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NPS® - What Tao Tao does for Customer Satisfaction -

NPS® is one of the most important metrics for Taotao's service customers.
NPS®, short for Net Promoter Score, is a metric developed by the American consulting firm Bain & Company to quantify customer loyalty to products and services. It is said to be an indicator of whether respondents are ardent fans of a product or service, whether they have reason to believe but easily switch to another product or service, or whether they are dissatisfied.


TaoTao hopes to increase customer satisfaction by regularly measuring NPS®, surveying customer loyalty to products and services, and continuously improving issues that arise.

What is NPS®?

At NPS®, the question "Would you like to recommend this product or service to a friend or colleague?" is answered on an 11-point scale from 0 (don't want to recommend) to 10 (would like to recommend). A score of 0 to 6 is a "reviewer", a score of 7 and 8 is a "neutral", a score of 9 and 10 is a "recommender", and the percentage of recommenders (9 and 10) is the critic (0) minus The ratio of the resulting numerical score to 6 points) is NPS®.
Known as "practical as a KPI (management indicator)", "highly efficient in continuous measurement", "easy to compare between enterprises and companies", "highly linked to financial performance", etc., and has been adopted by more people . It is used by more than 1,000 companies worldwide, and is said to be used by a third of public companies, especially in the United States.
Taotao is conducting a survey to measure this NPS® at a rate of approximately every six months, the third survey. In addition, in the Taotao survey, not only the NPS® questions of the company's services, but also the satisfaction with each service, the cognitive path of Taotao, the reasons for choosing Taotao, the reasons, and more. I also asked if it met my expectations. Additionally, customers using an exchange other than TaoTao are required to answer questions about NPS® to that exchange.
This time, although only a small part of the results of this survey, we will provide you with it. We hope this is an opportunity to have a dialogue with everyone, and by actively listening to opinions, clarify TAOTAO's problems and future goals, and ultimately satisfy customers.
The content was also announced at the clubhouse event "TaoTao Public Marketing Conference" held on February 27, 2021, where a lively discussion was held with the audience and valuable comments were received.

Tao Tao's NPS®

The survey was conducted as follows.

Taotao's NPS® is -59.0. Unfortunately, that's a slight drop from the previous (2nd) -57.8.

At first, you might be wondering what a negative number in NPS® means. To do this, we must first keep in mind that NPS® is a metric born in the United States. In the case of America, it is said that the answer tends to be closer to the center. In this survey, the center, i.e. "points 4 to 6" is counted as a "critic", so the overall score will be significantly negative. Furthermore, in financial services such as Taotao, it is said that most companies tend to be negative because they are not willing to "recommend" like a question.
According to the "NPS® Industry Benchmarking Survey (2015)" conducted by NTT Com Research, the NPS® of the financial services industry is generally low, with a median of -7.7 for online banking, ranging from -38.3 to 27.9, And -43.8 for online securities at -43.8. In the range of -26.4, the median was -34.4.


Therefore, especially in America, it is said that rather than focusing on the absolute value of the score, it is better to focus on changes over time and differences from competing brands.
From this point of view, the "time series" is flat or slightly down, so the client is calling us "more and more improvements". In terms of "difference from competing brands", it ranks fifth among domestic cryptocurrency exchanges. However, this survey only confirms the satisfaction of Taotao customers. Since the evaluation of competing brands may be harsh, it is only a reference value.
If you count from the question asking which exchange you are using, the average number of exchanges you use, excluding TaoTao, is 3.6. Including Taotao means customers use an average of 4.6 exchanges together.

Why did you choose TAOTAO and did it meet your expectations?

I asked about the reasons and reasons for choosing TAOTAO. We also asked if the project lived up to expectations.

The reasons and reasons why customers choose Taotao are (1) the content of the activity is good, (2) the parent company and other mothers are solid, (3) there is a smartphone application, (4) the operating company is a domestic company company. , seems to be the four elements. Secondly, ⑤ is an encrypted asset exchange company registered with the Financial Services Agency, ⑥ Fee level, ⑦ Convenience of deposit and storage, ⑧ A stable security system.
Looking at "Have you met your expectations" for the same item, it seems that you have evaluated the convenience of storage and storage to a certain extent, but (2) the parent company and other parent companies are stable, and (4) operations. Regarding the company being a domestic company, (5) being a crypto asset exchange company registered by the Financial Services Agency, (1) having a good content of activities, the numbers are lower than the "trigger/reason", and "disappointed" with the expectations when opening an account, I think these projects need Improvements as they seem to have a "feel".
In addition, the ratio of "Whether Expected" to "Trigger/Cause" was considered "Satisfied" and scored lower than the previous time. (1) Rich information provided, (2) Wide variety of crypto assets handled widely, (3) It is a crypto asset exchange company registered with the Financial Services Agency, (4) Track record since its establishment, (5) Good support content, (6) A solid safety system order is it. In addition to the relatively low scores for each of the items listed at the top of Reason/Cause, these items need to be prioritized and addressed. I'm.
Instead, the points that go up are "the transaction amount and size are right" and "I see ads a lot". Unfortunately, the latter is not purely advertising. On the other hand, we send out press releases and information through collaborative projects with other companies, so I know you're seeing them.

How have you reacted to being part of the IB Group?

TaoTao will become a wholly-owned subsidiary () of IB Liquidity Market Co., Ltd. from October 2020, and it will become "IB Group". I have also asked clients this question.

22.4% of the respondents said they knew about the changes in shareholders, even if 10.5% knew but did not know which company they were, it accounted for 1/3 of the total, so the remaining 2/3 of the customers were that fact . It means you don't know. Based on the fact that I cannot convey to many clients, I am acutely aware that it is necessary to work towards a broader and deeper understanding of TAOTAO in future communications.
Also, when asked about their views on shareholder changes, they appeared to be "neither", but they seemed to be more aggressive than their plans at the company. Particular ratings were "Reassured" ("Approach" and "Approach" combined 55%), "Increase trust" (54%), "Expect", "Increase" (47%), "Improve image" (46%) etc. This is an encouraging result for TaoTao. We want to make it a good exchange so as not to live up to customer expectations.

What is your dissatisfaction with TaoTao?

We ask you to freely answer your dissatisfaction with TaoTao. This is a visualization of hundreds of valuable opinions through text mining using AI.

Tools Used
User Local "AI Text Mining"
< br> This is called a word cloud and is a "visualization" that allows you to grasp the opinions of many people at a glance. Here, the larger the letter, the more opinions, and closely related words are closer together. The color of the letters is determined by the part of speech Color-coded, blue is a noun, red is a verb, green is an adjective, and so on.
Looking at it this way, it’s clear that customer dissatisfaction with Taotao is overwhelmingly “spread (wide)”. Next It seems that there are also "currency (a small amount of stocks)", "withdrawal (speed)", "exchange (no board trading)". In addition, in another question, some people said that the trading screen and APP with high evaluation are "ugly" , "difficult to understand", so I wanted to use this as a material to consider areas for improvement.
As mentioned above, although only a small part, we shared what emerged from the valuable comments of our customers Taotao status and problems. Based on these data, we hope to have a deeper understanding of our customers and provide better cryptocurrency exchange services.
If you can continue to provide us with your opinions in various ways, we Any help would be greatly appreciated. The Arakawa representative has set up a "question box", please feel free to contact us.
Peing (question box)