3 Steps for Increasing RPCs with Dialing Analytics
For most collection agencies, a bulk of their collection efforts are focused on outbound dialing. However, when your dialing efforts are poorly distributed, your debt collection agency can miss out on potential revenue opportunities and end up wasting time and resources on phone numbers with little return. Below, we outline three steps you can take to evaluate (and enhance) your dialing strategies so you can maximize right party contacts (RPCs), improve performance and better allocate resources.
Step 1: Identify Attempts to First RPC
While many people use a collectability score to weight their dialing efforts, you can take it a step further by evaluating the number of attempts needed to reach an RPC. This metric will give you a baseline regarding the amount of effort needed to reach a consumer and when it’s appropriate to send the account for skip tracing.
Determine how many attempts it take to reach the percentages above. This will help you assess when your return on effort diminishes.
Step 2: Assess Current Dialing Efforts
After identifying the number of attempts needed to reach the first RPC, you’ll want to view how your effort is currently being spent. Some metrics to assess include:
- # of total phone numbers dialed
- # of attempts made on each phone number
- # of attempts to first RPC per phone
Step 3: Devise Strategy for Improvement
Assessing your dialing attempts and RPCs can raise some concerns, but you’ll be better equuipped to learn from your previous mistakes. Pose questions such as:
- What percentage of your phone number are you dialing? How much of your phone inventory is receiving sufficient dials?
- At what point, do you send an account for further skip tracing?
- What types of accounts should receive more attempts? (Specific client, collectability score, account balance, etc.)
- Should you implement a maximum dial strategy? What’s the appropriate number of attempts?
Skip tracing is not a siloed activity. Vendors also need to be engaged and understand their clients’ strategies and internal challenges. If you’re looking for a partner who understands collections and partners with you to improve your overall process, contact LocateSmarter at 888-254-5501 or fill out our contact us form.
* Chance Hoskinson presented this material at the RMA Annual Conference & Expo, February 2018.
LocateSmarter offers customizable skip tracing and compliance solutions that improve contact rates, reduce operating costs and minimize the risk of litigation. With agile development, superior customer service and transparency through analytics, we deliver products built by end users, for end users.