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With so many customer experience measurements and terminology, it’s easy to get confused and wonder why NPS? What’s its purpose and what benefit does it bring?
NPS (net promoter score) is a metric developed by Harvard measuring brand loyalty, through the likelihood that your customer will re-use your services or recommend them to others. Why is this particularly important in our industry? The NPS score indicates how well you’re performing for your customers; the higher the score, the more likely they are to continue their relationship and foster new ones through referral. The more relationships built, the more control over your market.
The experience you provide your customers is what drives the NPS score, but the feedback that sits behind the score is equally if not more important.
Ray White has been running one of the most robust NPS programs for the past nine years and has received over half a million pieces of feedback from customers. Due to our size and scale we have a plethora of data, but are we using it effectively? Customers’ needs are changing everyday. Having access to real time feedback and data directly from our customers allows business owners to make informed decisions about how they deal with clients, and the processes that need to be either changed or put in place.
Below is an example of how one of our offices effectively uses their customer feedback to put processes in place to improve the experience for their customers.
We’re now living in an experience economy and businesses that don’t develop and prioritise this differentiator will fall behind the competition. How you experience service, and the memory of it, becomes the competitive differentiator. Businesses must continuously improve the experience that they offer to truly stand head and shoulders above the competition.
The importance of aftersales
Based on our customer feedback, an example of where there’s an opportunity for competitive differentiation, is the experience after the transaction is complete. Whether it be how we communicate with the purchaser in the lead up to settlement, or their experience at time of settlement. A bottle of wine or champagne was once a nice touch, but their expectations are constantly changing as companies continue to look for ways to improve the experience they provide. There are some agencies that personally drop the keys off to their clients and hand them their settlement gift, others will stay in touch with them over the years and send them anniversary gifts. While it might not sound like much, for the customer it can be the difference between them promoting you, or telling every person they know to go with a different agent.
The customers in your specific market may have different needs and expectations, but without using your customer’s feedback effectively, how will you know what’s needed to provide a memorable, positive experience that will keep you ahead of your competitors? Those who pave their own one-of-a-kind path forward, guided by the customer, will ultimately reap the greatest benefits.
