Adding Color to Your NPS and Customer Satisfaction Studies

Would you like to provide more color or a story behind your NPS or customer satisfaction numbers? Do you need to deliver that color faster and in an engaging manner for your stakeholders? Here's a process that will enable you to accomplish these goals. 

First, you will identify your top 20 - 30 most dissatisfied clients from your NPS or customer satisfaction study. You will also identify a random sample of 20 - 30 other customers for comparative analysis. The next step is to conduct a 3-day online discussion board with these customers. You can opt to use a webcam during the interviews. This process will help you:

  • Collect stories about your customers' best and worse experiences.
  • Explore what could have caused a customer to actively recommend, passively promote, or not recommend your brand.
  • Dig deep into any specific solutions or services that may be of interest to your customers.

What does your company get? Quick results in the form of “stories” about your clients’ best & worst experiences with your brand via integrated quantitative & qualitative research. You can get more attention from stakeholders by including webcam clips conveying the true “voice of the customer”. Contact us to set all this up for your NPS or customer satisfaction studies.

Opportunity: Expand Access to Your Financial Products & Services by Engaging 100 Million Americans.

An FDIC (2013) study shows "that the existence of unbanked and underbanked households presents an opportunity for banks to expand access to their products and services and forge relationships with these underserved groups, ultimately increasing economic inclusion."

How many unbanked and underbanked people? 68 million people are under-banked and 25 million people are unbanked. In terms of households that equals 24 million under-banked households, and 10 million unbanked households.

Who is most likely to be under-banked? African-Americans (33%), Hispanics (29%), Unmarried female-headed families (29%), unmarried male-headed families (28%). It's not just a minority issue: The under-banked rate among Whites is 16%.

What kind of financial products/services do they use? Unbanked (74%) and under-banked (42%) households are significantly more likely to use Alternate Financial Services (AFS) than banked households (9%).

What is included in Alternate Financial Services? Money orders, check cashing, remittances, pawn shops, payday loans, refund anticipation loans, rent-to-own, auto title loans, etc.

Negative consequences of current AFS practices? High fees charged by AFS businesses; current practices may actually worsen the financial situation of AFS users (refinancing of debt, rollovers, flipping); dependency on AFS and isolation from traditional banking system.

Implications:

  • Deliver high-quality, customer-centric Alternate Financial Services (AFS) to underbanked and unbanked households. Many AFS users are paying higher fees and end up in a worse financial situation. A significant business opportunity exists for the right company to target the right customer segments, with the right products/services.
  • Establish foundational insights about the target segments, share broadly throughout the organization (marketing, product, risk, financial, etc.) and brainstorm hypothesis and implications for your organization, determine implications for your marketing, product and distribution efforts.
  • Reach the 25 million underbanked households (68 million people) via mobile phones and smartphones as the vast majority of households (83%) report access to a mobile phone, of which two-thirds were smartphones. In fact, relative to fully banked households, underbanked households were somewhat more likely to have access to a mobile phone or smartphone.
  • Engage under-banked via the Internet. 8 out of 10 under-banked households have Internet access - the same as fully banked households. And, it is possible to reach 4 out of 10 unbanked households via the internet.
  • Develop segment-specific integrated marketing campaigns. Don't use a one-size fits all model. Use of banking and AFS varies by income, education, age, gender, marital status, and ethnicity/race.

 

 

 

 

Small Business is Huge in America

Are you marketing or selling to small businesses (SMBs)? America, always known as the land of opportunity, is where good ideas combined with determination & hard work can jump start businesses that prosper. 

This support of entrepreneurship takes many forms, including the 20 million+ sole proprietors working out of their home office or on the road with no employees, the millions of brick & mortar establishments located throughout the towns and cities across America, to the more established LLCs, S-Corps, and even the global conglomerates.

It's important to note that giant corporations don’t dominate the U.S! In fact, 99% of all independent enterprises employ fewer than 500 people! There are under 18,000 businesses that employ 500 or more people. 

Small enterprises, that is those with less than 500 employees, account for:

  • About 50% of all U.S. workers
  • 37% of high-tech employment
  • 98% of firms exporting goods

Get this: Since the end of the great recession alone, small firms accounted for 60% of the new jobs in America. These are impressive stats which demonstrate that small and medium sized businesses are still the heart of America.

And, contrary to the perception by some people in certain industries that most small business owners are age 35 or younger, the reality is that more than half (51%) of all business owners are 50 or older.  What does this all mean for you? When developing your targeting and communication strategies, it is important to keep in mind who you are targeting. The numerous small business owners aged 50 plus, command communication and messaging that deserves the level of respect earned through many years of accomplished leadership.

The Barraza Group knows small business. We've helped many B2B-focused companies such as PayPal, Intuit and others.