There is no better advertising than the recommendation of a satisfied customer. This is represented numerically with a Net Promoter Score (NPS). LoanProa loan management software based in Utah based loan management software that manages loan output and organization for some of the largest banks in America, has an astronomical NPS of 92.
We asked LoanPro CEO Rhett Roberts how the company achieved such a high NPS, and how other companies can duplicate LoanPro’s customer success.
Grit Daily: How successful have you been in customer retention, and how do you measure your success?
Rhett Roberts: We are extremely successful in retaining our customers simply because we have been in their exact shoes before. Coming from a lending background ourselves, we solve real problems for our customers which in turn makes their servicing experience easier. We measure our success by ensuring that every new customer gets the attention they deserve and help them onboard as quickly as possible.
Grit Daily: It is one thing to retain customers, and another to get them to actively promote your product. How has LoanPro achieved such a high Net Promoter Score? Was LoanPro’s NPS always high, or has it been steadily rising?
Rhett Roberts: Lending can be complicated, that’s why every new LoanPro employee no matter if they are a programmer, or work in our customer success department goes through our LoanPro University training program. This ensures our whole LoanPro family better understands each lending model which allows us to provide a better product, support, and overall experience. When a customer calls in for support we truly try to identify the problem they are trying to solve by seeing the full picture with all of its moving parts. Then, because of our training and lending experience we are able to provide them with the best solution for their individual needs. We continue to teach our team weekly, allowing them to stay up to date with all of the new lending trends and models.
Our current NPS is a reflection of an innovative product, knowledgeable team members, and customers who truly believe in what LoanPro does for them. In fact, 46% of Enterprise customers responded to our NPS survey, crushing the national average response rate of 10% – 25%.
Grit Daily: How can businesses learn from and improve their NPS scores? Has LoanPro done so? If so, how?
Rhett Roberts: First, understand the problem your customer is trying to solve. The issue with a “one size fits all” approach is that any problems are always at the expense of the customer. No two companies are exactly alike and it is important to understand their individual needs. This will allow you to provide them with the best answer / solution to their problem.
Second, seek and share feedback. LoanPro utilizes a “Voice of Customer” program in which feedback is gathered from customers and shared with all areas of the company. We then close the loop by implementing our customers’ feedback.
And third, take the hard feedback to heart. By getting the right people and empowering them with the right tools, our customers get the best version of us, and see our willingness to give them the best experience possible.
Grit Daily: What net impact has having a high NPS score had on the success of LoanPro? Has it made other aspects of your business better or more efficient? How so?
Rhett Roberts: This NPS has given us assurance in the mutual trust we’ve established with our customers. This confidence from our customers gives us the green light to move faster when configuring new products for them, making everybody happier!
More than a product, LoanPro is an experience that powers financial innovation. A key advantage of our NPS is that it gives us tangible evidence of the satisfaction of that experience. Displaying the NPS has been a powerful tool in selling the experience to potential buyers. Our customers have become true promoters of LoanPro, and there is no better advocate than the people that use our software every day.