Many agree that customer brand ambassadors drive real value when they are willing to offer a referral. That is truly what the Net Promoter Score (NPS) has become in terms of customer satisfaction and a company’s staying power.
Here’s a baseline definition of NPS:
NPS is an index ranging from -100 to 100 that measures the willingness of customers to recommend a company’s products or services to others. The score acts as a leading indicator of growth while rating a customer’s overall satisfaction with a company’s product or service including loyalty to the brand.
Bottom line, NPS is an important metric for many companies and Cachet Financial Services is no different.
Our Vice President of Sales, Brandi Utria stated the following:
“Our NPS score is 46 for the 2015/2016 survey and that’s north of last year’s number. This was collaborative effort between Sales, Operations, IT, Compliance and Accounting. We really did work jointly to ensure we met a high response rate from our customer participants.”
She concluded with describing the process as an insightful way to determine company direction.
The Net Promoter Network explains the calculation as using the answer to a single questions with a scale of 0–10. The question: How likely are you to refer [brand x] to a friend or colleague?
Net Promoter Network summarizes respondent into groups of Promoters (scores of 9-10) – these customers are enthusiasts and will refer, even fuel growth by their high score. Passives (score 7-8) are satisfied to a certain extent but not included in score results due to their satisfaction. Still with me? Then there are the Detractors (score 0-6) where it appears ‘orgs’ are rotating bald tires as these customers are unhappy and can set forth a bumpy road of damaging your brand simply by spreading the word.
The calculation takes the Promoters less the Detractors to come up with your net NPS score.
NPS scores drive actions simply by communicating customer insights to be optimized when shared across the organization. “Our goal with results is always to improve our efforts to the satisfaction of our customers”, adds Utria.
Company Adopts an ESOP
More good news for Cachet Financial Services. Financial Business Group Holdings (FBG), the parent company to Cachet recently made the announcement that they had become 100% employee owned. The Employee Stock Ownership Plan (ESOP) covers its 85 person employee base – read press release here. Excellent news!
For more information on Cachet Financial Services and the new release of I ♥ ACH, please contact Brandi Utria at (626) 578-9400.