Why would you want to have a complaint management system?

  • Save money - We did a comparison of two adviser businesses that received complaints recently. We used the most conservative results from research studies on customer advocacy and customer and financial data from those businesses. We estimate that by not handling a complaint as well as it could be, the cost of one businss was $2,000 (plus the settlement), an unhappy customer and his extended family, possibly resulting in lost business of approximately $16,500 over 5 years. The cost to the business that handled their complaint well was $200 (plus the settlement), a happy customer creating new business opportunities of $9,000.
  • Loyalty & Advocacy - Satisfied complainants tell 5 people. Dissatisfied complainants tell 10 people.
  • Reputation for transparency and customer focus.
  • Promotes trust & public confidence. Employees satisfaction.
  • Compliance - You need to be compliant. Make the best of it.
  • Point of Difference - Get the march on your competition.
  • Business Intelligence - The cheapest most reliable market feedback you'll get.
  • Root Cause Analysis - Analyse why it went wrong, fix it to make it better for your customers next time. Reduce complaints.
  • Systemic Issues - Address them to avoid the attention of the regulator.