Customer satisfaction is the foundation of any business’ referral network. By focusing on providing consistently positive experiences for customers, businesses can develop mutually beneficial trust relationships with their clients. That trust is essential, because referring a business to a friend or other business partner is an act of faith that demonstrates their confidence in you and your business.
Unfortunately, it’s not always obvious whether clients are just generally satisfied, or if they’re satisfied to the point where they would advocate for your business. The Net Promoter Score (NPS) is a tool that’s designed to provide that data.
What is NPS?
The Net Promoter Score is an index used to measure the quality of a firm’s customer relationships. Specifically, it shows how likely customers are to advocate for and refer new leads to that business. The score ranges from -100% to +100%, where any positive score is considered good, and scores over +50% are excellent and indicate that a business is highly referrable. A high willingness to refer a business strongly indicates a very high level of customer satisfaction, because of the vote of confidence that such an act implies.
Of course, this data can’t reliably be gathered by that business itself if the integrity of the survey is to be maintained. It is conducted by an independent third party, who anonymously surveys customers and monitors their stated willingness to refer a business to friends, colleagues, or relatives.
NPS at Fifo Capital
Like many financial institutions, Fifo Capital has been using NPS to gauge customer satisfaction for a number of years, and we’re extremely proud to announce a very positive result of +63% for the February/March 2017 survey. This improvement on the previous year’s score of +55% is indicative of our sustained focus on improving our clients’ experiences and serving our customers in the best way possible.
Our result is particularly impressive considering that the banking sector as a whole scored -0.21%, while more specialised credit unions scored +40.43%. For Fifo Capital, achieving such a high level of customer satisfaction has been about centring our business around our clients’ needs, and working with them to continue to perfect our products and services over time.
How we serve our customers better
Our top priority is to help our clients succeed on their own terms. In a number of ways, our services are specifically designed to address the specialised wants and needs of our client base.
Because smaller businesses tend to operate on very lean budgets, time is often very much of the essence. Effectively managing a cash flow disruption requires nearly instant access to funds to ensure that operations can continue smoothly. To facilitate that, we review new applications within 24 to 48 hours and get back to you with an answer and your funds as fast as possible. Existing clients can get funding even more quickly, typically in less than 4-hours.
Fifo Capital works primarily with small and medium sized businesses, who often can’t afford to hire an entire financial division to advise them. To better serve these customers, we take a uniquely relationship-based approach to customer service.
Unlike many financial institutions where customers might be referred to a nameless call-centre representative for support, all our customers have a single point of contact who is available by phone or face-to-face. Our representatives work with clients to help them determine and implement the best solutions for their specific needs, and to ensure the best possible outcomes for all parties.
We aren’t a traditional financial institution, and because of this, we are not focused on ensuring that clients use our services continuously. Rather, Fifo Capital is designed to complement a client’s regular banking institution rather than to compete with it. We provide funding for specific situations to help clients continue to grow in times of financial need. We don’t lock clients into long-term contracts, and offer the flexibility and control they need to take advantage of our products at need.
This focus on serving our clients’ interests first is key to providing a low-stress and high value customer experience, and is ultimately what keeps our customers coming back. We’ve issued nearly $1 billion dollars in funding over the last 8 years, and along with our NPS results this goes to show that Fifo is getting the customer-focused financing service model right. If you’d like to see how we can benefit your business, give us a call to get in touch with one of our representatives today!