A Net Promoter Score (NPS) is a simple metric that is based on the single 10 point scale survey question: How likely are you to recommend XYZ Firm to a friend or colleague? Survey respondents are broken into 3 categories, depending on the score they give:
- Promoters – respondents who answer a 9 or 10 to the recommend question represent your firm’s strongest allies and are most likely to promote your firm to others.
- Passives – respondents who answer a 7 or 8 to the recommend question represent clients or job
candidates who are indifferent to your firm.
- Detractors – respondents who answer with a 6 or lower represent clients or job candidates who are
at serious risk of switching professional service firms.
- Industry Expertise- Our in depth industry knowledge gives us a step above the rest. Each year we conduct an independent benchmarking survey so we can truly be your industry experts. Our firm is configured to measure your client feedback with a systematic platform designed for efficiency and ease quarter after quarter.
- Industry Certification – After the survey completion, your firm receives the ‘Inavero Certified’ logo to recognize your commitment to excellence in client satisfaction. Your firm can use this logo for marketing and business development purposes.
- Real-Time Email Alerts – It is critical to know right away when a client is unsatisfied with your firm. We provide real-time email alerts if a client rates you low so that you can take quick action.
- A Variety of Reporting Options – There are numerous ways to report your data. For firms with multiple offices, we provide office level reporting and can even provide reporting down to the individual representative level. Additional reporting options are available and we would be happy to discuss ways to fit best into your firm.
- Account Level Reporting – Account level reporting makes it easy to take quick action when a client is unhappy with the service they have been receiving.
- Performance Trending – We maintain all of your firm’s prior survey data. This allows us to provide your firm with trending data in all of the reports we deliver you so you can see how you are improving quarter after quarter.
The Net Promoter Score is calculated by taking the % of promoters minus the % of detractors. The Net Promoter Score was developed by Bain consultant and author Frederick Reicheld. More information on NPS can be found at www.netpromoter.com.
Our satisfaction surveys are different than traditional customer satisfaction surveys to create industry specific value to our clients. Following are the six ways in which we differentiate.
To recognize your commitment to excelling in client satisfaction, your firm must participant in at least one Quarterly Loyalty Index Survey or one Annual Account Review Survey.
Typically close to 30%. Although, we’ve had offices lower and some offices much higher (up to 60%). The response rate has a lot to do with how much your firm focuses on promoting the survey to your clients. We will consult with you on the best techniques for your firm to receive a high response rate.
The key to this is to make sure your clients feel confident that their survey responses are valued by your firm, and that their concerns or being addresses in a timely manner. If your clients do not feel like you are listening to them, that is when they’ll stop participating in the survey.
This is a common misconception. You will often see responses from those who are most passionate about their relationship with your firm. They could be passionately upset or be extremely satisfied with the service your firm provides. The response has more to do with your clients’ relationship with you. e.g. If you speak with them every other week and they feel connect to you, they are more likely to complete the survey whether they have a positive or negative comment to share. If there is not a good connect, they may not feel the commitment to respond.
Clients who you do not have a good relationship with may not feel as committed to responding as those who feel extremely vested in a relationship with your firm. However, it’s likely the firms who you have a poor relationship with are the ones you most want to hear from.
During the survey process, we will send the survey out two times. The initial survey communication goes to everyone on your client list. The second goes to those who have not yet responded. We provide your firm with a list of clients who did not respond with 48 hours of the initial email sends. We suggest you call each of those contacts and emphasize the importance of their feedback and guide them to respond to the survey. This process will in lieu increase your response rate.
Online surveys are a do-it-yourself option, and Inavero is a full service firm. Additionally, online surveys do not have any industry expertise for reporting and analysis purposes. Our in depth industry knowledge gives us the ultimate research and client satisfaction benchmarks for your industry. Our firm is configured to deal with measuring your client feedback with a systematic platform designed for efficiency and ease quarter after quarter.
Additionally, you firm becomes ‘Inavero Certified’ for your commitment to excelling in client satisfaction which you can use for marketing and business development purposes.