Client satisfaction is the most important metric by which we measure our success.
To better understand our clients’ expectations, we recently conducted our first Net Promoter Score (NPS) survey. We are pleased to share the highly positive results with you.
First, a little background. The NPS concept was developed by management consultant Fred Reichheld about a decade ago, and today it is embraced by leading companies worldwide as the standard for measuring and improving customer loyalty and satisfaction. The NPS is a straightforward metric that holds companies and employees accountable for how they treat customers. The survey asks one simple question: On a scale of 1 to 10, how likely is a customer or client to introduce a friend or relative to a business?
We asked clients to rank each BWFA service they use: Investment Management, Financial Planning, and Tax Services. Responses were anonymous, unless the person chose to identify himself or herself. By the way, if you weren’t surveyed—don’t worry. We are emailing the survey to one-quarter of our client base each quarter, so we will get to everyone each year.
The responses were divided into three categories: Promoters (9- 10), Passives (7-8), and Detractors (1-6). Our Net Promoter Score was calculated by subtracting the percentage of Detractors from the percentage of Promoters.
We processed the responses through the formula to produce our Net Promoter Score. Any positive NPS is considered favorable: showing a company has more Promoters than Detractors. A score of 50% or higher is considered exceptional. BWFA earned an NPS of 55% for Investment Management, 48% for Financial Planning, and 32% for Tax Services.
After a brief celebration of our high scores, we returned to the hard work of sifting through the data and comments to determine how we can do even better. Many of the responses arrived with additional comments that were extremely helpful to us. In particular, we received about 15 responses that suggested specific areas in which we could improve our service, and we have already started to work on some of those issues.
We are committed to further enhancements, based on your feedback. Of course, you don’t have to wait for your NPS survey to make suggestions; give us a call or send an email at any time.