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Measurement is such a critical aspect of customer loyalty today and Barclaycard stands at the front of that elite crowd.
To illustrate its prowess, Barclaycard earned the Platinum Award in the Customer Insights category at the Loyalty360 Customer Loyalty Awards held earlier this month at the 10th annual Loyalty Expo.
Viren Aggarwal, consultant, strategic analytics, Barclaycard; and Vishal Morde, vice president, strategic analytics, Barclaycard, talked to Loyalty360 about the award and its meaning.
Can you talk about what went into your Measurement category nomination and how it impacts your customer engagement/customer loyalty/customer experience objectives?
We were happy to share our Customer Experience story at this platform. Measuring customer loyalty is an unremitting process and, at Barclaycard, we build it with a two-pronged strategy. At one end, we monitor customer engagement and make sure that the functioning is smooth. At the other end, we make sure that the customer has proper channels to get its voice heard. As an organization, we keep the ‘voice of customer’ a part of every strategy
Our work on RNPS, the innovative analytics and the exhaustive methodology, has helped us understand our customers better. The precise measurement has streamlined our efforts in every aspect of customer experience. It has influenced our marketing campaigns as well as our strategic investments.
Do you ever tweak your measurement methods or do they remain the same?
We have a diverse set of metrics to capture engagement and customer loyalty. That provides us an advantage to not rely on one metric. However, the models do become weak over time and are updated as the behavior of underlying population changes. Being cognizant of this, it becomes imperative to come up with innovative analytics to stay ahead. We use methods like sentiment analysis, root cause analysis, and look-alike models to address different challenges. The overall idea is to “go deep”.
What have you learned from a behavioral change standpoint from your customer measurements?
Barclaycard US has a diverse portfolio which makes it challenging to understand customer behavior. The driver analysis at Partner level has helped business prioritize strategic investment to heed some of the pain points that our customers had. Moreover, our customer loyalty campaigns are being targeted based on the supporting analytics. This has propelled our RNPS to move in the right direction. More than that, the text analytics shows that we have been able to emotionally connect with our customers.
What measurements do you use and how impactful are they?
Conventional metrics like Spend rate, Wallet share, and Attrition score are very useful but only capture engagement. We complement this set with Relational & Transactional Net Promoter Score and information on complaints we receive to understand the bottlenecks in our business. Metrics like NPS is forward-looking, adds a unique dimension of customer feedback, and is correlated to profitability.
What does this award mean to Barclaycard and your efforts connected to measurement?
It was a great honor to win the Platinum Award and get recognized for our commitment to put our customers at the heart of everything that we do at Barclaycard. This is a testament to everyone’s effort to make Barclaycard the most recommended brand for our customers and clients. Measuring customer loyalty is an unremitting process and Barclaycard US strives to excel at it.
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