Your Net Promoter Score (NPS) is a +47. According to global benchmark data, that’s above the average score of +32 and the median score of +44. However, companies in the top quartile have scores of +72 or higher. Your Loyalty Index Score is a 57.5. Last year, it was a 58.6. Your Image Score stayed the same at a 23.7.
You can track increases or decreases in performance indexes year over year, but what do these numbers really mean?
What is driving those scores? Where are you outperforming the market? Underperforming? Do you know where you need to expend operational and branding or messaging effort to raise these scores? Are there unmet needs among your patients that you have resources to meet?
What is really important to your patients, and where do you stack up?
That’s the $100,000 question. Tight budgets or not, you shouldn’t have to invest $100,000 or more for the answer. And you should get more from your research than just numbers.
We’d like to tell you about a tool we use that gives you actionable data. Instead of a handful of scores, this online, customized, quantitative research tool provides you with concrete operational improvements you can make to improve and differentiating messaging opportunities. Using this tool as a tracking mechanism over time, you can see how your specific efforts pay off. You can also track how your competitors perform and where they are placing their efforts.
We’d like to introduce you to The Market Performance Index (MPI) and its three key analyses.
The MPI measures:
- Unaided Awareness (open-end coded with first mention/top-of-mind noted)
- Aided Awareness (multiple choice), usage/interaction, consideration set, preference (overall)
But the analysis goes beyond just the numbers and percentages. The relationships between each of these elements are scrutinized to give us information about the health of your brand and that of your competition. For example:
A brand with the highest aided awareness, a usage percentage higher than consideration percentage and the highest avoidance has reputation issues.
If unaided and aided awareness are high, first mention is high and preference is higher than usage, the brand has a very strong reputation in the market, even among patient prospects.
The Market Line
The MPI calculates the relative importance of a set of key attributes and service lines that are driving hospital or health system preferences in your market. It enables you to compare your performance on those attributes with the performance of each of your competitors. This analysis identifies your key strengths and weaknesses and those of your competition.
Plotting Opportunities and Unmet Needs
The MPI then analyzes and plots these attributes as branding, messaging or operational opportunities:
- Determine which attributes are points of parity – important to your patients and very easy for them to find in your market. A hospital or health system needs to be close to the market line on these attributes. Any weaknesses in this quadrant should be targets for operational improvement.
- Determine which attributes have potential for further development – not as important to patients right now, but difficult for them to find in the market. If you have key strengths in this area, you may want to focus marketing attention on them.
- Determine which attributes are not worth your investment of time or effort – less important overall to patients and easy to find in your market.
- Identify your key differentiators – important to patients and difficult to find in the market. Developing a strength in this quadrant will differentiate you from your competition.
Let Frederick Swanston show you how to get actionable data for your research investment. Let’s talk further. We’d love to put the Market Performance Index to work for you.