Reading this BAI article inspired this post. It challenges the internal measures that we use to understand how well our customer experience is performing.
Something I’ve always been critical of is the overly simplistic, lazy and fasle measure that is Customer Satisfaction.
Asking customers how satisfied they are on an 11, 7, 5 whatever point scale is a question they just don’t ever consider.
I’m not even sure about NPS anymore either. The mythical BBQ conversation (somehow an Australian-specific market research analogy) of ‘which bank would you talk to people at BBQs about” is stupid – no one speaks about banks at BBQs, people. They talk about their life, their kids, their jobs, their holidays, not banks, insurance companies, utilities. They might talk about experiences, but not the brands or banks themselves. I don’t think so, anyway – its not something we can keep bringing up in meetings anymore.
Let’s rephrase it simple customer centric terms:
- How happy are you with the service you receive from the bank?
- Or perhaps more importantly, are you not unhappy?
- Did the experience you had meet your expectations? Why or why not?
- Did you get done what you needed to get done? Do you need to go in again??
- Are you better off financially being with this bank? Are you making more interest on your savings or saving on your loans and fees?
- Did the bank make you want to do more business with them?
Ask customers to help you create measures around Customer Success not Customer Satisfaction:
- TASK COMPLETION – Did the customer complete the task they started?
- CUSTOMER EXPECTATIONS – Did the customer experience meet expectations?
- WEALTH CREATION – Is the customer creating better financial outcomes for themselves?
- REPEAT BUSINESS – Is this new business or repeat business?
Don’t get caught up in the miniscule percentages, the 0.3% movement in your customer sat. That’s not real, accurate or something you can lean on as real change.
Concentrate on the real customer outcomes – they got done what they needed to, had an ok time doing it, it benefitted them financially either in the short or long term, and if all goes well, they might come back and give you more business.
Let’s face it, in this current environment, you’ll be grateful for that right?