Client satisfaction benchmarks – How do you measure up?Posted on: May 31, 2018
At recent referrer management and client relationship management training sessions http://www.mblseminars.com/Outline/Developing-More-Work-from-Referrers-_-Intermediaries/5770/ , we have talked about NPS (Net Promoter Score) which measures the propensity or likelihood of recommendation and how it is rapidly becoming the standard measurement of client satisfaction in professional service firms. Several people have asked about client satisfaction benchmarks – How do you measure up?
There’s some benchmark information at Inavero about NPS in the accountancy sector https://www.inavero.com/2018-accounting-nps-benchmarks/ in 2018
What is worrying is that there is a general trend downwards for accountants indicating increasing dissatisfaction with accountancy services. Is it a sign of declining service standards or increasing client expectations? It means that firms can expect to receive fewer recommendations from existing clients in the future.
|Net Promoter Score||31%||31%||28%||18%||19%|
Inavero also provide 2018 NPS scores for the UK legal sector https://www.inavero.com/2018-legal-nps-benchmarks/ and it appears to perform at a similar level to the accountancy sector
|Net Promoter Score||29%||32%||23%||17%||19%|
Nisus measures NPS as part of its legal sector PVI benchmarking report (see below). Law firms with the highest NPS are as follows:
- Addleshaw Goddard (63%)
- Allen & Overy (53%)
- Osborne Clarke (50%)
- Herbert Smith Freehills (49%)
- Slaughter & May (45%)
- Clyde & Co (39%)
- Ashurst (38%)
- Shoosmiths (36%)
- DWF (36%)
- Linklaters (34%)
- Gateley (30%)
- Norton Rose Fulbright (28%)
Nisus suggests the market average is 24% – which is somewhat higher than that shown above for the accountancy sector and legal sector according to Inavero. Nisus reports that the Magic Circle firms average 30%.
The Nisus report says: “looking at respondent loyalty scores (Net Promoter Score – NPS), we find a strong correlation with personal chemistry”. It suggests that any score higher than 50% is a very strong result and often a market-leading one.
In 2013, GVA http://www.gva.co.uk/ took the bold step of publishing its NPS in its trading report. Based on interviews with 150 clients it reported its NPS was 37% (with 8% detractors, 47% passives and 45% promoters).
Inavero B2B reports https://www.inavero.com/2018-nps-benchmarks-for-b2b-service-industries/ that the average score for the commercial real estate sector is 51% promoters, 26% passives, 23% detractors and NPS overall of 28%. This is higher than both legal and accountancy sectors.
Other industry sectors
In 2016, CustomerGauge showed average NPS for industries https://customergauge.com/what-is-the-average-net-promoter-scores-by-industry
Retail is highest (56%) and telecommunications (27%) is lowest.
Insurance and real estate scores 46%, consulting 43%, financial services 42% and business services 41%.
There’s a global NPS consumer benchmark service at https://npsbenchmarks.com/ powered by CustomerGauge. The top performing brands are Tesla Motors (97%), Starbucks (77%), Affirm (82%), Areas (US 80%) and Amazon (61%).
The Temkin Group provides consumer benchmark data for the UK https://temkingroup.com/product/dataset-2017-uk-net-promoter-score-benchmark/ Top performing brands include: Nationwide (45%), John Lewis (42%), Aldi (41%), Home Bargains (34%) and Nando’s (32).
Satisfaction assessment technology and services
Several people have asked me about providers of NPS related research services for professional service firms.
Notable firms are:
Acritas https://www.acritas.com/ focusing on the legal and property sectors
Acuigen https://www.acuigen.com/en-gb/ There isn’t a list of clients on the web site but I believe they work with a number of law firms. It offers the Customserve system to collect and manage client feedback.
Meridian West https://www.meridianwest.co.uk/ Whilst this is a general consultancy for professional services firms, its origins were in client research and feedback. It also offers a valuable source of “how to” booklets on a number of topics. Clients represent all sectors and include: Grant Thornton, PwC, Knight Frank, Pinsent Masons and Allen & Overy.
Nisus Consulting http://www.nisus.net/ Serving law firms and accountancy practices and there are some useful case studies on the web site. The firm’s unbalanced scorecard is an excellent piece of benchmarking of law firms using on-line data gathering across a range of 20 factors within its PVI (Performance and Value Index) https://www.kimtasso.com/client-experience-management-cem-two-research-reports/ Twelve month subscriptions for feedback and reporting start at £9,950
Performance Leader I wrote recently about this system which provides a real-time client feedback solution that also captures feedback on individual team members and transactions. A mobile app version is due https://www.kimtasso.com/system-review-performance-management-professions-performance-leader-system/
- Property marketing case studies – Relationship management at DTZ, GVA, JLL, Knight Frank and Savills
- Accountancy marketing case studies – Strategy and relationship management at BDO, Grant Thornton and RSM International
- Legal sector research: Highlights from “The Age of the Client” by LexisNexis
- Four themes in referrer management – for lawyers and accountants in the UK and internationally
- 10 steps to create a business development campaign
- Where do I start? Business Development for Lawyers (MBL Private Client Training July 2015)
- Seven insights into client care and service excellence
- Be more T Rex - Client management with dinosaurs
- 10 steps to create a business development campaign
- Referrer and intermediary management – Internal information systems
- Referrer management – what do you do when you can’t reciprocate work referrals?
- Reasons to invest in a Key Account Management (KAM) programme
- Referrer management – Back to basics and the role of social media
- Seven referrer management strategies – from a property perspective
- Top ten tips on referrer management (2016 Birmingham)
- Managing client service in surveying and property partnerships
- Cross-selling and referrer management – The view from marketing and BD
- Client service insights – Empathy, measurement and reverse thinking
- Referrer management strategies: Plan, target, focus, research, relationship, add value and let go (Manchester, 2016)
- Growing a surveyors’ practice – Five golden rules? (February 2017)
- Legal marketing case studies – Digital marketing at The Law Society Law Management Conference 2017
- Client Experience Management CEM – Two research reports
- Client relationship management (CRM) - How many close relationships can you manage?
- Legal market research - Lexis-Nexis Bellwether research report 2017 “Why independent law firms are thriving”
- Marketing planning in a nutshell
- Why Client Experience Management CEM is all the rage…
- Key Account Management KAM – Managing key client meetings
- Business development for lawyers – Pipelines, relationship management and international marketing (October 2017)
- Property marketing case study – Client and key client relationship management at JLL
- Private client marketing - Competing in the digital era
- Private client marketing – Five thoughts from heads of department (2017)
- Relationship and referrer management – Piggybacks, Ghosting, Ridealongs, Swapsies and Orange Crates
- Internal communication – Why, how and what?
- Trust for better business relationships
- Better Business Relationships – New book in the pipeline
- Introducing the marketing planning process into a professional service firm
- Vuture – Marketing and relationship management automation in professional services firms
- System review: Performance management in the professions - Performance Leader system
- System review – Intapp integrates technology and information across the client life cycle
- Referrer and intermediary management – 13 top tips from a workshop (May 2018)
- The art of giving feedback
- Marketing after the technology revolution?
- Client Experience Management (CEM) – Research into the client journey at law firms
- Property marketing case study – Key points from the EG property marketing conference 2018
Category: Accountants, Kim's Blog, Lawyers, Marketing, Property, Relationship Management, Statistics and trends
Tagged: Accountancy, Accountancy marketing, Accountants, Apps, Benchmark, Benchmarking, Better business relationships, Business relationships, CEM, Client Experience Management, Client relationship management, Client satisfaction, Client service, CRM, Customer Experience Management, Cx, Expectations, Expectations Management, impact of technology on marketing, KAM, Key account management, Lawyers, Legal Marketing, Legal sector, Net Promoter Score, NPS, Professional Service Firms, Professional services, Property marketing, Property sector, Ratings, Real estate, Real estate marketing, Recommendations, Referrals, Referrer management, Research, Satisfaction, Surveyors, Systems, Technology, Trends