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Safe as houses - Home security services benchmarking
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SPA Future Thinking conducted the Services Benchmarking Study in April 2014 with 3,500 consumers across finance, utilities, media, insurance and emergency cover service sectors. If you would like to find out how your business scored please contact a member of the services team. E: [email protected] T: +44(0)1865 336 400 Data courtesy of SPA Future Thinking www.spafuturethinking.com innovation intelligence inspiration 40% have cancelled a home security policy for financial reasons SWITCHING & DITCHING THE EXPERIENCE A BETTER DEAL KEY PERFORMANCE INDICATORS 1 in 4 customers contacted their home security provider to purchase or renew a policy GETTING IN TOUCH IT’S TIME TO CHOOSE REASON FOR CONTACT HOW DO YOU MEASURE UP? 74% of the customers we contacted felt they received good value for money from their home security provider We correlated 4 key metrics against ‘intention to continue being a customer’ and found that perception of value for money correlates the most with intention to remain a customer... At a broad level, financial services topped all three KPI’s. Utilities is seen as the worst performer; emergency cover is middling in comparison. INSURANCE FINANCE UTILITIES EMERGENCY COVER MEDIA 31% have contacted their home security provider in the past year 72 % 22 % 53 % 21 % 20 % Better deal elsewhere Too expensive Price rise More than half of those who cancelled a policy for financial reasons found a better deal elsewhere Over one third rank cost as the most important factor when selecting a home security provider, but more than half of consumers state something else... Reputation Ease of set up Speed of Response Word of Mouth Terms of Contract 9% Customer Service 8% 26% Quality Cost 37% 8% 4% 4% 4% Providers across 20 service areas were rated across 3 widely used KPIs. Phone contact still dominates although electronic contact is increasing, especially among younger customers 15% Policy renewal 13% Call out 11% Policy purchase 9% Resolve an issue 8% Billing enquiry 6% Make a complaint Service didn’t meet my needs Financial reasons Poor customer experience 40 % 21 % 16 % Areas of ‘Poor Customer Experience’ that cause consumers to cancel Poor customer service 31% Product wasn’t as expected 9% 28% Billing issue Effort involved to get anything done 22% 81% have NEVER switched home security provider 1 in 5 have been with their current supplier for less than 1 year 2014 40% have been with their current supplier for more than 5 years 0-10 rating of satisfaction 0-10 rating of likelihood to recommend OVERALL SATISFACTION NET PROMOTER CUSTOMER EFFORT Percentage of customers who agree that the company made dealing with them easy 7.51 -1 88% SAFE AS HOUSES W e’ve co m pared th e m arket across 5 m ain s ervice se ct ors. A s p art of our service provid ers stu dy w e’v e be n ch m ark e d t h e to p ho m e sec urity providers. If yo u w a n t to kn o w h o w y our bu sin ess co m p ares then g iv e u s a c all, w e ’d b e delighted to share. £
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We recently launched the Services Benchmarking Study, designed to help brand owners understand how their organisations rate across a variety of metrics; including overall customer satisfaction, NPS and Customer Effort. Our study also focused on benchmarking home security providers. The good news is that for this sector when it comes to customer satisfaction, just under three quarters of customers believe they receive good value for money. In addition, 40% have been with their current supplier for more than five years Download our infographic “Safe as Houses” which provides an overview of findings across the top home security providers including: • Breakdown of KPI metrics for home security providers • The key reasons for choosing a provider • Areas of poor customer experience that cause consumers to cancel • The role of switching and ditching – just how common is it? The Services Benchmarking Study has compared providers’ big and small, detailing in-depth information of how your company has performed against the competition. Here at SPA Future Thinking we utilise Their Voice our bespoke Voice of the Customer programme to help leading blue chip organisations achieve greater customer engagement and improved business performance. If you’d like to know more about our Services Benchmarking Study and find out how your business compares please contact Craig Strudley on +44 (0)1865 336 400 or [email protected]
Transcript of Safe as houses - Home security services benchmarking
SPA Future Thinking conducted the Services Benchmarking Study in April 2014 with 3,500 consumers across finance, utilities, media, insurance and emergency cover service sectors.
If you would like to find out how your business scored please contact a member of the services team.
E: [email protected] T: +44(0)1865 336 400
Data courtesy of SPA Future Thinking
www.spafuturethinking.com innovation intelligence inspiration
40% have cancelled a home security policy for financial reasons
SWITCHING & DITCHING
THE EXPERIENCE
A BETTER DEAL
KEY PERFORMANCEINDICATORS
1 in 4 customers contacted their home security
provider to purchase or renew a policy
GETTING INTOUCH
IT’S TIME TO CHOOSE
REASON FOR CONTACT
HOW DO YOU MEASURE UP?
74% of the customers we contacted felt they received good value for money from their home security provider
We correlated 4 key metrics against ‘intention to continue being a customer’ and found that perception of value for money correlates the most with intention to remain a customer...
At a broad level, financial services topped all three KPI’s. Utilities is seen as the worst performer; emergency cover is middling in comparison.
INSURANCEFINANCE
UTILITIES
EMERGENCY COVER
MEDIA
31% have contacted their home security provider in the past year 72%
22%
53% 21% 20%
Better deal elsewhere
Too expensive
Price rise
More than half of those who cancelled a policy for financial reasons found a better deal elsewhere
Over one third rank cost as the most important factor when selecting a home security provider, but more than half of consumers state something else...
Reputation
Ease of set up
Speed of Response
Word of Mouth
Terms of Contract
9%
Customer Service
8%26%
Quality
Cost
37%
8%4%
4% 4%
Providers across 20 service areas were rated across 3 widely used KPIs.
Phone contact still dominates although electronic contact is increasing, especially among younger customers
15%Policy renewal
13%Call out
11%Policy purchase
9%Resolve an issue
8%Billing enquiry
6%Make a complaint
Service didn’t meet my needs
Financial reasons
Poor customer experience
40% 21% 16%
Areas of ‘Poor Customer Experience’ that cause consumers to cancel
Poor customer service
31%
Product wasn’t as expected
9%28%
Billing issue Effort involved to get
anything done
22%
81% have NEVER switched home
security provider
1 in 5 have been with their current supplier for less than 1 year
201440% have been with their current supplier for more than 5 years
0-10 rating of satisfaction
0-10 rating of likelihood to recommend
OVERALL SATISFACTION
NET PROMOTER
CUSTOMER EFFORT
Percentage of customers who agree that the company made
dealing with them easy
7.51 -1 88%
SAFE ASHOUSES
We’ve compared the market across 5 main service sectors.As part of our service providers study we’ve benchmarked
the top home security providers. If you want to knowhow your business compares then give us a call, we’d
be delighted to share.
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