At Gravie, we strive to provide better benefits for all. Our members’ level of satisfaction is a key indicator of whether or not we’re meeting that goal. We routinely look at ourselves through their eyes to understand where we’re meeting customer expectations and what opportunities exist to improve. One tool we rely on to gauge customer loyalty is the Net Promoter Score (NPS).
What is the NPS?
Fred Reichheld introduced the Net Promoter Score as measure of customer loyalty in 2003, and it has been widely adopted across many industries since then. NPS is considered a helpful and universal customer loyalty tool because it’s based on one question any company can ask: “How likely are you to recommend us to a friend or family member?”
To gather this feedback, Gravie offers a quick survey at the end of our web shopping experience and after each phone interaction with a Gravie advisor. Customers provide answers when their interaction with Gravie is top of mind, and without a major interruption to their day.
Each answer provided by a member is based on a 10-point scale, with “1” being “Not at All Likely to Recommend” and 10 being “Extremely Likely to Recommend.” Responses fall into the following categories – Promoters, Passives or Detractors:
Promoters are those people who respond with a 9 or 10. They are loyal enthusiasts who routinely purchase a company’s product or service and encourage their friends and family to do the same.
Passives are those people who respond with a 7 or 8. They are satisfied with a company’s product or service, but are generally unenthusiastic and could buy from the competition in the future.
Detractors are those people who respond somewhere between a 0 and 6. They are significantly unhappy customers who view themselves as being in a bad company/customer relationship – and they aren’t afraid to share their experience.
Using a simple formula based on the number of Promoters and the number of Detractors, we get our NPS score.
How Gravie Measures Up
We believe in being transparent with our NPS score so those doing business with us – or thinking of doing business – with us have tangible, measurable information about how our current customers view us.
Gravie’s 2016 NPS is 59. For comparison’s sake, the average NPS for the health insurance industry is 18. The fact that our score is over three times higher than the industry average reflects our commitment to our members.
Why it Matters
Gravie uses the NPS score along with feedback from members in a number of ways, including department benchmarking in product development, communications, account management, and sales for ongoing improvement. In fact, often times improvements to the Gravie web experience and the addition of new of products are based on this feedback.
As Gravie continues to grow and evolve, providing better benefits for all will remain a top priority. Regularly measuring our NPS score will helps us identify whether we’re accomplishing that.
In an effort to provide better benefits, we’re offering a new tax-free solution. Join us on March 1 for a webinar: What Employers Should Know About the Cure’s Act & Why This New Law Means More Affordable, Broader Options for Employee Benefits.