i’m still amazed on how a “simple” metric such as the NPS can generate vast information. especially whenever respondents state their reasons for rating. like this one study we made for a bank. it’s interesting to note that although the bank has a high Net Promoter Score (relative to Reicheld’s NPS Stars), 19% of its promoters believe (and agrees w/ most detractors) that the bank renders slow service. just goes to show that industries should not simply focus on reducing detractors but should also focus on basic customer issues that cut across the NPS spectrum

I cannot speak to how financial services companies use NPS per se. Other than: I would pay close attention to what Vanguard does as they are a standout.

how have the NPS worked for the banks? what action plans have been made by the banking & finance institutions out of their NPS? were they effective?

Great blog! Too many in IT marketing lose touch with this philosophy and disappear you know where. Just cause you don’t see many of them over the net don’t mean you should care less. People are a mix of emotional and rational – satisfying both creates real motivation. Group hug to that!

Seriously though, there is a bit of consumer behaviour research out there on the benefits of converting detractors (ie. reversing dissatisfaction). Whilst the process is potentially effort intensive (or not), they can indeed become accolades and further, tent to be less sensitive to minor issues later on. Its a relationship after all.

Another refinement to consider is self-rating level of WoM influence. If they would recommend you then…have they…maybe you could ask to how many (decision-makers or seats). There is a grey ‘intrusion line’ somewhere here you may not want to cross. Its easy to go too far!

Anyhow, some thoughts which I hope help out. Michael

I was wondering what your source was for the Select NPS Stars. I am familiar with the Satmetrix database, but the most recent one I found of theirs is from 2004. Your list looks to be different. – Thanks, Melissa