If you’re looking to drive growth, customer experience is likely high on your list of priorities. A good Net Promoter Score (NPS) can help keep you and your company on track. According to Bain & Co., a 10-point rise in your company’s NPS leads to a revenue increase of 5 percent.
What Is NPS?
The NPS survey consists of two parts. The first is a question that asks customers how likely they are to recommend your business to other people on a scale of 0 to 10. Customers that answer with 9 or 10 are considered promoters. Product Promoters can be thought of as the most loyal users of your product because they not only like it, but they also believe in it.
What Is a Good NPS Score?
An NPS score above 50 is usually a good sign, but all businesses do not operate on such high scales. That figure may work for a payment gateway company, but not necessarily for a banking firm. In fact, the figure would improve even more if the 75th percentile was used instead of the mean. That’s because a good way to measure your NPS is by looking at your top product promoter and asking how likely they are to refer your business to a friend or colleague. A good customer experience is a key to gaining that high level of advocacy.
How to Grow Your Business Using Net Promoter Score
1.Use NPS for Better Marketing Results
NPS surveys are an excellent way to measure whether your marketing efforts are actually working. Based on the Net Promoter Score® methodology, NPS surveys help you gauge how likely a person will recommend your product or service, allowing you to calculate customer loyalty and see what aspects of your product/service your clients like the most. That actionable insight can help your marketing team develop better campaigns that attract more potential clients more easily, and this NPS survey template makes it easy to get started.
2.Use NPS Surveys to Boost Your Sales
The Net Promoter System surveys are the ideal way to boost your sales statistics. By sending out an NPS survey after you’ve completed a client project, you’ll find that by using the open-ended NPS question, you can find out everything you want to know about how customers view your product/service. From that, you won’t just learn what improvements you need to make, but also what specific, personal pain points your sales reps and marketing department can focus on to offer a more personalized experience.
3.Use NPS as a Growth Metric
The quality of a product or service is directly influenced by the satisfaction of your customers. Net Promoter Score surveys allow you to find out which type of customer you currently have and which you should focus on improving. Their responses will help you understand how satisfied your customers are with your product or service.
4.Use Detractors’ Feedback to Improve Your Brand Image
In order to have a strong and positive effect on your brand image, you need to continually listen to what people say about your brand. Focus on detractors’ feedback by interviewing them and looking for reasons they wouldn’t recommend your brand or product. You can use this valuable information to improve the negative issues and make you a more desirable brand in the eyes of consumers.