Vulnerability on the rise; no longer a minority.
The number of vulnerable people in the UK is at an all-time high, and with reduced universal credit, soaring gas prices and the end of the furlough scheme the number of people in need of protection is set to skyrocket.
Vulnerability is an elusive term, and no single definition will be capable of capturing every variation of vulnerability, risk, and circumstance. However, at Walnut Unlimited, we know a helpful way to identify vulnerable customers is to understand how their circumstances affect their decision making and engagement with companies, and from there think about how companies can then ensure that these customers are afforded the appropriate level of care to make sure they do not suffer harm because of their circumstance(s).
Putting vulnerable customers first should be at the heart of any decent business model. It makes good regulatory sense, and it definitely makes good business sense. We believe by helping brands understand their vulnerable customers and their relevant risk, we can help them to create better services whilst simultaneously safeguarding the most vulnerable in society.
Your vulnerable customers require a different approach. It is vital that we choose an approach to your research that is fully inclusive and capable of accessing and providing a voice to a wide breadth of customer vulnerabilities. However, no one methodological approach will be suitable for all your vulnerable customers. By providing a range of approaches, we hope to minimize the risk of inadvertently excluding any of your customers from the research. By having access to these tried and tested research methods, we are able to flexibly select an approach that best suits the participant’s individual needs ensuring maximum insight in a supportive and ethical way.
Read the full report including findings and commentary from our own Qualitative Social Researcher who specialises in vulnerable customers here or scroll down to see the different techniques and approaching we use to tackle vulnerable customer research.
Need to better understand your customers and how they navigate your brand? Share your challenge and we’ll put our minds to how we can help.