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'Voice Of The Customer Award' demonstrates the value of learning to listen

Forrester, the independent research company, has announced that it has selected Experian from a pool of 40 nominees as one of three winners its ‘Voice Of The Customer Awards’.

The award, which was presented at the Forrester Customer Experience Forum in New York, recognises Experian’s implementation of Satmetrix’s Net Promoter® Scores (NPS). NPS allows categorisation of customers into three groups based on their willingness to recommend particular companies or products to a friends or colleagues.  The three groups are: Promoters, usually defined as loyal customers who will keep buying and refer others. Passives, who are satisfied but unenthusiastic and vulnerable to competitive offerings. Thirdly there are Detractors, who are unhappy customers who can damage brand reputation.

Forrester awarded Experian the ‘Voice Of The Customer Awards’ accolade for its listening process that measure performance against 11 key loyalty drivers. Since Experian has implemented the program and leveraged Satmetrix in 2005, the group has seen a 17.5 percent increase in its Net Promoter Scores (NPS).  In 2009, its average NPS was 27.8 percent, compared with a U.S. business-to business average of 6.7 percent. ''The Net Promoter Operating Model enables Experian to listen to the voice of the customer and take action on the feedback to continually improve the customer experience..''

In large part, Experian attributes its strong performance to two core accomplishments. Primarily, Experian made a concerted effort to become a strategic partner for its clients by providing counsel on how they could be more successful. To do this, Experian made significant investments in enhancing the sales teams’ skill sets and in bringing thought leadership and advisory services into their repertoire.

In addition, Experian implemented a truly customer-centric strategy for managing operational costs during the economic downturn. Like so many other companies, Experian has had to make difficult operational decisions with respect to costs. The insight Experian gained through its Net Promoter business strategy fostered informed cost-cutting decisions that demonstrated to clients a level of stability and customer commitment not evidenced by key competitors.

Laura DeSoto, Experian’s Senior Vice President of Strategic Initiatives, said. “At Experian, we value the voice of the customer and have worked for years to ensure that we deliver a truly customer-centric experience. It is an honour for the entire Experian team to have these efforts recognised in this independent evaluation by Forrester.”

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