CRM2 & Net Promoter Score

SICON understands that with the new CRM2 regulations, the relationship dynamic between your Clients and your Financial Services practice is going to drastically change. Providing Clients with more transparency into their investment fees and charges could potentially cause backlash as they may not see the value being provided to them. According to PWC’s 2014 report entitled CRM2: Ready or not… Industry perspectives on Client Relationship Model – Phase 2 “Such concerns reinforce the need for firms and advisors to persuade customers that they’re getting value for their money. Advisors need to constantly know where their customers stand in terms of customer loyalty, especially with these changes”. Net Promoter score (NPS) is the ideal customer feedback system to allow for this constant feedback from Clients. To learn more about NPS, click here.

CRM2 & Net Promoter Score

Net Promoter score aligns with a number of points raised by PWC in their CRM2 report.

Quote #1

“Advisors will need to have the knowledge and ability to answer customers’ questions & concerns”.

NPS provides the foundation for determining any questions or concerns your Clients may be having. After surveys are completed, Client feedback will be broken down in reports you can then use to review with your team. From there you will be able to analyze the feedback given and determine the best way to solve any potential issues Clients may be facing.

Quote #2

“Taking a compliance-focused approach to CRM2 represents a missed opportunity for Canada’s financial services firms. Firms are being encouraged to take more of a strategic approach to CRM2, including considering whether it can be used to streamline processes or build stronger customer relationships”.

If your practice decides to take a strategic approach to CRM2, NPS plays in perfectly to building stronger customer relationships. The feedback provided by Clients will allow your practice to improve how you are presenting the performance reports breaking down where their investment fees and charges are going. Additionally, NPS provides the opportunity for Clients to offer their feedback on any concerns they may have with your processes, information which you can then use to improve operations.

Quote #3

From advisors perspective, CRM2 can be seen as a springboard for promoting more open communications between advisors & their customers. Richer information, coupled with greater attention from advisors, may well help customers feel more in control of their investments and deepen their loyalty to their advisors”.

NPS is an excellent platform for this communication; it gets the ball rolling for opening the line of communication with Clients. Third party calls eliminate bias and deliver honest feedback your firm can use to learn and improve. Once a Client brings up an issue, you can then reach out to them to outline the steps being implemented to resolve the issue and let them know that they should be seeing improvement in the area identified. This method of customer driven operational improvements really proves to Clients that you take their input seriously, deepening their loyalty to your practice.

SICON CRM’s Net Promoter Score Service

By completing a large number of our own NPS surveys, SICON professionals bring first hand experience when developing NPS solutions. Knowledgeable SICON professionals will take over the entire NPS process and work to produce actionable information you can use to improve customer loyalty. The SICON NPS solution is as follows:

  • Step 1: Send us a list of the key Clients you would like us to call, along with their phone numbers and email addresses.
  • Step 2: SICON professionals will build customized phone scripts and make the calls to your Clients, recording all the information in our database. 
  • Step 3: From the recorded data, SICON will periodically send you reports you can use to make changes to your processes, improving your overall customer loyalty.

If you would like more information about how SICON CRM can use Net Promoter score to help you maintain and even improve customer relationships during the transition into CRM2, simply fill in the contact us form.