What do Tesla, Apple, Amazon, and myHSA have in common?
What do these companies have in common? Well - we, and many other companies you know, measure our customer loyalty using the NPS (Net Promoter Score).
You might have seen a brief survey appearing on our platform recently. If you participated, you contributed to collecting our NPS score data. This survey was optional and involved a sample group encompassing all myHSA user-types, including advisors, plan admins, and employees!
What is an NPS Score? The Net Promoter Score is a metric used to gauge customer loyalty and satisfaction. It revolves around a single question: “How likely is it that you would recommend myHSA to a friend or colleague?” Respondents provide a rating on a scale of 0 to 10, dividing customers into three categories: Promoters (9-10), Passives (7-8), and Detractors (0-6).
How is it calculated? Calculating the NPS involves subtracting the percentage of Detractors from the percentage of Promoters, resulting in a score that ranges from -100 to 100. A positive score indicates a higher number of promoters, signifying a more loyal customer base.
Here’s how we stack up against companies you probably know (the NPS is a live score, so these numbers could be fluctuating over time): myHSA: NPS Around 72-74 (Considered very good) Apple: NPS Around 47 -72 (considered good) Amazon: NPS Around 62 -70 (considered good) Netflix: NPS Around 0-15 (considered okay) Tesla: NPS Around 96 (considered exceptional) Starbucks: NPS Around 77 (considered very good)
In the realm of customer satisfaction, this score stands out as the industry standard for its simplicity and effectiveness... but why does it matter?
Why does this matter to us? At myHSA, our mission revolves around not just providing a great service, but creating meaningful relationships with our customers. The NPS acts as a compass, guiding us towards understanding how our customers perceive us. It’s a tangible measure of their satisfaction and loyalty, offering invaluable insights into areas that need improvement and those where we excel. If they would recommend us to their close friends, family, and colleagues, that’s a good indication of how we are doing.
Why should it matter to you (our Advisors)? For Advisors presenting our platform to their clients, the NPS score is a testament to the value we bring to the table. A higher NPS reflects satisfied customers, making it easier to build trust and confidence when showcasing our platform’s benefits. It serves as a powerful tool, reinforcing your conversations and interactions with potential clients, assuring them of the quality and reliability of what we offer. It is a quantitative metric that your clients can use to determine that myHSA is a great fit for them.
How do we plan to implement the NPS data? Our NPS score isn’t just a number to us; it’s a catalyst for action. We are committed to using this data to drive positive change in our platform, services, and products. We’ll dive into the feedback, identify pain points, and amplify the elements customers love. Already, we have brought up 3 pieces of feedback into our development meetings for review and implementation. This data-driven approach will fuel enhancements to our platform, ensuring that every interaction and experience surpasses our client’s expectations.
We take pride in our current score, but of course, our aim is to elevate it to the “Exceptional” range through positive transformations inspired by user feedback.