Working with Alan Gonsenhauser at Demand Revenue, LLC, FinThrive implemented NPS 3.0, a customer feedback methodology designed to go beyond traditional Net Promoter Score (NPS) metrics. NPS 3.0 focuses on driving immediate action from customer feedback, enabling FinThrive to improve customer experiences in real-time.
To learn more about the impact NPS 3.0 and how it was successfully deployed, Swaay.Health sat down with Brad Rennick, Chief Customer Officer at FinThrive, Jeffrey Becker, Vice President of Portfolio Marketing at FinThrive and Alan Gonsenhauser, Founder & CEO at Demand Revenue.Key Takeaways
Reporting NPS scores is not enough. To truly improve teams must take immediate action based on the feedback provided by customers. This ensures customers feel heard.
NPS 3.0 at FinThrive has resulted not only in improved customer experience scores and increased loyalty but has directly contributed to an improvement on their KLAS rankings.
To implement NPS 3.0 successfully requires data, commitment from executives, buy-in from all internal departments, and an agreement on the metrics that matter.
NPS 3.0 Results in Immediate Action
“Traditional NPS is a great tool for taking a pulse on what the overall satisfaction of your customer is,” said Becker. “We wanted to go beyond that and take the information that we were gleaning from our traditional NPS program and take action on it so that we could drive perpetual improvement.”
When Gonsenhauser was interim Chief Marketing Officer at FinThrive he helped to identify customer experience as a key area of improvement. At the time, the company was integrating several acquisitions and there was less focus on customers.
“It is really important to invest in creating a remarkable customer experience,” said Gonsenhauser. “To do that, you need everyone that touches a customer to be involved. That means sales, marketing, operations…everyone. When customers provide feedback and do not see any change, they will stop giving you feedback. That means you will not have customer advocates and with out customer advocates you will not win new business.”
With NPS 3.0, each comment that is received on a standard NPS survey is immediately investigated to determine which aspects of the business it pertains to (ie: product, implementation services, support, sales, etc.). Each team that is “tagged” on an NPS comment is then asked to address it.
“The goal with NPS 3.0 is to close the loop and let our customers know they have been heard,” added Rennick. “They can see the actions and follow up that we have taken. My favorite part of NPS 3.0 is not what your NPS score is now, it is what your NPS is now versus what it was six months ago.”
Improvements to KLAS Scores
NPS 3.0 has also helped FinThrive to improve their KLAS scores and rankings.
“We have watched our KLAS scores and our KLAS rankings climb steadily across all of our products,” shared Becker. “Through NPS 3.0, we have the ability to drive that score improvement across our entire portfolio.”
Part of the KLAS ranking is based on customer feedback and perception of service. Since NPS 3.0 helps FinThrive respond immediately to feedback, it is not surprising that the NPS 3.0 processes have led to an improvement in KLAS scores.
FinThrive’s success with NPS 3.0 reflects the company’s commitment to customer experience. Becker, Rennick, and Gonsenhauser each stressed how important the real-time processes of gathering, reviewing, and taking action on customer feedback is to maintaining customer loyalty and to fueling FinThrive’s future growth.
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