I don’t want to choose just one set of metrics that I like to look at because each project is different and those metrics can change based on industry or even the goal of the project itself. Those metrics need to be tailored specifically to each plan. In the case of the re-launch of the Premier program at BMO Harris Bank, the key metrics that we measured were the following:
- % of new customer opening a Premier Banking account
- % change of total deposits listed in Premier Banking services
- % of existing customers migrating to Premier Banking services
- % of new customers qualifying for Premier Banking services
- Premier Services NPS scores
The goal of the Premier project was to entice mass affluent customers to bring their assets to BMO Harris bank by providing better account options and better, more personalized customer service. Not every mass affluent customer will bring all of their assets over to one bank, so taking a look at the number of new customers who qualify for the service vs the number of customers actually opening Premier accounts would help to determine if additional changes to the services would need to be considered in order to attract those customers.
During one research session being managed by one of our outside customer experience research partners, the session leader presented a quote that has shaped my philosophy towards customer experience design ever since. It was originally something that Carl W. Buehner said but has been repeated by Maya Angelou and many others. “They may forget what you said, but they will never forget how you made them feel.” I find that this is very true for myself in my interactions as a customer, but also with my customers. Thinking about not just what products people want, but how the interaction with your products and services will make them feel is the defining difference in creating a good product, a great customer experience, and growth versus the alternatives.
One particular metric that I think reflects how people feel about an interaction is the Net Promotor Score (NPS). These scores help to indicate how likely a customer would be to recommend your company or service. If a customer has a bad experience, regardless of the outcome, they will be less likely to recommend your product to friends. It is a very high-level survey with no details. But setting a baseline before changes to products or services are made can be an early indicator that things are either working or that they need to be changed.