New External Benchmarking Boosts Our Customer Understanding
Prudential is committed to delivering industry leading customer and client experiences
Jason Kapel—Director, Voice of Customer Insights
⭐⭐⭐⭐⭐ Everybody loves pizza, right? Let’s say you run a pizzeria (New York style, of course). Your customers tell you directly what they like (and don’t like) about your product and service, even the cleanliness of your bathrooms.
Then there’s Yelp.
Yelp publicizes what people think about your competitors, and what your customers say about your pizzeria when you’re not around. It might even show a picture of that dirty bathroom. Yelp indicates how you rank in the broader marketplace and reveals the collective wisdom of the crowd. As a business owner, you combine the direct feedback with marketplace feedback to identify how best to delight your customers and grow your business.
When it comes to the value of understanding the customer, Prudential is no different from your pizzeria. The Voice of Customer (VOC) team seeks customer understanding wherever it exists, so that we can manage our business, prioritize enhancements, and provide superior experiences for our customers and clients. One of the new tools available to accomplish this is external marketplace benchmarking.
With this new tool we can see how we stack up against our competition across a swath of categories. Along with helping us track to our aspirational target, top quartile in NPS among competitors, the tool also helps us understand how each customer journey affects overall perception of our business and highlights how we compare to key competitors — where we shine and where we fall short. High quality standardized metrics form the backbone of this business intelligence, including Net Promoter Scores (NPS) scores with breakdowns by category such as product or channel. As you can see, this isn’t a just a VOC team tool, it’s for all of us at Prudential to become more customer obsessed.
Our robust internal survey program provides valuable information and understanding of our customers and clients. External benchmarking enhances this program in several ways. It provides:
- Outside-In: An external view of our standing among competitors that is statistically robust.
- Comparability: An opportunity to validate what our customers tell us compared to what they tell external researchers.
- Specificity: Tells exactly what’s needed to better serve our customers & clients and compete in the marketplace.
Prudential is committed to being a top performer in the marketplace and to deliver industry leading customer and client experiences. By utilizing all the slices of data and business intelligence in our extra cheesy pepperoni pizza pie, we’ll deliver consistent five star experiences for years to come. 🍕
