Groundbreaking research on the value of complaint management
In 2018, SOCAP partnered with the University of Newcastle to understand “What is the actual ROI of customer complaint management?”.
The Return on Investment of Effective Complaints Management Report found that every dollar invested in complaints handling has a potential return of up to $10 for the organisation. In other words, an ROI of 1,000%.
Importantly, the study discovered it’s often the ‘extended benefits’ such as positive word-of-mouth, staff satisfaction and product/service improvements made from complaints that drive much of the ROI.
The report provides managerial implications and recommendations which can assist organisations in measuring and monitoring their ROI, as well as maximising their ROI, through harnessing extended benefits. Specifically, fields of data that should be collected in order to measure ROI are detailed.
The full report contains both real and hypothetical case studies from the following industries:
• Financial services
The ROI of Effective Complaints Management Report was undertaken by the University of Newcastle for SOCAP Australia. An industry based collaborative steering committee included NSW Ombudsman, NZ Ombudsman, IAG, NSW Fair Trading, and Icon Water.
The research involved a cost/benefit calculation