QUESTION. What do Singapore Airlines, the NHS and The Crown Estate have in common?
Answer. They all examine – and publish – their Net Promoter Scores.
The score is a measure of customer loyalty used by more than two-thirds of America’s Fortune 1,000 companies and which has been embraced in the UK by forward-thinking property companies like The Crown Estate and GPE (formerly Great Portland Estates). Both have published their Net Promoter Scores in their 2021 Annual reports.
RealService can help you measure the loyalty of your customers and benchmark your score against your peers.
Managing director Howard Morgan believes the NPS is putting the spotlight on customer loyalty in the property industry: “The NPS is independent, it’s transparent and it is a powerful device for landlords in motivating their leadership teams and suppliers,” he said.
“It’s an industry-standard measure and I am delighted we are trusted by our clients to gather data which tracks and demonstrates their progress in improving customer loyalty.”
End user satisfaction more and more important
Investors are increasingly focusing on rental income and that makes the satisfaction of the end user more and more important. A good NPS is attractive to investors but it’s also an early-warning system which highlights areas which could be improved.
The score was developed in 1993 by Fred Reichheld and later adopted in 2003 by US consultants Bain & Company and tech company Satmetrix.
It is based around the simple question: On a scale of 0-10, how likely are you to recommend us to a friend or colleague? Plus the obvious follow up: Why?
The score identifies promoters, passives and detractors; it’s the promoters who will recommend your product or building to other potential customers.
As well as helping you calculate your NPS, RealService can also benchmark your score against other property companies, via our RealService Customer Experience Index.
RealService Customer Experience Index
The Index is based on around 35,000 responses to questions put to residential and commercial clients over the previous two years, covering eight core areas and incorporating overall Net Promoter Scores.
RealService clients can analyse their own data confidentially and compare their RealService CXI score with their peers in the property industry. It is published annually.
Louise Freethy, RealService director and chief operating officer, believes the property industry should embrace a metric which has long been used in other sectors.
“The NPS is a tried and tested tool which is an incredibly useful indicator for landlords as they reinvent office, retail and industrial environments and engage their customers in that process,” she said.
So please download our factsheet which covers NPS basics or contact RealService director and chief operating officer Louise.Freethy@Real-Service.co.uk for more information.