Suppose you are driving your car on a dark and curvy mountain road, on a rainy night, with a very foggy front windshield, dim headlights, and a perfectly clear rear view mirror to guide your path forward? It’s not a comforting scenario. Surprisingly, this is how many companies still operate when attempting to understand and improve their customers’ experiences and the resulting customer satisfaction (or JD Power/Net Promoter) ratings. They know a great deal about the past but very little about the future; they know a lot about the average customer but very little about the individual customer.
This will be the first in an occasional series about linking consumer databases to other, non-traditional data sources for deeper and innovative insights. Today we pick on electric utilities.
When you have a bad experience with a company, what’s the first thing you do? If you’re like a lot of consumers, you probably tell your friends and family about it. This scenario can be a nightmare for a company if it happens with a large number of customers on a frequent basis. But the good news is that by taking the time to understand customers, those negative reviews can be turned into positive ones. That’s where Net Promoter Score (NPS®) comes in. What is NPS?
At this year’s 2013 TSE Services Member Satisfaction Summit we heard how electric utility cooperative members use customer satisfaction research to more fully engage with consumers and improve their products and services. Member engagement, member satisfaction and best practices were trending topics for speakers at the summit as different cooperatives shared the challenges they face and how those issues are being resolved. Here's what some companies are saying about customer satisfaction research:
After attending the 2013 EMACS and my 5th Chartwell conference, the trending strategies for utilities is becoming clear: Listen. Connect. Understand. Participants at the conference show us how they're doing this: Listening leads to better business.
We’ve already blogged about the challenges life insurance marketers will face this year, and how these insurers can effectively reach untouched consumer segments (e.g. low to middle markets) and adapt to changing consumer bases. Since then, FGI surveyed over 1,500 consumers about their perceptions of life insurance (LI) coverage. From this data, we discovered consumer attitudes towards purchasing LI and found common patterns among those who do and don’t choose coverage. Below is an overview of some key findings.
The 2013 LIMRA Marketing and Research Conference in Orlando, FL was a big hit! Thanks to everyone who stopped by the FGI Research table to discuss your research needs. Here's a quick recap and some crucial take aways.
Health insurance companies need to understand their changing market landscape in order to prepare for a time when the population has greater choice under the Affordable Care Act (ACA) and providers are forced to compete for members. And there are certain fundamental questions that face a company when competing for these customers
We just get back from the 2013 Chartwell Utility Market Research Summit in sunny Phoenix, AZ.
You might have thought all the buzz over the Affordable Care Act was over, but in reality, it’s just beginning.