Resolver hits 2 million cases – learning and insight
Engagement is key
We’re well aware of the importance of engaging with our customers – whether it’s across a social media campaign or through a drive for new sales. It’s safe to say that most businesses recognise the value in both understanding the needs of and tailoring their propositions to their clientele. When it comes to complaints, however, businesses have often adopted cost-effective measures that leave their customers feeling neglected.
There is a better way to do things. Our data shows that consumers value an approach to their issue that identifies and clearly delineates a course of action to resolution. Put simply, consumers want to both feel that they’re “getting somewhere” and “know where they’re going”– and the best way to encourage this to sentiment is to establish a dialogue with the consumer that both recognises their issue and outlines a course to resolution.
The benefits of a relationship of this nature can be clearly seen in the finance sector, where businesses have streamlined their approach to PPI claims. As shown in the Resolver League Table (sent in last month’s business newsletter, but also available here for those who missed it, Resolver offers consumers the chance to assign a value to the quality of the their engagement at a number of stages during their complaint. This allows us to build a picture of how satisfied consumers are across the course of dealing with a business. The majority of businesses within the finance sector work directly with Resolver to establish a swift line of dialogue with consumers, establishing what the customer is owed and outlining a timeframe for resolution – and the customer satisfaction scores show that this is something consumers value.
Overall, customer satisfaction with the business after using Resolver to make a complaint increases by as much as 50%. This is exceptional, and shows that the informative approach adopted by firms pays dividends. In addition, the escalation rate to the ombudsman is just 3% for PPI cases (as opposed to a higher figure of 10% in other areas). This shows that consumers are very happy with the way their needs are being met.
From this, we can divine certain attributes that contribute towards an optimal model of response – that responding to complaints with an acknowledgement of the customer’s issue, clear signposting towards resolution and a suggested timeframe for resolution represents a key step in maintaining a happy relationship with customers. Resolver lays the groundwork for these responses by outlining a consumer’s rights at an early point and maintaining realistic consumer expectations, but businesses have a real opportunity to ensure a positive future relationship with their customers – and to enjoy the benefits of engagement.
Does a stitch in time really save nine?
While it is important to reach out to customers promptly upon receiving a complaint, our data reveals that the actual length of time taken to resolve a complaint doesn’t necessarily affect the end level of consumer satisfaction, with very little correlation between satisfaction score and the time taken to resolve an issue. This suggests that consumers value quality over speed, preferring a tailored resolution that meets their needs to a one-size-fits-all approach – and they don’t necessarily mind how long it takes, provided that they see results and that each engagement point is straightforward.
Businesses must balance cost-efficiency and effective resolution. Whilst a customer services department, applying a uniform model to handling complaints, may deal with a higher volume of issues, there’s no guarantee they’ll produce satisfied customers.
In conclusion, it’s clear that Resolver is making clear headway in our drive to build better markets. We’re connecting businesses and consumers in an unprecedented manner, and we hope to continue working with – and supporting – organisations throughout the market.