We recently finished conducting our annual customer satisfaction survey and thought we’d take this opportunity to share the results with you.  In this post, we’ll also talk briefly about why we conduct this survey.

There are several reasons why companies (including 1st Basis Consulting) use customer satisfaction surveys, including:

  1. To measure customer satisfaction: Customer satisfaction surveys allow companies to measure how satisfied their customers are with their products, services, or overall experience. This information can be used to improve customer service and identify areas of the business that may need attention.

2. To gather feedback: Customer satisfaction surveys provide an opportunity for customers to provide feedback on their experience, including what they liked and what they didn’t like. This feedback can be used to make improvements to the business and address customer concerns.

3. To improve customer retention: By measuring customer satisfaction, companies can identify at-risk customers and take steps to improve their experience. This can help to increase customer retention and reduce customer churn.

4. To benchmark against competitors: Customer satisfaction surveys can be used to benchmark a company’s performance against its competitors. This information can help to identify areas where the company is performing well, as well as areas where it may be falling behind.  1st Basis Consulting uses the Net Promoter Score to benchmark against our competitors and the industry as a whole.

Net Promoter Score (NPS) is a customer satisfaction metric used to gauge the loyalty and overall sentiment of a company’s customers. It is calculated by asking customers to rate their likelihood of recommending a company’s product or service to others on a scale of 0 to 10, and then categorizing the responses into three groups: detractors (0-6), passives (7-8), and promoters (9-10).

The NPS is calculated by subtracting the percentage of detractors from the percentage of promoters. The resulting score ranges from -100 (if every respondent is a detractor) to 100 (if every respondent is a promoter). Companies typically use NPS to track customer satisfaction over time and to compare their performance against competitors.

The NPS is widely used in customer service and marketing research and is considered a quick and easy way to get a snapshot of customer loyalty and satisfaction. However, it should be used in conjunction with other metrics and qualitative research to get a more comprehensive understanding of customer feedback.

5. To demonstrate commitment to customer service: By regularly conducting customer satisfaction surveys and taking action based on the results, companies can demonstrate their commitment to providing excellent customer service. This can help to build trust and loyalty with customers.

Here are the results of our survey:

This blog was written using ChatGPT AI