With UK office leases at their shortest and vacancy rates soaring, there’s never been a better time to focus asset management strategies on income retention. RealService has been helping clients minimise defections for over 25 years and is proud to include companies like GPE, Federated Hermes, Cromwell, Barings, Schroders, Green Park/Mapletree, The Pollen Estate, Logicor among those who rely on insights from our occupier surveys to drive loyalty and enhance the customer experience.
Over the last five years, we have guided our clients to include the Net Promoter Score (NPS) loyalty question in their RealService benchmark customer satisfaction surveys. This addition has created a more comprehensive and powerful feedback mechanism. Here’s why combining NPS with customer satisfaction surveys can be so effective:
1. A Balanced View of Customer Experience and Loyalty
- Customer Satisfaction Questions: These typically focus on specific aspects of the customer journey, such as property management service quality, timeliness, responsiveness, and issue resolution. They provide granular insights into which operational areas are meeting or falling short of customer expectations.
- NPS: While satisfaction questions assess operational performance, NPS goes further by gauging customer loyalty and emotional attachment. It asks customers how likely they are to recommend the company, providing an indicator of their overall sentiment.
By merging these measures, RealService can offer a more complete view of customer experience and loyalty.
2. Enhanced Predictive Insights
- Customer satisfaction scores alone might not always predict customer behaviour. However, NPS provides a strong indication of future actions, such as the intention to renew leases or make referrals.
- Adding NPS allows RealService to correlate satisfaction scores with loyalty, enabling predictive modelling. For example, high satisfaction in specific areas like issue resolution and communication can be directly linked to high NPS scores, highlighting what truly drives customer loyalty.
3. Prioritisation of Improvements
- While satisfaction questions help identify specific pain points, NPS highlights which areas have the most impact on loyalty. If a particular issue significantly affects the NPS score, it signals a high priority for improvement.
- This approach enables our clients to focus on initiatives that will have the most positive influence on customer loyalty and business outcomes.
4. Benchmarking Against Industry Standards
- NPS is widely used beyond the property industry, allowing benchmarking through the RealService Customer Experience Benchmark Index (RSCXI) and against wider industry standards.
- Including NPS in the core questions gives clients a relative measure of their performance, alongside detailed satisfaction metrics.
5. Enhanced Reporting and Actionable Insights
- Combining NPS with detailed satisfaction data allows us to deliver richer reports. These can include both high-level loyalty metrics and in-depth analysis of specific aspects of customer experience, helping guide strategic decision-making.
- The actionable insights from this combination enable clients to tackle the root causes of dissatisfaction while also working to convert passive and detractor occupiers into promoters.
Unlock the Power of Loyalty
The integration of the NPS loyalty question with RealService’s benchmark customer satisfaction questions creates a dynamic tool for not only measuring satisfaction but also understanding and driving customer loyalty. This combination supports targeted asset management strategies to enhance customer experience and, ultimately, business success.
If you’re looking for new ways to drive the 3 R’s of real estate – revenue, retention, and reputation – at a portfolio or asset level, please get in touch.
Louise Freethy
t: 07718 972 297
e: louise.freethy@real-service.co.uk
