Consumer Segmentation for Collections

Applying Data as Provided by the VoizTrailⓇ Suite

Consumer behavior research illustrates that consumers can be segmented into a variety of buyer types based upon their propensity to spend, their attitudes about brands and/or their demographical information.  Segmenting consumers is a popular method for consumer analysis as it allows businesses to clearly get at the “whys” of consumer behavior.

Using data provided by the VoizTrailⓇ Suite’s new Behavior Analysis module, we will provide two simple examples of how to apply Consumer Segmentation for debt collection: the confused consumer and the concerned consumer.

Confused Consumer

— Keywords and Language —

“I don’t know why I have an account with you.”

“I don’t understand why I am in collections.”

“What is going on and how can I solve this problem?”

— Acoustics and Emotion —

Passive, slow, dead-air

Consumer Analysis — Confused Consumer

The confused consumer doesn’t understand their bill, why it went to collections, or simply cannot remember their account.  These consumer types require extra care to walk them through their account details and respond best to patience, politeness and empathy.  An agent that approaches these consumers with an authoritarian attitude or disinterest is likely to push the call into a transfer or dispute. Now, for the concerned consumer…

Concerned Consumer

— Keywords and Language —

“I found this on my credit report”

“I don’t want this to affect my credit score”

“How will this affect my credit score?”

— Acoustics and Emotion —

Urgent, Overtalk, Assertive

Consumer Analysis — Concerned Consumer

The concerned consumer knows how an account in collections can negatively impact them in the future.  They ask questions about credit reporting and are highly concerned about the account appearing on their report.  These consumers can be easily motivated to pay when using credit reporting as leverage or providing rational for payments by breaking down their account details, such as interest rates.  Agents that are assertive see the best results.

Empower Your Agency

The VoizTrailⓇ Communication and Compliance Suite’s new Behavioral Analysis module empowers agencies to segment consumers based upon how they regularly interact with the company, such as the two consumer types discussed above (confused or concerned consumer).   This makes it easy to identify consumer ‘types’ and tailor new strategies to their specific needs, or communication styles so future interactions are as effective as possible.  Collection strategies are not a one-size-fits-all, and now…They don’t have to be.

Contact us for a demo today!