MOS COACHING TIP
The Importance of the Promise Kept Percentage
The promise kept percentage in a collections call center is a key performance metric that indicates the effectiveness of the collections efforts. It represents the proportion of promises made to customers that are successfully fulfilled.
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Here are 3 reasons the promise kept percentage is important:
Performance Evaluation
The promise kept percentage provides a clear measure of the success rate in fulfilling promises made to customers. It allows call center managers and supervisors to assess the performance of individual collectors, teams, or the entire call center. By comparing the promise kept percentage over time or across different collectors, managers can identify top performers and areas that require improvement.
Process Improvement
Tracking the promise kept percentage helps identify areas for process improvement within the collections call center. If the promise kept percentage is low, it indicates potential gaps or inefficiencies in the collections process, such as ineffective negotiation strategies or insufficient follow-up procedures. By analyzing the data and identifying the reasons for unfulfilled promises, call center managers can make targeted improvements to increase the promise kept percentage.
Reduced Bad Debt
When customers keep their promise to pay commitments, it reduces the amount of bad debt on the company's books. Bad debt refers to unpaid or uncollectible debts that can negatively impact the company's profitability and financial performance. By fulfilling their commitments, customers help mitigate the risk of bad debt and improve the company's bottom line. Understanding how to properly monitor this process directly affects how well it is managed and the performance outcome.