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 THE ROAD TO RECOVERY Half have cancelled a car breakdown policy for financial reasons SWITCHING & DITCHING THE EXPERIENCE A BETTER DEAL KEY PERFORMANCE INDICATORS Almost one third of customers contacted their breakdown provider for a call out GETTING IN TOUCH IT’S TIME TO CHOOSE REASON FOR CONTACT HOW DO YOU MEASURE UP? 80% of the customers we contacted felt they received good value for money from their car breakdown 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 33% have contacted their car breakdown provider in the past year 83 % 17 % 63 % 21 % 14 % Better deal elsewhere Too expensive Price rise Two thirds who cancelled a policy for financial reasons found a better deal elsewhere Cost ranks as the most important factor when selecting a car breakdown provider, but more than half of consumers state something else... Reputation Ease of set up Speed of Response Word of Mouth Terms of Contract 6% Customer Service 8% 24% Quality Cost 46% 8% 2% 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 32% Call out 19% Policy renewal 8% Policy purchase 8% Billing enquiry 8% Change account details 4% Cancel or complain Service didn’t meet my needs Financial reasons Poor customer experience 49 % 20 % 11 % Areas of ‘Poor Customer Experience’ that cause consumers to cancel Poor customer service 36% Product wasn’t as expected 10% 23% Effort involved to get anything done Billing issue 20% £ 50% have NEVER switched provider. 1 in 10 have switched 4 times or more 50% have been with their current supplier for less than 2 years 2014 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 car bre akd ow n pro viders. If yo u w an 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. Almost 1 in 3 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 7.82 +11 87%