Supporting vulnerable customers makes sense. They comprise a large proportion of your customer base, and when you do the right thing by them, they are more likely to buy more of your products, stay with you longer, cost you less to serve and provide you with positive referrals.
At Baringa, we have helped many well-known organisations to support their vulnerable customers, fostering long-term and profitable relationships. We believe there are five core areas that are key in supporting vulnerable customers:
- Strategy and Vision: How embedded is supporting vulnerable customers in your organisation’s strategy? e.g. Does vulnerability feature in your design principles?
- Brand and Partnerships: Do you publically advocate for vulnerable customers, and partner externally to support them? e.g. A high street bank recently launched a campaign demonstrating their support for customers with disabilities.
- Products and Services: Are you using Service Design to make sure your products and services are inclusive for customers with differing needs? e.g. Do you have flexible tariffs or accessible options for power of attorneys?
- People and Culture: Is your organisation committed to a culture of support and customer-centricity, from your front line customer service to senior executives? e.g. A leading utility provider trained over 20,000 staff to support customers with dementia, and launched the first practical guide for utilities to support these customers.
- Process and Technology: Do you both reactively and proactively identify when customers might be vulnerable, and are your processes built to help not hinder? e.g. How do you use technology to enable you to remember what customers have told you about their circumstances and provide them with the right support?
- Data, Analytics & QA: Is your data enabling you to support vulnerable customers and measure their outcomes? e.g. Does your data provide meaningful insight on how vulnerable customers are supported and identify trends about their complaints?
We’re optimistic that vulnerable customers will become an increasing area of focus for organisations, and we’re looking forward to working with them to better meet their vulnerable customer needs.
Vulnerable Customer Maturity Assessment
We are excited and proud to announce the launch of our Vulnerable Customer Maturity Assessment which is designed to support you in understanding where you sit across our six dimensions of vulnerable customer maturity and provide you with key takeaways to inform your vulnerable customer strategy. We have worked closely with 10 organisations to iterate the question set, making sure we are providing a truly holistic and cross industry assessment.
The questions take around 15 minutes to complete and we will share a report of the results with you within five working days.
To launch the survey please click on the link below.