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7 reasons to start tracking your Net Promoter ScoreSM today
CloudCherry | Featured | July 5, 2016
The Net Promoter ScoreSM (NPS®) is used to determine a customer’s loyalty to your brand by asking one single question: On a scale of 0 to 10, how likely are you to recommend our product/service/brand to a friend or family member? NPS can be a very powerful tool that all businesses should track on a regular basis for the following reasons:
Most businesses consider revenue to be the ultimate metric, but it is always based on past performances. It is also a poor predictor of the future, especially when customer experience is sacrificed for short-term revenue gains. The Net Promoter Score, on the other hand, determines the level of loyalty among your customer base, which gives a clearer indication of how well your business will grow.
The Net Promoter Score survey is easy to administer and the results are simple to interpret. The initial survey consists of a single question and can be administered via a website or by email. Follow-up questions can be included and the results can be interpreted by anyone, even those who are new to dealing with metrics.
NPS can be used to measure almost anything, from the effectiveness of a single marketing campaign to the overall image of your brand. It can be scaled up or down quickly, easily and effectively.
This metric can also be used to identify trends among your customers related to various aspects of your business. Such trends can provide invaluable insights that can offer many opportunities for you to improve the customer experience.
The Net Promoter Score can be used as a benchmark of your brand’s performance versus other brands in your sector. It is a more accurate measure of how your brand is performing because it is based on customers’ perceptions rather than other metrics, such as revenues or sales volumes.
With NPS, you can segment your customer base and personalize your approach depending on whether they are promoters, detractors or passive customer.
You can pose follow-up questions to dig deep into the grievances of your detractors and then tailor your message and make any necessary improvements to increase the chances of detractors becoming promoters. These insights can be used to further cement the loyalty of your promoters and encourage them to popularize and talk positively about your business, through Word of Mouth marketing, for instance, to the larger customer community.
NPS enables businesses to quickly determine whether their customer experience strategy is effective or not. It can be administered on a regular basis and the simplicity of the survey leads to higher response rates and faster results than any other type of survey.
The Net Promoter Score can be a very powerful tool as it offers valuable information regarding customer loyalty and sentiment seamlessly. Using this insight, you can make changes and improvements to your customer experience that directly impacts your brand’s profitability.