Customer satisfaction survey inspiring new initiatives
VP’s 2017 Customer Satisfaction Survey did not achieve our overall goal, but very positive key elements show pay-off for focus areas.
Last year, VP SECURITIES launched an ambitious target for customer satisfaction. The goal was to achieve a score of 80 for “very high” on a scale of 100. Now, VP has conducted a new customer satisfaction survey, and although the survey shows a high level of customer satisfaction, we did not achieve our target. For overall customer satisfaction, VP saw a reduction from 76 to 74, which still lies comfortably at the high end of the satisfaction scale. For parameters such as “image” and “value for money” this year’s survey showed positive progress.
“We’re very grateful for this response from our customers. Many of them took the time to answer, and they’ve also given us a lot of feedback,” says Henrik Ohlsen, Customer & Relations Director at VP. “The results are encouraging, since our customers give VP higher ratings for ‘image’, ‘innovation’ and ‘ambition’. We especially see increased satisfaction among our larger customers. While we score higher for the ‘overall satisfaction’ parameter, the summary of all responses describing overall customer satisfaction has fallen by two points. It’s fair to say that this decrease also reflects a higher level of expectation in a more competitive market situation.”
Valid and comprehensive
VP’s 2017 Customer Satisfaction Survey consists of a series of questions, which in 2017 were answered by 119 respondents from all business segments and areas in the customer base. More than 400 customers were encouraged to participate. Many respondents furthermore shared elaborated qualitative remarks. The survey focuses on the four result parameters of ”satisfaction”, “loyalty”, “image” and “value for money”, which VP only indirectly influences. The survey also includes a set of more action-based questions. This is where VP can work more actively with customers’ assessment of products and services. The five action parameters are ”employees”, “communication”, “services”, “proactivity” and “price”. VP can see that customer ratings have improved as a reflection of the work in these areas.
Efforts give pay-off
“We see a very positive pay-off from our focused efforts during 2017,” says CEO Niels Olsen from VP SECURITIES. “Customers rate our employees, communication and proactivity higher than last year, and this reflects a series of activities launched in 2017. One example is that we implemented a Service Excellence programme in our business area Service and Operations. This survey gives us new knowledge for a continued effort, and the dimensions of employees and services are highly ranked by customers and will be key to our continued work.”
Naturally, price is a key focus for customers. One issue that is apparent from the survey is the high complexity of the pricing model, and VP will work with the model to increase transparency going forward.
“We’re moving towards a more competitive market situation which gives customers greater freedom to choose among CSDs. In this context, it’s crucial for us that customers give us high marks for ‘value for money’, and that we see an increase for that parameter. But we’re not done yet. We can see that our efforts are recognised by our customers, and we will continuously endeavour to live up to our customers’ growing expectations,” concludes Niels Olsen.