From mortgages to banking, the financial services sector plays a pivotal role in the lives of most families – but over 80 percent of customer complaints in the US financial services sector fail to win any form of compensation. So how do we complain more effectively?
We have a tradition in marketing: we believe we can persuade consumers to buy our product. But in this research, consumers persuade the company to provide what they want.
A new study by Dr and Professor analysed over 200 thousand complaints about services and products in the US finance sector to determine what makes the difference between a failed and a successful complaint. They developed three important principles to help customers complain successfully:Â
An authentic complaint is beneficial to both parties, allowing consumers to receive compensation and businesses to identify opportunities to improve and win back relationships with customers.
Listen to a podcast interview with Dr Kiju Jung and Professor Donnel Briley about their research.
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