Latest news with #customersatisfaction
Fast Company
5 hours ago
- Business
- Fast Company
Pursue performance over benchmarking for ultimate success
Regression to the mean is the unfortunate outcome of most benchmarking today. The Fast Company Impact Council is an invitation-only membership community of top leaders and experts who pay dues for access to peer learning, thought leadership, and more. BY Listen to this Article More info 0:00 / 6:35 'How are we doing against the industry benchmark?' This question made me recoil, and I felt my body tense up. I heard it twice in a short period of time at two different organizations. In both cases, the question led toward the same outcome: justifying current performance and not seeking true excellence. Ever since customer satisfaction and employee engagement surveys began, survey companies have been selling benchmark data to their clients. I have personally been involved with surveys for over three decades and I consistently object to the practice. In short, survey providers who cannot help their clients truly address the issues discovered sell them excuses about why they are good enough. Yes, it makes me mad. Why? Because it is the ultimate deception. As long as there is a lengthy list of bottom feeders in your industry, you are safe. You are not that bad. And with this false sense of security, you will make the biggest mistake: understanding your customers and creating exceptional value that will be worth the price and profit margins you charge. Two cases exemplify the issue Let me explain using two examples. In the first, the organization was celebrating an improved Net Promoter Score (NPS). Their 10-point jump sounded very respectable. But it was based on a 9% sample of its customers. 'Where are the other 91% of your customers,' I asked. 'If they refuse to respond to a 5 minute survey, how committed are they to a long-term profitable relationship?' Stop celebrating relative successes and instead examine the true essence of your customer relationships. In the second case, the company enjoyed close to a 90% response rate from its employees and celebrated beating the benchmark by double digit points. Cause for celebration, right? Think again. The company is a top industry performer and should never compare itself to the average. This company's expectations are very different than the expectations of number 50 on the industry list. It ought to determine how to lead the industry, not follow it! Benchmarking—the wrong perspective Using industry benchmarks has its flaws: Regression to the mean: Benchmarking directs the attention to the industry average, not the leaders. Imitation over innovation: When focusing on competitors' perspectives, one imitates their practices, not creating new one to delight customers. Competitors over customers: Focusing on competitors provides the wrong reference point for business value creation. Instead, focus on the customers. Blind context: Companies factor many decisions into creating and delivering value, which is then reflected in their customer scores. Profitability, market segments, and cost positioning are a few factors that can direct different strategies and therefore different customer engagement. Lowering standards: Benchmarking often results in relaxed performance standards. If the mean is acceptable, so is the justification to ignore the performance of competitors exceeding it. Future backwards: Customer scores reflect past performance and past value delivery. Companies may already be innovating, but those new developments are not part of the overall discussion as they are not reflected in the scores. But beyond these arguments, there is simple trust. The business truth we ought to consider above all. Is 50% customer satisfaction a good or bad number? If the industry benchmark is 22%, you are killing it. Keep it up If the industry benchmark is 83%, you are in trouble. Do you understand how ridiculous this conclusion is? Fifty percent of your customers are not happy with the value you deliver. They are at risk of switching to the competition. Should that a big enough red flag for immediate attention? In the empowered-customer era, we can no longer afford to compromise and play with the number. We live in a world where every customer is a segment of one. A personal brand using our product or solutions to promote their brand. They create content publicly and share their opinions. No, 50% customer satisfaction should not be considered good results. Unless, of course, you decide to get rid of the other 50% of your customer base. The pursuit of absolute performance In the late 1970s, benchmarking was first introduced by Xerox Corporation to compare themselves to their intense Japanese competitors and ensure they raise their performance bar. The original purpose was constant improvements and adopting best practices. But like many great concepts, it has become a method to relax the pursuit of excellence. Even for the bottom feeders in any benchmark, the goal was to become average, not exceptional. In a time when we are concerned about the impact of AI on organizations and performance, we can be confident that average work will be automated and taken over by AI. True exceptional value will be the survivor of the fittest. If your response level is low, it means your customers do not believe the sincerity of the dialogue you proclaim to conduct. If your employees do not take the time to respond, your situation is dire. The current state of surveys does not seem to produce the sincere dialogue necessary to truly improve relationships (customers or employees). We need to rethink this system. The addiction to the false sense of security peddled by survey companies with benchmark data should end. It is the pursuit of relative performance over ultimate performance. Relative performance focuses on the good enough vis a vis the competition. Ultimate performance is delightful and surprising customers, so they have no reason to consider any other provider. The former creates a false sense of security the latter ensures business continuity. To achieve ultimate performance, we ought to establish a true dialogue with our customers. A dialogue in which customers take the time to provide the insights and organizations address it sincerely, completely, and on time. This is not a one-time event but rather an ongoing dialogue about the performance process, ensuring that we are always ahead, not with the industry average, but with our customers' expectations. In a world of ultimate performance, the real question we ought to ask is 'How can we outdo the current performance and value?' Lior Arussy is chairperson of ImprintCX and author of Dare to Author! The early-rate deadline for Fast Company's Most Innovative Companies Awards is Friday, September 5, at 11:59 p.m. PT. Apply today.
Yahoo
10 hours ago
- Business
- Yahoo
Verito Achieves #1 Ranking in G2 Summer 2025 Reports, Validating Its Performance-First Cloud Hosting and Managed IT
A tax and accounting-focused cloud and managed IT provider scores 85/100 in satisfaction, nearly triple its nearest competitor, winning top badges for "Best Usability," "Easiest Setup," and "Best Support." WILMINGTON, Del., July 31, 2025 /PRNewswire/ -- Verito, a provider of high-performance cloud hosting and managed IT services, has secured the top position in all major categories of G2's Summer 2025 Cloud Application Hosting Reports. The company's customer satisfaction scores were nearly triple those of its competitors. The peer review platform's analysis of thousands of verified user reviews positioned Verito in the top-tier "High Performer" quadrant, earning an 85/100 satisfaction score. Verito achieved #1 rankings across the Results Index (9.27), Usability Index (9.26), Relationship Index (9.20), and Implementation Index (9.12), earning a clean sweep of the field. "These rankings validate our core philosophy: performance-first IT is a profit driver for tax & accounting firms," said Jatin Narang, CEO of Verito. "The data shows our Guaranteed-Resource Platform™ delivers measurable speed advantages that shared hosting simply cannot match. This performance foundation is amplified by our VeritGuard managed IT service, which ensures firms maximize those speed gains by eliminating day-to-day tech friction. Winning badges like 'Best Support' prove that our expert team turns unmatched infrastructure into unmatched firm productivity." Key findings and top-badge wins from the G2 reports include: 5.5x Faster ROI: A 4-month return on investment for Verito clients vs. 22 months for Rightworks users. Best Usability: A #1 ranking driven by 97% "Ease of Use" and 96% "Ease of Admin" scores. Best Support: A perfect 100% satisfaction score for quality of support, reflecting Verito's commitment to proactive IT management. Most Implementable: A #1 ranking for the implementation experience. Best Relationship: A 99% satisfaction rating for "Ease of Doing Business With." G2's demographic analysis showed 82% of Verito reviewers (28 of 34) represent tax & accounting firms, confirming the company's specialized focus. Verito's platform combines dedicated resources, which eliminate the performance bottlenecks of shared hosting, with proactive IT support that frees accountants from technology-related disruptions. "Our average contract term of just two months proves we earn client trust daily rather than relying on lock-in periods," added Narang. "This G2 recognition reflects our commitment to delivering the integrated IT foundation that drives a firm's bottom line." About Verito: Verito provides specialized high-performance cloud hosting (VeritSpace) and proactive managed IT services (VeritGuard) exclusively for tax & accounting professionals. The company's integrated platform is engineered to maximize firm profitability by eliminating system lag and resolving IT issues in minutes, backed by a 99.999% uptime guarantee and 24/7 expert support. Learn more at Socials:Instagram: (X): View original content to download multimedia: SOURCE Verito
Daily Mail
3 days ago
- Business
- Daily Mail
Your chance to bag £175 by switching to the bank voted Britain's BEST for customer satisfaction
Products featured in this article are independently selected by This is Money's specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence. Banks First Direct and Starling have been named the best British organisations for customer satisfaction, even though they have no physical presence on the high street. The banking duo beat high street staples M&S, John Lewis and Holland & Barrett to the top two spots in the UK Customer Satisfaction Index. Nationwide dropped from second place in July 2024 to fourth, despite a promise to keep all of its branches open until 2028 – with an advertising campaign featuring the actor Dominic West. First Direct* is currently giving £175 to those who switch their current account, with terms and conditions applying. You can read more details on what you need to do to qualify below. Average satisfaction with banks and building societies has increased since July 2024 and banking is now the second best-performing sector overall, behind non-food retail. Jo Causon, chief executive of the Institute of Customer Service, which runs the survey, said this reflects improved customer-focused regulation, forcing 'boards to increase their focus on customer experience, including better communication, greater clarity on product offerings and refocusing staff on customer outcomes.' Switching terms Account details First Direct 1st Account* To get the £175 you must:- Not have had a First Direct product or HSBC Current Account since Jan 2018 - Switch using the Current Account Switching Service within 45 days of account opening, including 2+ direct debits or standing orders- Deposit £1,000, make 5+ debit card payments and log in to digital banking within 45 days - Requires credit check - 0% EAR variable on overdraft up to £250, 39.9% EAR variable thereafter; representative rate 30.5% APR variable- For customers with an offset mortgage linked to a 1st Account, interest-free limit won't apply Great customer service 'not as simple' as branches versus phone and digital First Direct* is well-regarded for its fast 24/7 phone-based customer service and has also made improvements to its mobile app in recent years. It leapt from 14th place in last year's satisfaction index to the top of this year's table. Starling Bank* is a digital-first challenger bank that's grown substantially since it launched in 2014, and itself has seen a sizable jump from last year's satisfaction survey, going from sixth place to second. The Institute of Customer Service puts this jump in performance down to the introduction of the FCA's Consumer Duty rules, which aim to make sure financial firms are delivering good outcomes for customers. 'The strong performance of First Direct, Starling and Nationwide shows that good customer service is not as simple as branches versus telephone and digital, human versus AI or bank versus building society,' said Jo Causon. > Learn more about First Direct and switch* > Learn more about Starling Bank and switch* Should you switch bank? Many people remain with their bank for decades, despite there being potentially better current accounts on offer elswhere. Perks can range from interest on balances, to fee-free spending overseas, while different banks' apps and features can make a difference to how you manage your money. This is Money has long been a fan of both First Direct and Starling's current accounts. The former has a strong history of good customer service and the latter has a good app and no charges for spending abroad. In our view, Nationwide, in fourth place in terms of customer satisfaction, is also a great choice for earning interest on the cash in your account, offering 5 per cent on FlexDirect balances up to £1,500 in the first year. After this it drops to just one per cent. There's also up to £5 cashback available each month on debit card purchases for the first year. First Direct's £175 offer* is a great option for earning cash on your switch, with £175 up for grabs. You must be a new customer and use the Current Account Switch Service to bag the deal. Make sure you read the terms and conditions before going ahead. There isn't currently an end date for the offer. But First Direct says it can be withdrawn at any time, so if you want to make the switch, it makes sense to do so while you still can.
Fast Company
4 days ago
- Business
- Fast Company
‘Customer satisfaction at the end of the day': TikTok users push Costco's return policy to the limit with wild refunds
Costco is well-known for its no-questions-asked return policy. Now some shoppers are taking it upon themselves to test the limits of that policy. 'Returning my slime stained carpet to Costco,' one TikTok user posted earlier this month. Costco offers customers an unlimited grace period to return most purchases for a full refund, earning the wholesaler a top-six spot among stores with exceptional return policies, according to a 2023 ranking by U.S. News and World Report. While the customer received a full refund for the ruined rug, the comments section on the TikTok video was divided. 'That's embarrassing for you,' one person wrote. 'This just seems wrong,' another added. For others, it's simply about getting their money's worth. 'I could be mad but in this economy . . . hell yeah,' one comment read. Even Costco employees chimed in. 'Our upper management has said Costco makes way too much money. [T]hey would rather take the hit than lose a member,' one wrote. 'Customer satisfaction at the end of the day.' What if the rug is in perfect condition but you just don't like it anymore? No problem. Another TikTok user returned a rug bought over a year ago because it no longer matched their aesthetic—and received a full refund. Costco's return policy is not only open-ended in terms of time frame, but it also doesn't clearly define the condition items must be in upon their return to the store. One person returned a broken couch four years after buying it. Another brought back a half-eaten chicken bake. Both were refunded in full. 'This is why we can't have nice things,' one person commented. This isn't the first time customers have pushed the policy's boundaries. One notable return made headlines in 2018 when a woman brought back her dried-up Christmas tree in January. Extreme as it may seem, the policy supports Costco's membership model. 'Kudos for Costco,' the couch-returner said at the end of his video. 'You've got me as a client for life now.' Research shows that restrictive return policies can cost retailers business, whereas positive return experiences often lead to more purchases. Still, that doesn't mean the customer is always right. Of the $685 billion in U.S. retail merchandise returned in 2024, $103 billion was attributed to return/claims fraud or abuse, according to a 2024 report from Appriss Retail and Deloitte.
Yahoo
24-07-2025
- Business
- Yahoo
AT&T's customer guarantee is working, CEO says
This story was originally published on CX Dive. To receive daily news and insights, subscribe to our free daily CX Dive newsletter. Dive Brief: AT&T CEO John Stankey said AT&T Guarantee, which it launched in January, is winning customers and improving satisfaction with the provider. 'Our customers' preferences for being served by one connectivity provider is a key reason we launched the AT&T Guarantee earlier this year,' Stankey said on an earnings call Wednesday. 'Our guarantee is a promise to our customers that we will provide them with the connectivity they depend on, the deals they want and the service they deserve, guaranteed, or we'll make it right.' AT&T saw a boost to its postpaid phone connections. The company added 401,000 net postpaid phone connections in the second quarter, according to an earnings report. Dive Insight: With increasing competition, AT&T highlighted its customer promises and experience initiatives — efforts to keep customers loyal and acquire new ones. That guarantee is resonating with customers, Stankey said. 'For example, since launching the AT&T Guarantee in January, we've seen improved net promoter scores among our wireless and fiber customers following a network event,' he said. 'It's clear that we're winning with customers, and our performance through the first half of the year highlights the returns we're achieving as we accelerate our fiber deployment and complete our wireless network modernization.' As part of the guarantee, AT&T promises customers that if they are routed to technical support assistance, they will speak to an agent within five minutes or they'll be offered the option to schedule a callback. The guarantee also addresses network outages: Fiber customers and wireless customers experiencing network interruptions of at least 20 minutes and at least 60 minutes, respectively, will also receive a bill credit for a full day of service. The wireless provider's revenue followed the growth of postpaid phone additions, rising 3.4% year over year to $30.8 billion. Sign in to access your portfolio
