Net Promoter Scores & Referrals

The following is provided as key information and ideas to get started with these technologies and not to be considered a full evaluation of available vendors or any issues associated with vendors.

Ways it can work in your agency:

Get customer insights on what your agency is doing well and set up systems to improve on those things you are not doing well.
Use the feedback to make operational changes that improve your service.
Send surveys to customers 48-72 hours after a qualifying event (i.e. call to your agency, claim, policy changes, etc.).
Use results to reach customers who can promote your agency online and to friends and family through referrals.
Follow up on low scoring surveys within 24 hours to close the loop. Work to fix their individual issues—some can be turned around and it can provide more insight into how to improve your operations.
Use your NPS score to set agency-wide client loyalty goals and compare to industry benchmarks.

Features:

Integration with your agency management system and/or CRM
Ability to segment NPS by employee, product, and other criteria
Ability to login to see verbatims in real-time
Automated solicitation of customer ratings and reviews

Mobile access
Monitors and reports on review sites and social media mentions and engagement
Ability to email and text surveys to customers
Set up notifications in real-time to identify unhappy customers

Integration with customer communications, such as regular emails, computer-generated handwritten notes and more
Ability to compare your NPS to other agencies and the industry

Vendors:

Pricing:

There are a wide variety of services and they are not all the same. Some offer multiple services beyond the NPS, including referrals and customer communications. You can also do it yourself by using the free version of a survey tool, such as SurveyMonkey. Comprehensive customer survey, referral and recommendation programs can cost $250+ per month.

Guide for calculating ROI:

How to quantify the benefit of your Net Promoter Score and referral service.

(+) Average customer lifetime value	$ Model that takes into account the average annual customer commissions multiplied by the average retention
(+) Increase in customer retention rates	$
(+) Increase in lead-to-sale conversions	$
(+) Increase in new sales	$
(+) Decrease in the cost of new sales	$
(-) Costs of the new solution	$

Guide for KPIs:

You can use your NPS and referral tools to track a variety of Key Performance Indicators important to your agency.

Number of NPS promoters

Important because they are the most loyal who will recommend the agency to other potential buyers.

Number of NPS detractors

Won't likely purchase again and could potentially damage the agency's reputation through negative word of mouth.

Number of NPS passives

Passive customers are more likely to churn because they are open to alternatives. They are not loyal to your brand and are often price sensitive. It’s important to keep track of the numbers of passives.

Monthly change in any of the NPS promoters, detractors or passives

Can provide an early indicator to pending shifts in business results.

Referral source

Where the leads are coming from.

#s of referrals

Indication of program effectiveness.

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