Since the time we launched SentiMeter®, it has been compared with NPS® (Net Promoter Score), CSAT (Customer Satisfaction) rating, and other metrics used to understand customer experience, sentiment, and feedback.
These comparisons are natural given that they all operate in the same space of understanding and measuring Customer Experience. However, there are some significant differences, and the purpose of this article is to clarify the key differences and similarities.
Frequently Asked Questions
Let's address a few frequently asked questions first.
Is SentiMeter® an alternative or replacement for NPS?
The simple answer is NO. The SentiMeter® score is designed to operate in conjunction with NPS or any other customer feedback metrics that your organization may be using.
Why do I need one more metric if I already use NPS?
NPS and other such metrics were designed in the pre-digital and pre-data-economy era.
While they are still essential metrics, NPS and CSAT haven't evolved with time and have critical limitations.
Hence while NPS can still be a useful metric, the SentiMeter® score will provide a whole new level of insight into the customer experience that has not been possible before.
What is SentiMeter® Score?
SentiMeter® is an algorithm design by the team at Aureus Analytics that looks at various interactions, events, and data points across a customer's journey across their entire lifetime and provides a real-time score between 0 to 100 that is a true measure of the customer sentiment.
SentiMeter® looks at customer interactions and events. Customer interactions can include emails, phone call transcripts, chats, website visits, app usage, complaints, referrals, surveys, claims notes, and more. Customer events include policy issue, rate changes, renewals, claims, payments, and other customer transactions.
Customer interactions and events take the form of structured and unstructured data that lives in your AMS, CRM, and other systems. SentiMeter® supports both structured and unstructured data, utilizing ALL of your customer interaction data available to calculate a SentiMeter® for 100% of your policyholders.
SentiMeter® provides you with the ability to understand how a policyholder is feeling without explicitly asking them.
By design, the SentiMeter® score is generated in real-time. It isn't dependent on you running outbound surveys and hence is available for all your customers and not just for those who participate in NPS or other surveys. However, if you run such surveys, they are certainly factored in by the SentiMeter® algorithm. So, in a way, think of SentiMeter® as a superset of NPS.
What are the differences between NPS & SentiMeter®?
SentiMeter® will help your agency understand how your policyholders really feel about you in real-time. Regardless of whether they are happy, neutral, or unhappy with your agency, SentiMeter® enables your agency to have a proactive customer service approach.
SentiMeter® is not a replacement for NPS, CSAT, and other metrics used to understand customer experience, sentiment, and feedback. These metrics can be used as inputs for the SentiMeter® score.
The SentiMeter® score is applied to 100% of your policyholders, not just the 8 – 10% industry average that typically participates in a survey. SentiMeter® provides you with the ability to understand how a policyholder is feeling without explicitly asking them.
Check out our DONNA Short Take: "Do They Really Like You?" It's a 3-minute read on how to collect and leverage client feedback.