Net Promoter Score is a fancy term which you might have come across a lot. Mostly used as a metric to measure customer loyalty, NPS (Net Promoter Score) and customer satisfaction has been intricately related to each other. Let's take a look at how the Net Promoter Score is a clear indication of customer response and satisfaction.
Net Promoter Score is a simple metric. All you need to do is ask a simple question in your online survey: How would you rate our services from 1-10. Anyone who scores higher, preferably 9-10, is a 'promoter'. And anyone who are at the opposite end of the rating scale are 'detractors'. To calculate NPS, divide the difference between promoters and detractors with the number of respondents. A higher NPS means your customer is satisfied and is more likely to try out your services/products in the future.
Now, how would you use the net promoter score to drive customer interaction and satisfaction? One way, is to drive service improvement and product development via NPS. Since Net Promoter Score gives a good indication if your customers like your product or not, chances are you may feel there is a room for improvement. Most companies at early stage do the mistake of focusing on new products rather than improving on the existing ones. Your customer response will aid you to deliver exactly what your potential market is looking for.
The second use of NPS is to drive organic customer acquisition. Customers who are satisfied are likely to recommend your products/services to his/her peers. They may become a repeat customer, which constitutes a large chunk of a product's market. Word-of-mouth is one of the most reliable forms of marketing, which can be captured with zero cost. Companies like Slack, a cloud-based set of collaboration tools and services, regularly rely on NPS to drive market growth, and uses it as a key metric to capture market.
Now that you know few of its benefits, how should you proceed to achieve the desired results? You must take definitive actions to make a stride to market growth. Always stay in touch with your customers and take time to time feedback. Your NPS score can also bbe calculated with triggger based online surveys, where based on the ratings a customer may be asked some pertinent questions. There is no dearth of competition, so be aggressive to address the concerns of your customers and improve their experience in future.
Net Promoter Score has rightfully become a standard of customer satisfaction. There is nothing which gives a broader perspective to customer experience than a simple question of, 'How would you rate our product/service?' It lies on the company how to use this parameter to the fullest.
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Tagged customer feedback system, customer retention, customer satisfaction, Net Promoter Score, NPS, NPS Online Survey, online survey, online survey feedback, repeat customers