Net Promoter Score: Bringing Data to CX
Net Promoter Score (NPS) is a market research benchmark metric used throughout the world. NPS is the standard for rating client satisfaction by attaching data to Customer Experience (CX). With the emphasis on Return on Experience and Return on Investment for financial institutions, NPS provides a methodology to create a baseline and track customer satisfaction and loyalty.
PWCampbell uses primary research in branches to determine the NPS of a facility’s visitors. Surveys gather information about the customer experience, perceptions about the brand and physical branch, and the visitor’s willingness to refer/recommend the institution. The same study is then repeated after the facility work is complete (typically a Refresh or full renovation). With NPS scores pre- and post-activity, an impact analysis provides insight to the change in customer experience including brand perception and likeliness to refer/recommend.
Want to learn more about Net Promoter Score? Contact us for our NPS primer and case study.
Does NPS Drive Revenue?
Net Promoter Score generates opportunities to increase revenue, share of wallet, and lifetime value. Contact us to learn how increasing NPS can:
- Identify Promoters and leverage their enthusiasm to generate positive word-of-mouth referrals.
- Reduce Churn by addressing detractors’ concerns.
- Increase Lifetime Value as satisfied consumers are more likely to remain loyal and are less rate sensitive.
- Improve Experiences by pinpointing specific ways the facilities can enhance consumer satisfaction and loyalty.
- Create Competitive Advantage by delivering an exceptional in-branch experience to differentiate from competitors.
- Make Strategic Investments by using NPS data to inform facilities branding, Refresh, and technology initiatives that drive the most significant in-branch impact on consumer satisfaction and loyalty.
Facilities Matter to Consumers
Our studies reinforce the importance of creating a positive branch experience; consumers notice and are concerned if investment isn’t made in the retail space. Additionally, consumers understand brands and want to associate with strong brands.
By effectively leveraging NPS insights and focusing on improving consumer satisfaction in branch facilities, FIs can create a cycle in which satisfied consumers lead to increased revenue through referrals, repeat business, and higher lifetime value.
Facilities Matter to Staff, Too
As outlined in the case study below, facilities are very important to staff satisfaction. As the transformation of the branch experience requires consultative selling and the ability to provide educational information, it is critical to recruit and retain skilled staff. Through surveys to understand concerns and improvement of facilities, financial institutions will improve their staff satisfaction, reduce turnover, and provide better branch experiences for consumers.
Net Promoter Score Case Study - Main Office Relocation
Increasing in-branch Consumer and Staff NPS
A main office was located in an industrial park that had lost significant tenants. The financial institution’s traffic diminished and working with PWCampbell, a new location was targeted in a higher traffic area. After locating and finding the new space, PWCampbell conducted a survey of consumers and staff of the existing main office. The consumer net promoter score was 22, in the positive but not excellent range. The staff study showed an alarming NPS of -4 and with many more staff detractors than neutral or positive ratings.
After the new main office was completed, consumers and staff were again surveyed. The increase was remarkable: consumer NPS rose to 92, nearly a perfect score (NPS scores -100 to 100). Meanwhile staff rated the new office at an NPS of 50, in the excellent range. More importantly, no staff that were surveyed were detractors, all gave a rating in the neutral or positive ranges.
Learn more about a branch evaluation study to improve consumer and staff satisfaction.
Net Promoter Score Case Study - Retail Branch Refresh
Increasing in-branch Consumer NPS
A community-based financial institution located in the mid-Atlantic region was faced with aging facilities requiring extensive updating.
PWCampbell surveyed branch visitors and staff regarding the target location. PWCampbell also conducted a branding and facilities assessment and proposed a Refresh project.
Post-Refresh customer and staff satisfaction rose across all categories while Net Promoter Score hit the upper excellent range, rising nearly 80%. Survey data further showed a 20% increase in rating of the financial institution based on the investment in the physical branch.
Learn more about NPS and how benchmarking and testing can increase customer satisfaction and lifetime value.
