Call it what you want: walking on the wild side, throwing caution to the wind, adrenaline junkies. Some people might simply say they live by the adage, “The greater the risk, the greater the reward.” Nothing could be more true than in the world of distressed investing.
What is distressed investing? It’s when a company files bankruptcy and things like bank debt, corporate bonds and trade claims can then be bought at a reduced value. This poses an unusual and attractive opportunity for investors who saw major gains in this industry in the last several years.
Firms like South Carolina-based Archon Bay Capital specializes in this market and has been leading the charge in the industry since 2003. Because of distressed investing’s popularity, firms need to grab what they can as quickly as possible.
“We’re in a very competitive environment, we’ve got to have first contact with the customers and so anything you can do to gain efficiency or an advantage over the competitors is a huge one,” said Kris Reining, the founder of Archon Bay Capital.
That’s why Archon Bay signed up with CallFire to provide their outbound Cloud Call Center and Voice Broadcast solution for its four offices two years ago.
“We were running 20 agents and they were making 220 to 240 calls a day,” says Reining. At its peak, agents would make a stratospheric 5500 to 7000 calls in a single day.
What drew Reining and his team to CallFire was the performance of its call center solution during trading, which by nature is volatile. With CallFire’s Cloud Call Center multi-line auto dialer, agents could not only keep up with supply and demand of investments, but were staying ahead of competitors when contacting clients.
“Let’s say you have 500 customers that you need to contact because pricing is changing. To [have someone] in the customer service/inventory management department sit and manually dial 200 numbers, may take four days. But, with the sales and automation tools that [CallFire] provides, they may be able to do that in six hours.”
More calls made by fewer people in less time means optimal productivity.
“Amazingly enough, it gives us 36% more face time over the phone with a customer in direct rep communications.” Couple that with CallFire’s affordability, and Reining says, “I think it’s a phenomenal return on investment.”
According to Reining, the math is simple. “It’s automating the process of dialing. If you were to pick up a phone, dial a number and have it start ringing, that’s 40 seconds. It actually allows us, the agent, to put out 40 more sales calls per agent a day.”
And, when needing to contact hundreds of customers with a special announcement in minutes, Archon Bay Capital would deploy a Voice Broadcast message.
Today, business has slowed down a bit from the hustle and bustle of a few years ago.”Right now, I’m deploying four agents and they’re making about 200 calls a day.”
The beauty of CallFire’s various solutions is its scalability. For jobs large and small, the fit can be customized to suit each company’s needs.
It’s one thing to get into the groove of making rapid cold calls, it’s another to get started with a new software and Reining says the process of training agents to use CallFire was easy.
“What we did is put together a little manual, five to six pages. We actually did some role playing with audio files that we provided during the training process.”
After Reining gave them a couple of hours of hands on training and went through five to six recorded calls over the phone, the agents were off and running.
“This product is really phenomenal and really has some legs to it.”