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Net Promoter News: Bain & Company Audits Bank Loyalty, Widen Gives DAM Fine Example of Survey Transparency, Motorpoint Revs NPS Engine

Bain & Company Audits Global Bank Loyalty

Bain & Company has surveyed 190,200 customers in 27 countries to understand levels and drivers of loyalty experienced by banks around the world. Among the highlights from a very in-depth post and report on the research:

  • Direct banks maintain a healthy position in terms of customer loyalty, with ING and First Direct, among others, being NPS leaders in many countries for several years.
  • There is significant variation in loyalty within national markets. For example, in Australia, top-performer Bendigo has an NPS 45 points higher than the worst performer and 32 points above the country average.
  • The shift to mobile continues to gather pace – regardless of bank model, frequent mobile users consistently report higher NPS than non-users.

The below table reveals NPS range and market leaders across the Americas, Europe, and Asia.

[caption id="attachment_8221" align="aligncenter" width="492"]customer-loyalty-in-retail-banking-2013-fig-01_full Source: Bain & Company[/caption]

The report can be downloaded from this page: Bain Customer Loyalty in Retail Banking: Global Edition 2013, and should be read by anyone with an interest in the banking sector.

Widen Gives DAM Fine Example of Survey Transparency

Widen Enterprises, a web-based digital asset management (DAM) business, has released the results of its Net Promoter-based 2013 Customer Satisfaction Survey, and for the third year in a row, made its methods public, including key details about sample size, and response numbers/rates on an individual and organisation level.

In a post outlining the reasons why Widen publishes these details, CEO Mathew Gonnering throws down the gauntlet to other DAM providers.

“We do this for the following reasons,” he writes. “1) To support our claim that great service differentiates Widen from its competitors, 2) to communicate to the market of potential buyers that they should clearly understand what their total experience will be with a particular vendor, and 3) to challenge competitors in the digital asset management space to reveal how satisfied their customers really are compared to Widen customers.” Boom!

If we had one comment to make on Widen’s survey process, it is that its response rate of 18% could probably be improved by shortening the 7-question survey. This needn’t come at a cost of data quality – a tool such as CustomerGauge Self-select would enable the organisation to isolate the areas in which it is performing exceptionally well according to customers, and those which could be improved. Digital Journal 

Motorpoint Revs NPS Engine

Question: Why do sharks never attack used car salespeople?

Answer: Professional courtesy.

UK car “supermarket” chain Motorpoint is trying to turn this joke on its head by putting a focus on customer experience.

Prospective buyers browsing online are able to reserve any vehicle prior to visiting for a physical viewing, and its marketing often compares the discounted price of its low mileage, nearly-new cars against the list price demanded when new. Furthermore, the group has declared that repeat sales are a priority, and rolled out a customer satisfaction index (CSI) survey using Net Promoter Score methodology.

“Since 2010 we’ve stepped away from ‘stack them high and sell them cheap’ to build in more value with an exceptional customer experience designed to promote repeat business. We’re focused on not just selling a car today but looking for a customer for life. This refocus will achieve growth in a virtuous circle,” said Motorpoint chairman Mark Morris.  AMOnline

The Chef Recommends Good Language

An anecdote related in Business2Community caught our eye this week because of how well it illustrates the point that when communicating with customers the choice of words can really make an impact.

This particular post discusses a restaurant visit in which the waiter in question offers free extras to go with the meal. But rather than simply ask "Would you like a free....?" the waiter consistently uses the language "The chef recommended/thought you might like/enjoy..." and includes some background information on the culinary delights in question.

Post author Stan Phelps says, "'The chef thought' reinforces the idea of being a gracious host. I also love the use of weaving stories about the source of the honey or the cream. The little extras and the language you use can make a powerful difference." He goes on to note that his friends do not normally order appetisers or dessert, but in this case ordered both. Bon Appetit!

In brief

One for programming geeks: On Twitter, @fjsteele has created a python function to calculate NPS from a list of ratings. You can check it out here: Fitzgerald Steele blog

At its earnings call, Germany’s Commerzbank has claimed an NPS of +36. In related news, the organisation claimed to have gained a “record” 180,000 net new customers since the beginning of the year, and analysts still see plenty of upside, with Seeking Alpha noting: “In our view, Commerzbank is meaningfully undervalued at current levels.” Seeking Alpha

At its earnings call, Siemens outline a renewed customer focus and that it will be measuring customer loyalty with Net Promoter. Seeking Alpha

In another earnings call (phew), Mobile Mini has announced a year-to-date NPS of +78. Seeking Alpha

Rhys Wesley

Next Up: How to Increase your NPS by 11 points, and Other Tips

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