"Report: Word-of-mouth marketing not working for most banks as industry records -11.18 NPS score"

" Report: Word-of-mouth marketing not working for most banks as industry records -11.18 NPS score \r\n\r\nWord-of-mouth marketing or advertising is not working for most banks in the country, says a recent report by Global InfoAnalytics.\r\n\r\nWord-of-mouth marketing as measured by Net Promoter Score (NPS) metric, \u00a0 rates customer loyalty and how likely customers are to refer the brand, products, and services to others.\r\n\r\nPer the recent report, the Ghanaian banking industry recorded a Net Promoter Score (NPS) of -11.18% as the percentage of detractors exceeded that of promoters.\r\n\r\nAccording to the research firm, 33.42% of the respondents of its survey are detractors and 22.24% are promoters. The passives represent quite a significant portion of the respondents at 44.34%.\r\n\r\nDetractors are unhappy and\/or dissatisfied customers who mainly account for negative word-of-mouth marketing of banks.\r\n\r\nThe passives are satisfied\/neutral customers who mostly likely won\u2019t tarnish or promote the bank.\r\n\r\nFor promoters, these are happy, loyal customers responsible for most referrals through brand promotion.\r\n\r\nGiven the negative NPS score, Global InfoAnalytics indicates that, there is generally a lot of work to be done by the banking sector to improve customer experience and thereby improve upon its NPS.\r\n\r\nDespite the negative NPS score by the industry, two banks recorded positive NPS scores of 14.81% and 14.61% respectively.\r\n\r\nZenith Bank (14.81%) and Prudential Bank (14.61%) recorded positive NPS scores, indicating that the Word-of-mouth marketing or advertising worked for them during the survey period.\r\n\r\n \r\n\r\n Improving NPS \r\n\r\nAccording to Global InfoAnalytics, for the industry to improve its NPS, it must first connect with detractors.\r\n\r\n \u201cThere's a reason for the detractors to feel the way they do about your brand. Through Voice of the Customer (VoC) analysis and Customer Experience program, tap into detractors' feelings and understand what went wrong in their experience of the brand's products and services. \r\n\r\n \u201cBecause detractors feel so strongly about what can be improved, they can be an excellent source of empowering ideas. Acting on their feedback can convert detractors into promoters,\u201d it notes.\r\n\r\nThe second is to convert passives into promoters.\r\n\r\n \u201cSince passives are not unhappy with the band\u2019s products and services, getting feedback from them and acting on those feedback could see them become promoters quite quickly,\u201d it adds.\r\n\r\nThe third is by keeping promoters engaged.\r\n\r\n \u201cPromoter's enthusiasm about a brand generally comes from a fantastic experience or experiences with the brand, something done to make their customer experience memorable. Feedback from promoters can give an understanding of what was done right and what can be improved. Promoters can help you transform your product and services from good to to great,\u201d t he report further noted.\r\n\r\n Global InfoAnalytics in partnership with NorvanReports , conducts a brand health check survey for the banking sector in Ghana to highlight how the various banks are performing on Key Brand Metrics (KBM) and provide insights into the industry. The report also ranks top banks on a number of metrics.\r\n\r\nThe Key Brand Metrics (KBM) include:\u00a0 Brand Recall,\u00a0Brand Visibility,\u00a0Brand Loyalty and\u00a0Net Promoter Score (NPS). \r\n\r\n "

"Report: Word-of-mouth marketing not working for most banks as industry records -11.18 NPS score"

Cedi depreciation hikes public debt by GHS 46bn to GHS 658bnAMP

South Africa looks to create office to auction grid transmission projectsAMP

Two of Europe’s biggest banks to stop underwriting oil and gas bondsAMP