When a consumer’s complaint escalates, the business will have almost certainly lost that customer who will churn. Escalation risk mitigation for regulated sectors can be a major concern. Our actionable insights can predict which complaints are likely to escalate by measuring your complaint profiles comparatively against the whole market to create a truthful view of which cases need your urgent attention.
Don't let things escalate out of control
The value of retention
70%
The probability of selling to an existing customer is as high as 70%
700%
It costs 7 x more to acquire a new customer than retain an existing one
2%
A 2% increase in customer retention has the same effect as decreasing costs by 10%
51%
After one negative experience, 51% of customers will never do business with that company again
Predictive analytics to prevent escalation
Early intervention
This information is available to front-line staff of businesses in real-time which enables early intervention. We can further support the early intervention through comparative benchmarking of redress solutions to help identify the best form of resolution for the consumer, increasing the chance of achieving a positive outcome from the complaint.
Root cause analysis
Whilst resolving issues on a case by case basis can help retain individual customers, it’s crucial to build a picture of what the root cause of the issue is and to stake steps to prevent future issues reoccurring. Our escalation predictors can help identify these impactful issues which can then be comparatively measured against your market through benchmarking to identify hot spots of systemic problems.
Improved compliance
With mounting pressure on the regulated sectors to improve their performance around complaint escalation, we are in a prime position to help you achieve a best-in-class status when it comes to regulatory compliance. Our Insights as a Service will help you achieve results that demonstrate a high level of proficiency in proactive intervention for customers with complaints likely to escalate.
Our sectors
If your sector isn't shown above, then not to fear, Egeria Insights can help businesses that operate across a wide variety of sectors. Speak to us to see how we could help you.
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