Has your customer’s opinion of your business changed? mSurvey Releases Quarter 2 Customer Loyalty Industry Benchmark ReportJuly 29, 2018
mSurvey has released its second quarterly report for the Customer Loyalty Industry Benchmark this week. The report which is based on the Net Promoter Score (NPS), a globally recognised customer loyalty metric, has revealed shifts in brand leaders across different industries compared to the previous quarter.
As consumer expectations continue to increase, building customer loyalty has become more crucial for businesses. For this reason, businesses today more than ever are trying to understand their customer’s overall experience better to inform their strategies, develop better products, drive repeat business, reduce churn and grow their revenues.
Businesses that use a more customer-centric approach in their operations tend to out-perform their competition. Speaking further on the risk of failing to build customer loyalty, Richard Owen, Co-Creator of the NPS metric and investor in mSurvey adds, “91% of customers will not do business with you a second time if you botch your first encounter.”
In addition to allowing businesses to improve their customer loyalty with real-time NPS based customer feedback services, mSurvey began publishing the quarterly report to add even more value to businesses. Speaking on this value add, Kenfield Griffith, mSurvey CEO and Co-founder mentions, “Despite businesses being clear on their own performance, establishing industry benchmarks and how they rank against other businesses in customer experience has remained unclear”. For this reason, mSurvey is allowing businesses to understand how they perform against their competition to give them insight into the areas they can improve on in their processes through the quarterly Customer Loyalty Industry Benchmark Reports.
It is important to note that Net Promoter Scores vary by industry so one should only make comparisons of companies within the same industry.
The report covered seven industry sectors, namely:
- Insurance (Health, Motor, Life)
- Digital TV/Cable providers
- Health Facilities/ Hospitals
Retail/ Modern trade
Some of the major changes in Q2 occurred in the health and insurance industries with marginal changes across other industries. The largest change in customer experience was recorded in Insurance which improved significantly with the overall Net Promoter Score (NPS) rising from 5 to 17. On the other hand, customer experience in the health industry declined from an NPS of -4 to -10.
Aga Khan University Hospital maintained the lead in the Health Facilities/ Hospitals industry scoring 39, an NPS that increased by 17 points since the last quarter with most promoters citing quality care and treatment of patients, customers however mentioned that they could improve on their speed.
Under the insurance industry, Britam took the lead this quarter with a score of 25, up by 14 points from the previous quarter. The key driver for good customer experience is reliability. One Britam customer said, “They are reliable, there are no errors on payments and the records are always reliable”. Furthermore, the report showed that all the main insurers including NHIF have improved on how well they respond to customer’s needs during emergencies.
For more information on how to access the full Q2 2018 Customer Loyalty Industry Benchmark Report speak to us today.
Since mSurvey’s inception in 2012, we have been helping businesses better understand consumers in Africa with mSurvey’s flagship product Voice of the Customer. Through this product, businesses have been able to access customer feedback directly from their customers at scale and in real time through mobile conversations using the Net Promoter Score (NPS) a global metric which enables businesses to measure their customer loyalty and boost their customer retention.
mSurvey’s platform enables businesses to inform their strategies through real-time customer feedback to improve their customer experience and grow their revenues. After a successful run in Kenya, with the acquisition of several major clients such as Java House, entering a partnership with Safaricom, East and Central Africa’s largest telco and the integration with Safaricom’s mobile money giant mPesa, mSurvey has expanded its operations to Africa, starting from Nigeria.