At Praxis, we have also developed our own proprietary matrix, called Customer Advocacy Matrix (CAM), to measure customer advocacy levels in the BFSI sector. This matrix lets companies identify and address customer issues in a recurring manner by using a range of factors to calculate a comprehensive score. There are two types of factors: sector-agnostic ones like app and website analysis, used for all companies, and sector-specific ones, tailored to different types of financial services like banks, NBFCs, payments, and insurance. This way, we capture unique customer perspectives for each sector. These factors cover many aspects that affect the customer experience with any company, including engagement, problem resolution, usage patterns, and growth. The composite score from our matrix provides a metric to compare between companies, regardless of their size, location, or customer base.
- Our initial focus revolves around acquiring comprehensive and detailed feedback concerning the customer journey. We segment customers basis our Customer Advocacy Matrix (CAM) and employ a structured "driver tree framework" to systematically collect responses.
- Using the established driver trees, we take a customer-centric view of the customer lifecycle, capturing the nuanced emotional factors that influence both positive and negative feedback. We also assist businesses in evaluating their market position to those of their competitors by comparing NPS as well as multiple data points in our CAM.
- The third step involves a comprehensive assessment of current customer advocacy levels at three distinct levels: sector, industry, and offering. Our analytical framework highlights strengths and weaknesses among promoters and detractors, enabling companies to pinpoint crucial action items.
- This helps us identify key interventions needed to enhance customer experience and build customer loyalty by addressing areas of concern identified during diagnostic phase.
- Finally, we work with clients in prioritizing and implementing the initiatives based on the impact they have on the identified metrics.