Bain & Company has launched NPS Prism, a new business aimed at helping companies uncover actionable insights that they can use to create game-changing episodes along the customer journey. This article is copyright 2019 The Best Customer Guide.

NPS Prism addresses a crucial problem for business leaders: the lack of reliable, high quality Net Promoter Score benchmarks for gauging competitive performance and progress against goals. Moreover, NPS Prism adds a new-to-world capability for driving those benchmarks down to each important episode of the customer journey.

To deliver the service, NPS Prism is partnering with Qualtrics, leveraging the company's leading research and experience software platform to collect and deliver data. This enables NPS Prism subscribers to prioritize interactions that matter most to their customers and provide robust data about a company's competitive performance on each of them.

Companies increasingly compete to differentiate their customer experience as a key to earning the customer loyalty that drives profitable growth. Yet customer expectations continue to increase rapidly. Executives need to maintain a deep, up-to-date understanding of where their companies stand versus competitors, along with clarity about what truly earns long-term customer loyalty, so they can create a superior experience in this opaque, evolving landscape.

Bain & Company, the inventors of Net Promoter System, formed NPS Prism to provide a comprehensive, outside-in understanding of opportunities to create a superior customer experience from the consumer's perspective, rather than through the lenses of a functional organization. NPS Prism data uncovers insights at a far more granular level than any other study in the marketplace, revealing unique opportunities and risks.

All of this means that organizations can see how the critical components of their customer experience stack up against the competition, and how they contribute to their company's overall differentiation in the minds of customers. This allows them to define and prioritize actionable improvement tactics and investments.

"NPS Prism enables companies to hear the voice of the customer clearly so they can better understand how they stack up against their competitors overall and by customer episode. It allows companies to understand which episodes matter most to their customer experience and what 'good' looks like in each episode," said Jason Barro, a partner in Bain & Company's Customer Strategy & Marketing practice.

Initial NPS Prism data covers four financial services sectors in the U.S.: retail banking, credit cards, wealth management and mortgage. It will expand into other categories and geographies throughout 2019.