them, so the email jumps at them and their eyes go straight to it.
You can also use analytical data, which collection software provides, to help your company gain insights and uncover behavioral data on your past-due customers. This can help you find the best time to send emails when they are more likely to be opened.
Although email inboxes are more crowded than ever, an optimized email strategy can help cut through inbox noise and get your message across to your past-due customers.