Measuring Satisfaction is Less Effective

In a Harvard Business Review article a few years ago, Fred Reichheld - the father of satisfaction measurement, introduced a new way to measure the loyalty of consumers. He called it the Net Promoter Score^®. Realizing that the age-old ways of measuring satisfaction were not effective, he created a new metric to measure loyalty and considered it the best predictor of a company's ability to grow. Loyal consumers not only buy additional products and services, but they also rave about how great the company is and refer their friends, relatives and neighbors to the company. Measuring and managing word of mouth advertising is at the core of Reichheld's new measure.

Net Promoter Score^® (NPS)
The Stellar Loyalty Management^sm System uses NPS as the foundation. We use it to build a process which fosters a culture of continuous account holder experience improvement. The “how likely are you to recommend” question pioneered by Reichheld, which is the basis for NPS, is augmented with a few additional questions to create a survey program which is repeatable and actionable, resulting in improved loyalty over time.

The power of the program lies within the open-ended improvement suggestions made by your account holders. We organize all of their suggestions and trend them over time, giving you a clear picture of what needs to change to improve their banking experience and grow loyalty. We also help you understand which topics are having the largest negative impact on loyalty and consult with you on how to mitigate the impact of these issues. In addition, we segment the data, giving you more insight and allowing you to set NPS goals by branch, profit code or banking channel. Other segmentation methods include age, income, balance, account type and anything else available on the MCIF or core system. This rather simple survey creates a comprehensive array of reports which show you how to improve loyalty within your financial institution.

Jump-Start Your Growth
If you're looking for ways to grow, let your account holders show you the way with the Stellar Loyalty Management^sm system from Stellar Strategic.