For those of you who are not familiar with the Net Promoter Score® – or NPS® – it’s a measurement of customer satisfaction and the likelihood that customers would recommend your company, products and/or services to their peers.
The Net Promoter Score methodology includes both quantitative and qualitative research gathered by surveying one’s client base. It is designed to create a feedback loop for clients to provide meaningful input directly to a business (via the sales team, product team or client group), which facilitates development of lasting client relationships while building customer loyalty.
The score is centered around the fundamental question "How likely is it that you would recommend our company/product/service to a friend or colleague?" Survey responses are bucketed into three categories – promoters, passives and detractors. The actual score is then determined by taking your promoters (those who rate you 9 or 10) and subtracting your detractors (those who rate you 0-6).
NPS at iovation
iovation has been measuring its Net Promoter Score since 2011. While our world class scores are still growing, they have always been 2.5x to 3.5x above the industry average for technology services. The feedback that we receive from our global clients during the survey process helps us make the changes required to improve our services and support, and continue to grow their satisfaction with our company. Our customer retention rate is directly reflective of this process, as it has remained exceptionally high, landing at 95% or higher since 2012.
“Serving the unique needs of our customers and supporting them throughout their entire engagement is one of the most important things we do as a business. The NPS process helps us improve our customer service and deliver continuous improvements, year after year,” said Greg Pierson, CEO and Founder. “I love that our customers appreciate what we do. I love even more that this process helps us get even better. When companies sign up with iovation, they don’t just get the benefit of a product or service, they get an entire company. That’s why customers who sign up with us, stay with us.”
Just last month we completed our NPS research for this year, and are proud to report that iovation’s current NPS is 67.5. Not only is this a truly exceptional ranking, but our client participation (response rate) was also well above the industry norm.
We credit iovation’s rising NPS, in large part, to the ongoing support provided by our client managers, who guide customers from start to finish and become a valuable part of our clients’ respective organizations. By reviewing transactional and device data, offering suggestions for improvement, and spotting suspect behavior and anomalies, they provide a truly invaluable perspective for our partners and clients.
Our clients also have the unique opportunity to learn from their peers by leveraging the collective knowledge of our entire customer community. By learning from the fraud experiences of other iovation clients, the data elements they identify as high risk, and best practices of others when using the tool, all iovation subscribers have the ability to continuously improve their success.
A True Team Effort
The more responses you can garner from a survey, the better. You have to gather as much data as possible to help grow and evolve your business. Thanks to the dogged efforts of our Client Team, the response to this year’s survey was phenomenal. In fact, we saw increases in nearly every category over last year – from surveys sent and completed, to our NPS.
Our knowledgeable client managers cover five time zones to serve online businesses in 53 countries, representing nearly 15 different industries including financial services, insurance, telecommunications, retail, gaming and social networking. Their level of commitment and service to our clients has always been top-notch, but they took it even further in 2016.
Specifically, we have expanded our support processes for our wide spectrum of clients and launched a new eLearning webinar series, which covers the topics and strategies our clients want to hear about most.
What Did Our Customers Have to Say?
For us, hearing direct feedback from our customers is the core value of the NPS process. Here are just a few of the comments received from this year’s survey:
"Considering the complexity of what the iovation system does, the actual user interface is extremely easy to navigate and understand, with the rules creation engine also being very straightforward yet extremely effective. Due to the ease of use, both the Fraud and Trading teams have managed to integrate the iovation system into their daily workflows and as a result, identify additional fraud trends/undesirable customers which would usually go undetected."
“iovation provides and maintains an exceptional service to their clients. They never run out of remarkable ideas to assist their merchants. As the company continuously earns a great reputation, we are very confident to give iovation our full trust in improving our company to better and more efficient to assist our mutual clients.”
“Extraordinary customer service. Excellent product offering. Wish other suppliers were as great!”
“iovation is a very professional company that supersedes our expectations. Its solutions fit our Company's needs always, and the team working there is amazing! iovation is always looking for innovative solutions! This is one of the reasons why you are number one!
”iovation provides an outstanding source of information to prevent fraud due to the great network of merchants it has which connects us with a massive data base of information. On top of this, they offer added tools where you can connect with the community and share your knowledge as well as learn from others' experiences.”
To all of our customers who have participated in our NPS research, we thank you for your participation and for your continued trust in partnering with iovation for your authentication and fraud prevention needs.