COSTA MESA, Calif. and BOSTON, Dec. 8, 2016 /PRNewswire/ -- J.D. Power, a leading global provider of customer satisfaction research, has signed an agreement with Bain & Company, a global management consulting firm, to become the officially recognized authority for benchmarking the Net Promoter® Score (NPS) in a series of industry studies in North America.
Bain Certified Net Promoter by J.D. Power will deliver world-class independent measures of NPS benchmarks and advisory services via J.D. Power retail banking industry benchmark studies in 2016 and 2017. Additional studies under consideration will focus on financial services, insurance, utilities, telecommunications and travel.
This independent NPS competitive benchmark follows a methodology certified by Bain & Company, a key requirement for accurate scores. Brands that adopt the new benchmark will be better positioned to improve customer experience, increase brand advocacy and drive positive financial results. To access the Bain Certified NPS benchmarks, you must subscribe to at least one of 20 select J.D. Power studies published in 2017. Learn more at http://www.jdpower.com/nps.
"Many companies in these industries conduct internal NPS surveys while, at the same time, basing much of their investor communication and executive compensation on these results," said Keith Webster, senior vice president and general manager at J.D. Power. "J.D. Power will now provide an independent and objective Bain-certified NPS industry benchmark which companies can use to compare performance."
The collaboration will combine J.D. Power's extensive knowledge of measuring customer feedback with Bain's deployment of the NPS system to help companies achieve sector leadership in customer loyalty. Both firms are also evaluating the possibility of extending their collaborative efforts to include NPS in other J.D. Power syndicated benchmarking studies.
"Developing a reliable and trusted NPS benchmarking authority will raise the standard for the measurement and reporting of NPS and help our clients focus on taking the actions required to earn deeper loyalty from their customers," said Rob Markey, partner at Bain & Company and co-author of The Ultimate Question 2.0. "Working with J.D. Power—a company with the expertise to measure and benchmark customer feedback—will give our clients benchmarks they can rely on when making important decisions."
"Using NPS as the top-level measure of customer engagement—and then marrying that with the depth of data J.D. Power captures—will give clients a significantly enhanced capability to not only see where they stand relative to competitors, but to more precisely identify and prioritize improvement opportunities," said Rocky Clancy, vice president, financial service practice, at J.D. Power. "This benchmarking will enable clients to compare their performance and best practices to companies in other industries, which is critical given that customer expectations are influenced by their experience with other products and firms."
"Banks are more determined than ever to improve their customer experience, but there remains a disconnect between how they rate themselves and how their customers rate them," said Gerard du Toit a partner at Bain who leads their banking practice in North America. "They also don't realize just how good the best banks are at earning customer loyalty and how they do it. For instance, based on our latest research, most large U.S. banks have an NPS in the 20-30% range. USAA is at 81%. Bain's partnership with J.D. Power provides banks with an independent and rigorous measure of whether they have earned the loyalty or the anger of their customers, and how that compares to best in class."
J.D. Power is a global market research company known for its independent consumer surveys of product and service quality, customer satisfaction and buyer behavior in more than a dozen industries. Established in 1968 and headquartered in Costa Mesa, Calif., J.D. Power has 17 locations serving North/South America, Europe and the Asia Pacific region.
Bain & Company is the management consulting firm that the world's business leaders come to when they want results. Bain advises clients on strategy, operations, technology, organization, private equity and mergers and acquisition, developing practical insights that clients act on and transferring skills that make change stick.
The firm aligns its incentives with clients by linking its fees to their results. Bain clients have outperformed the stock market 4 to 1. Founded in 1973, Bain has 53 offices in 34 countries, and its deep expertise and client roster cross every industry and economic sector.
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Net Promoter® and NPS® are registered trademarks and Net Promoter SystemSM and Net Promoter ScoreSM are trademarks of Bain & Company, Satmetrix Systems and Fred Reichheld.
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SOURCE J.D. Power