In May 2019 Grupeer decided to find out how happy our clients are and what can we do better. We are aware that there are many things that we can improve, however it is always rewarding to know that we are on the same page with our clients.
Grupeer decided to measure the relationship with our customers by conducting a survey and figuring out our NPS score as well as what is urgently demanded by our clients.
What is NPS?
NPS stands for Net Promoter Score. It is a measure of clients’ loyalty and gives a clear picture of the relationship between the firm and its customers. More than two-thirds of Fortune 1000 companies are using NPS to get the depiction where their relationship with the client stands at.
How to calculate NPS?
Net Promoter Score is calculated quite easily. The group of active clients was asked to answer a simple question: “how likely you are to recommend Grupeer to your circle of friends or family?” The respondents should have answered on a scale 0-10, with ten being the most likely. When the responses were collected, they were divided into three groups:
Promoters: these are respondents who answered in the interval 9-10. These clients are very loyal, happy with the services they receive and are extremely likely to recommend Grupeer to their friends.
Passives: these customers have responded in the gap between 7-8. They are satisfied, but unenthusiastic about the platform, so they are unlikely to recommend, but neither hurt the brand.
Detractors: this is the largest interval between 0-6. This group represents unhappy customers, who can damage the brand with negative word of mouth.
So, after the responses were classified, we can calculate the actual score. The “Passives” are not taken into the account, as they are not benefiting, nor damaging the brand. Promoters and detractors, on the other hand, are extremely influencing the reception of the brand. The recommendation by friend is the most powerful marketing tool, while people who had negative experience are likely to share it with 10 or more people according to Harvard Business Review. So, the formula goes like this:
Promoters % – Detractors % = NPS
How did Grupeer manage the survey?
Grupeer has divided active customers into two equal groups- those who have registered and invested since the beginning of 2019 and those customers, who invested before that. This was important for us, as the newly joined clients might have a different experience from those, who have been with us for a longer time. The survey was sent out in May and both groups have demonstrated very high response rate- 24% (usually this number varies around 10%. This means that our clients are taking an active part of the formation of our platform and are not indifferent to how we do things).
What are the results and how it compares to the industry?
The calculated score for Grupeer equals to 15, which is quite high, given the industry-wide average NPS -for internet companies is -1, for banking 35. The fintech and peer to peer industry are quite new, so there is no benchmark yet, but we were satisfied to learn that there are more promoters than detractors.
What our customers are happy about?
It was nice to hear that our investors value the high interest rates, diversification options and convenience of the website. Grupeer is working very hard to bring you the best investment deals with low risk. We are happy to hear that our clients value it too. However, the most important aim of the survey was to find out what our clients are waiting for the most. We have consolidated the results and have visualized what new features will be implemented in the future.
We have divided the desired updates into several categories. The diversification will be improved by the introduction of Loan Originator ratings, so the clients will make an informed decision about what loans to include in their investment portfolio.
The transparency will be delivered through publishing the financial statements of Grupeer and loan originators. This will be delivered by the end of the third quarter of 2019.
Furthermore, the issues with deposit and withdrawal processing time will be solved by the end of 2019. The long-awaited investor’s cabinet will be introduced by the end of the year, showing the investment statistics, general overview, account statements and “My investments” section. The investor’s cabinet will have additional features introduced, like scheduled payments information, in the first quarter of 2020.
The secondary market is one of the major demands by our investors and we have been working on the project for a while now and we will be ready to introduce it to investors in the end of first quarter 2020. Finally, the next stage improvements will be scheduled more precisely in 2020 these include: further improvement of investor’s cabinet, ongoing diversification improvement, and other new features like two-factor authentications, deposits via credit card and finally the mobile application.
We are very grateful to our clients, who have shared their feedback, so we can set the right priorities and help us build the right strategy. Grupeer is trying to build one of the best peer to peer platforms, which will make investment accessible to everyone, not only to privileged. So, this is important for us to add new features and grow in the right direction. We hope that our openness about our plans is welcomed and please share your opinion!