Bain & Company has launched its NPS Prism offering in Australia, enabling Australian companies to gain insight in how their customer experience compares with global best practices in their industry.
The expansion comes just over a year after Bain launched its proprietary NPS Prism approach in the United States, where it was developed by consultants in its Customer Strategy & Marketing practice.
NPS Prism builds on the Net Promoter System (NPS), which today is one of the most used methodologies globally to gauge customer satisfaction and loyalty. The metric was introduced by then Bain partner Fred Reichheld in 2003, and since the strategy consulting firm has introduced a number of add-ons and insights to the metric.
The latest in line, NPS Prism, helps companies gain an outside-in understanding of customer experience opportunities. As opposed to the traditional organisational lens used for building customer journeys, NPS Prism places the consumer’s perspective at the heart of customer strategy evaluations.
“NPS Prism helps companies understand how the critical components of their customer experience contribute to their company’s overall differentiation in the minds of customers, revealing unique opportunities and risks,” said Jason Barro, a partner in Bain & Company’s Customer Strategy & Marketing practice.
On top of this, using Bain’s database of customer experience performance across industries and countries, companies can use NPS Prism to see how the stack up against their competition. The combination of both analyses empowers leaders to “define and prioritise actionable improvement tactics and investments,” said Barro.
Reichheld: “Since we invented the Net Promoter Score more than fifteen years ago, clients have been asking us to provide reliable competitive NPS benchmarks. Finally, NPS Prism provides NPS benchmarking our clients can count on.”
Following positive customer feedback in the US, Bain & Company is in the process of rolling out its tool across a number of countries, including Canada, the UK, Singapore and Australia. Karsten Fruechtl, a partner in Bain & Company’s Melbourne office, said the launch comes at a welcome time for Australia, against a backdrop of changing consumer behaviour.
The role of customer experience as a driver of profitable growth was already a growing factor of importance pre-Covid-19, and that has now only been exacerbated by the dramatic changes in thinking and spending patterns sparked by the Covid-19 crisis. “Australian companies will have to develop a new way of thinking post-Covid-19, and we believe NPS Prism will provide our clients ways of understanding their consumers and their changing needs in an in-depth and incredibly powerful way,” said Barro.
Fruechtl confirmed that domestically, Bain is already seeing demand for the methodology, among others in the telecom space. “We expect this service to be of huge strategic value to our customers in Australia.”
This article originally appeared in Consultancy.com
