Like many businesses, at BGL we use NPS as a core measure of customer satisfaction and loyalty – one big advantage being it enables us to benchmark the business against our competitors. But the measure is not without its limitations.
Firstly, it’s a bit arbitrary. Often the score is not about what level of customer service an individual received, but whether they were happy with the outcome. So, a customer might have had a brilliant experience but if they’re not pleased with the outcome, they will naturally score that experience lower.
Sometimes the NPS survey comes in a long time after the experience. As time fades, customers may feel less inclined to respond, meaning only those with extremes of opinion give their view – thus distorting the picture.
And crucially, it’s a single item question which means it’s pretty one dimensional. Compare this to a platform like Tripadvisor, which brings together reviews, photos, feedback and ratings in one place.
Like a Tripadvisor review, we also have access to a range of customer feedback in addition to NPS. We set about looking at what else we could do to build a broader picture of the customer relationship, to firstly understand how customers view us and, more importantly, to drive action where we can improve customer experience and outcomes.
The result is a series of dashboards for each division – comparethemarket.com, IDO and lesfurets, that bring together multiple metrics about our customers, including Trustpilot and feefo reviews, social media sentiment, customer complaint data, surveys, as well as comparethemarket.com customer feedback sourced by our London-based research lab.
The result is a balanced view of what our customers are thinking and feeling and the great advantage is – like Tripadvisor – it provides a one-stop tool, not only for our Boards to govern, but also for our businesses to act upon. It means it’s far easier to identify trends and spot red flags which might indicate product issues or an emerging risk.
Our next step is to embed the dashboards into our way of working – using them to drive our customer focus and identify actions to improve outcomes. For instance, in IDO during lockdown we removed the requirement for customers to provide manual proof of their No Claims Discount as the Measuring customer satisfaction dashboards showed customers were having trouble obtaining this.
So, while we recognise that NPS is an important component, it’s not the whole picture; hence our move to a model of looking at a wider range of customer data, where we listen to what our customers tell us in not only scores but also words, actions and behaviours.
Most importantly, we’re using this data to respond accordingly, ensuring that we are delivering experiences that mean our customers trust in us, and will happily recommend us to their family and friends; an endorsement that is music to the ears of any customer-centric business.
You can read more from our 2020 Customer Report here