Any brand or business that has a customer-facing component knows how important customer satisfaction is. Intuitively, it is easy to understand that customers who are happy with the service they receive are more likely to stay loyal to a brand.
However, the current economic environment makes this an oversimplified interpretation. With regard to services such as fleet management and motor insurance, the constant pressure of the cost of living, aggressive marketing tactics from competitors, and the ease with which people can obtain alternative quotes and switch providers means that the pressure is on to take customer satisfaction and retention strategies to an entirely new level.
This requires a sophisticated, multi-layered strategy and a very clear understanding of how to objectively score and measure customer loyalty.
How to be smarter with data
How do you measure customer retention? One tried-and-tested metric is the Net Promoter Score (NPS). This system scores how loyal customers are based on how likely they are, out of a maximum score of ten, to recommend a service or product to a friend, family member, or co-worker.
An NPS allows brokers to get an immediate sense of where that customer aligns in terms of brand loyalty, given that a score of 9-10 means a “promoter” (or customer with a high lifetime value) whereas a score below 6 flags customers who are “detractors'' (at best apathetic, or at worst actively dissatisfied with a broker). Detractors could be causing reputational harm through negative online or word-of-mouth reviews.
It is also important to note that NPS is measuring customer loyalty and not just customer satisfaction – a satisfied customer can still be lured away by a competitor, whereas a truly loyal promoter is easy to retain for longer.
NPS also creates an aggregated score based on every review provided – which is a score from between -100 (the lowest possible score) and +100. This total score indicates whether a brand has more promoters or detractors.
There are average scores published for various industries in order to benchmark how well a brand is doing within its industry. Scores can be obtained for rival brands, which means it is possible to see who is leading in the eyes of customers.
Getting the score that counts
So, given the importance of reaching a solid NPS that surpasses that of the industry average and of significant competitors, what are your opportunities to ramp up that number?
Perhaps it is time to review your claims process and consider the implications of using an end-to-end accident management company to improve customer retention.
A good accident management company centralises and controls every aspect of a client’s claim from notification to repairs to legal services, in an efficient and transparent way. It also prioritises effective communication and optimal client service at every interaction with the client during the process, from first notification of loss through to resolution of the claim.
These interactions are vital touchpoints that can make clients feel reassured, informed, and in control throughout a stressful and inconvenient period of time, and if the claim is handled professionally and intelligently, it can go a huge way towards building trust and loyalty.
Critically, any accident management company worth partnering with has to have the capacity to respond to client’s needs in a rapid and flexible manner, have access to advanced technology, and have a deep understanding of customer service with a dedicated team of client service professionals.
How can Motor Assist help improve customer satisfaction?
If you are serious about building a brand with loyal, invested clients, it might be time to talk to the experts about revolutionising your business.
With an end-to-end claims solution, extensive vehicle fleet, repair network, legal services firm, and excellent track record, Motor Assist can ensure that your current and future customer base is being given superior service, including first response, vehicle recovery, repair management, engineering services, and uninsured loss recovery.
With this portfolio of services all being controlled centrally and carefully managed by an expert team, you have the confidence and peace of mind that customer service and retention is being handled, and can focus on other aspects of growing and managing your business. For further information on how Motor Assist can offer you a tailored solution for your business, get in touch today.