Serving clients is at the center of everything we do here at Schwab, and one of the fundamental ways we assess how well we are listening to our clients and meeting their needs is through a measurement system we call the Client Promoter Score or “CPS” as we like to call it.
We calculate our Client Promoter Score through ongoing web-based surveys of clients that ask one simple but telling question:
On a scale of zero to ten, how likely is it that you would recommend Charles Schwab to a friend or colleague?
Responses of nine or 10 are defined as “Promoters” and those that are zero through six are defined as “Detractors.” Subtract the detractors from the promoters and that is the Client Promoter Score.
But here’s one of the most important parts of the process: we aren’t just listening – we are also acting. We reach out to detractors to find out what we did wrong or could have done better, and the feedback we receive is invaluable in helping us rethink and refine our actions. But even more importantly, the clients we connect with are reassured that Schwab is reading their feedback and actively engaging with them, whether it’s a branch manager connecting with a client who had an issue, or a service team member going the extra mile to ensure satisfaction. By listening and responding to client feedback, we’re able to continually improve the client experience and increase loyalty.
The Client Promoter Score system we use at Schwab is based on the Net Promoter® System created by Fred Reichheld, a partner at Bain & Company. Bain & Company recently posted a short video about how Schwab uses the Client Promoter Score to see the world through our clients’ eyes and build a culture of client service within our company.
Here’s the video which features our President and CEO Walt Bettinger and some employees who are on the front lines with clients living and breathing client service every day.
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