Customer Success Stories : Experian
Proof that a Culture of Customer Obsession Delivers Business Growth
In 2005, Experian launched a customer loyalty program for its Credit Services and Decision Analytics (CSDA) group to drive business performance through a superior customer experience. The program became a critical strategy during the 2007-2008 recession: it was then that Experian realized its superior customer experience was a differentiator after seeing an increase in loyalty, retention, and market share. At the core of Experian’s program is the collection and analysis of relationship and transactional customer feedback. With this voice of the customer (VoC) feedback, Experian has identified 11 customer loyalty drivers and areas for improvement. The company measures success through the percentage of improvement across those key loyalty drivers, as well as through various Net Promoter Scores® (NPS®) and revenue growth. In 2012, the company targeted an NPS of 33 and a one-percentage-point improvement across all loyalty drivers.
Beat Competition on Loyalty Drivers
Experian is leading competition across all key loyalty drivers by at least one full point on a 10-point scale, in some cases by as much as three points.
Monumental NPS Increase
Since the program began in 2005, Experian increased their NPS score by 66.3%. They had their highest NPS ever, despite unfavorable market conditions.
VoC Impacts Product Strategy and Revenue Growth
At Experian, VoC feedback informs product strategy over a portfolio of 1000 products. Two new products were developed in 2011 based on feedback. This impact is reflected in a total revenue growth of 15% since 2010, and organic growth of 8% in 2013.