Ink on the Interview
Q: What brought you to Eltropy Emerge conference this year? Any impressions so far?
A: We’ve been working with Eltropy for about two and a half years, and this was the first time it worked out for us to attend. It’s our first time here and it’s fantastic! The speakers are great. I’ve taken so many notes, and my brain is completely fluttered, trying to think about what’s next. I’m excited about what the future holds, not only with Eltropy but also the technology that was talked about.
Q: How Fox Communities has cracked the collections code with texting? Can you share what you’ve done?
A: We started texting about five years ago. The previous vendor we had went out of business, so we switched to Eltropy. The thing we liked about Eltropy was the ability to run campaigns, so we could run large loads of accounts through the system. Prior to texting, we were averaging about 15%, maybe 20% contacts on phone calls. Since we switched to Eltropy, it’s been over 50% contacts, and so far this year, we’re averaging over 70%. That’s a lot of members we’re talking with, and that’s what we’re here for.
Q: You went from 15% to over 70% – that’s a huge jump! How’d you get there?
A: The biggest thing is that’s what members want. They want to communicate via texting. Their generations are getting younger, and everything’s about their smartphone now. Texting is the best way they want to communicate. So, we just started texting because we saw that’s what members want, and they respond to text messages.
Q: What types of messaging do you put in the text that gets this response?
A: We have a lot of different types of campaigns and templates. They’re very basic because you can’t be too wordy in text messages. We just say something like, “Hey, you’re past your payments, and we’d like to work with you to help you.” If they want help, they get back with us, and they do, at a high rate.
Q: What’s the consumer behavior when it comes to texting vs a phone call or letter? Why do you think texting leads to more immediate responses?
A: It’s easy and convenient. They can be more open with texting. A phone call puts them on the spot, and they have to talk for a few minutes or longer. With texting, they can say a few sentences, and that’s it. They prefer the convenience of texting.
Q: Where do you see this headed in the future? Any plans to expand or improve this?
A: Definitely. We’re working with Eltropy to include more integrations to be more efficient. We’re also looking at voice. Sometimes, after a few text messages, it’s easier just to pick up the phone and resolve things rather than going back and forth. Eltropy is launching their Collections 2.0 product, and we’re taking a good, hard look at it to help us in the future. We have a call with our Eltropy rep every two weeks, and we’re always talking about what’s next. I’m always forward-thinking, thinking about how we can get better tomorrow.
Q: Can you share the strategy behind deciding when to switch from texting to a phone call?
A: When the text messages start getting too wordy, or they get into more personal information that should be handled on the phone, that’s when we suggest connecting via phone. Sometimes, it’s just more efficient to talk things through rather than continue texting. We find that once we get them on the phone after the texts, they’re more receptive and ready to work things out.
Q: So it seems like texting breaks down the barriers, and then the phone call helps wrap things up?
A: Yes, that’s exactly it. Previously, people didn’t return phone calls, but now they’re responding to texts. The contact rates speak for themselves.
Q: Any final thoughts before we wrap up?
A: I just appreciate the opportunity to talk about collections and how Eltropy has helped us. It really helps people get out of tough situations, and I think our members really appreciate having this option.
