Customer score measurements such as Net Promoter Score (NPS) and Customer Satisfaction (C-SAT) are widely used across a range of private and public sector organisations and are useful management tools that are used to gauge satisfaction and propensity to recommend. However, Explain’s Trust and Confidence Evaluation Tool measures a range of perception based factors that influence an individual’s overall Trust and Confidence in a brand or organisation.
The launch of the tool in August will enable organisations to measure the opinion of their customers and stakeholders in a more effective and accurate way allowing them to be more responsive to their needs and requirements – impacting positively on customer loyalty and satisfaction.
Kim Davis, Explain’s Managing Director tells us:
“We know that Trust and Confidence has a major part to play in the purchasing behaviours of consumers of products and services.
When customers select a provider of something vital to them, such as gas, electricity or even healthcare, Trust and Confidence will be a determining factor on that choice.
We are finding overwhelming evidence that responsive organisations, particularly those who work in a regulated environment, want to understand their customers better as they are well aware that the higher the Trust and Confidence rating the more likely they are to retain customers, increase sales and or gain repeat orders.
So, as a leading provider of insight, we have identified, through our independent research, the key factors that influence the overall Trust and Confidence of customers across a range of sectors. We have carried out surveys across the UK, asking individuals to rate their providers of water, gas and electricity, financial services and healthcare using a range of factors that provide a more accurate benchmark.
Organisations can now use this new and unique tool to benchmark themselves against the sector norm, and track this on an ongoing basis.”
Explain Market Research constantly bring new and innovative methods to their clients so that they benefit from deeper and richer insight of the thoughts and behaviours of their customers, consumers and stakeholders.
Working closely with regulated businesses, they recognise the need for clients to understand the Trust and Confidence of their customers and wider stakeholders, and how they are performing against their competition, this tool has been designed to help them to do this.
In the first instance, Explain will use the Trust and Confidence Evaluation Tool across four key sectors:
· The Water Industry
· Electricity and Gas
· Financial Services
Other sectors such as retail, manufacturing and housing will be added over the coming months.