Enhancing customer experience along their purchase journey is the prime concern of an aspiring entrepreneur. Believe it or not, 74% of consumers agree that positive reviews make them trust a local business according to Forbes research. In case if you are looking for an optimum solution to measure your customer satisfaction, then Net Promoter Score (NPS) is the ideal choice!
In 2003, Fred Reichheld coined the term Net Promoter Score in his article “The one number you need to grow.” Since its publication in Harvard Business Review, nearly two-thirds of 1000 fortune companies rely on it. This corporate metric is measured based on a simple query stating How likely you are to recommend our product or service to your friend? Please rate us on the numeric scale from zero to nine, zero indicates poor whereas nine indicates excellent.
Reasons to pick NPS
The role of NPS is very well-defined! It helps business executives to stay tuned with the changing customer behavior and need. Most of the business marketers use this corporate metric to understand their customers’ perception of products and services. They collect NPS through various means like email, website, and pop-ups to understand their customer’s perspective towards the brand. Let’s dig further on how to use Net Promoter Score to gain its benefits and succeed in the competitive global market.
1. Document your NPS ratings to get insights into customer satisfaction
In this competitive business world, most of the marketers rely on NPS which measures customer satisfaction. It helps marketers to understand the regular business operations to deal with customers through smart marketing strategies. In addition to this, documenting NPS ratings helps business marketers to keep track of customer experience, interest, and requirements. Employees dealing with customers can refer to this document to personalize and enhance their customer experience. It also helps to avoid the pitfalls of a few marketing strategies that result in poor NPS ratings.
2. Customize your product or service to enhance your customer service
Satisfying your customer in their purchase journey is the ultimate goal of every business marketer. In addition to this, business executives need to address customer issues and resolve it in less span. Fortunately, there are many marketing technologies and tools to customize the products and services based on customer requirements. Likewise, the NPS system helps marketers to reduce the barrier between customer requirements and the company’s business goals. The main goal of the NPS system is to enhance customer experience and empower the business reputation in the global market. However, incorporating the NPS system will ensure the enhancement of customer service and marketing results.
3. Identify Detractors and nourish them to leverage your NPS value
Detractors are the unsatisfied customers and can ruin your company reputation. Besides, it’s 5 to 25 times more expensive to get a new customer than retaining existing customers according to nicereply.com research. This information justifies that it’s wise to nurture detractors and retain them with the help of the NPS system and regular follow-ups. Business executives can even send automated personalized messages for customer response to build a healthy customer relationship. In the case, if you have long-term business goals then surveying customer feedback, understanding their pain points, resolving their issues will help you to thrive in business. Meanwhile, showing concern towards detractors will not ruin your investments as they pinpoint the drawbacks of the company products and services. Their feedback will often help you to rectify the products and services to excel in the competitive business world.
4. Insert the NPS system in marketing campaigns to gain the trust of your prospects
NPS is a beneficial corporate marketing metric to gauge your customer’s potentiality in referring your brand for a friend or colleague. Incorporating it into your marketing campaigns will help in tracking campaign results and long-term customer acquisition performance. Let’s dig further, NPS highlights the ability of your brand to captivate your customers through marketing campaigns. As discussed earlier, based on NPS value you can segregate your customers into promoters, passives, and detractors. Nurturing promoters will fuel your marketing campaign revenue by referrals made to their friends or colleagues. Similarly, detractors’ feedback helps in identifying the areas that need improvement to retain your customer for beneficial marketing results.
Today NPS finds its application in various sectors like technology, financial and banking services, healthcare, groceries and so on. Companies of different sizes rely on NPS to ameliorate their products or services that fit into the global market. If you still doubt that, then take a look at this list of leading MNCs that depend on NPS to enhance their products and services.
Thus, Net Promoter Score data helps B2B as well as B2C marketers to understand their customer perception towards the company products or services. It’s not too late yet! Implement Net Promoter Score in your marketing programs to succeed in the customer-centric business world.