New: Net Promoter Score Rankings For 133 European Brands
Forrester just published The European Net Promoter Rankings, 2022 report, including the Net Promoter Score℠ (NPS) and industry rank for 133 brands in banking, auto and home insurers, and auto manufacturers across France, Germany, Italy, Spain, the UK, and Sweden (new in the rankings this year). We asked more than 35,000 European consumers in our annual Customer Experience Benchmark Survey about their likelihood to recommend brands that they interacted with in the past 12 months, using the standard NPS question and calculation. We found the following:
- Banking: Country leaders mostly defended their position. The banking NPS ranges widely in the evaluated European countries: from -51 to 44. Overall, challenger banks typically perform better than their traditional banking peers, as shown by leaders like Crédit Mutuel in France, Banca Mediolanum in Italy, ING in Germany and Spain, and Starling Bank in the UK (despite gains by other banks in the UK). Sweden provides a stark contrast to other countries: All included banks score lamentably low.
- Auto and home insurers: Almost all of last year’s leaders prevailed. The NPS range for auto and home insurers in the evaluated European countries reaches from -51 to 30. Most countries, except the UK, saw relatively little movement in scores. France has a new leader with GMF, but there is little movement among German, Italian, and Spanish insurance brands. Swedish insurers scored low, all receiving double-digit negative scores.
- Auto manufacturers: Toyota excels across all European countries apart from Sweden. The Net Promoter Scores range from -37 to 40. Toyota is defending or taking the lead in four of the six countries, with few significant score changes. In the UK, Toyota has to share its leadership with Hyundai. Swedish auto brands (not including Toyota) all received double-digit negative scores.
Beware Of Some Common NPS Pitfalls When Reading The Rankings
Seventy-four percent of CX pros said that their organization’s top-level executives use NPS or likelihood to recommend to gauge success of the CX program, according to our recent report, The State Of VoC And CX Measurement Practices, 2022. If your company is among these “NPS shops,” please keep the following in mind as you look at Forrester’s European Net Promoter Rankings:
- NPS is a loyalty metric, not a direct measure of CX quality. It is only effective at improving CX when it’s part of a CX measurement and improvement system that measures the performance of your customers’ journeys.
- The Net Promoter Scores in this report are more like relationship Net Promoter Scores than transactional Net Promoter Scores.
- We recommend you use this ranking to see your relative competitive position. Even if you measure NPS internally, we don’t recommend comparing your scores directly to ours. That’s because the NPS you measured will probably be higher than an NPS derived by a third party such as Forrester, partly because people feel less obliged to be nice when rating your brand with a third party.
For a detailed analysis of each brand’s ranking and for insights into key drivers of NPS, read the full report, The European Net Promoter Rankings, 2022, or schedule a call with us.