Why Your Business Needs the Net Promoter Score
Why the Net Promoter Score Will Benefit Your Business
NPS Predicts Growth
- Higher Margin and Spend
- Higher Retention Rate
- Greater Word of Mouth
One of the best ways to grow your business is to find customers who will also act as promoters. These customers will recommend your business to their friends, are more loyal, and will buy more. Overall, they are more profitable for your business.
The Net Promoter Score (NPS) is a tool that will help you identify these customers. It is a customer satisfaction, customer experience and loyalty indicator that measures the likelihood of customers to recommend a company, product or service to a friend or colleague.
NPS Delivers Bottom Line Value
How does the Net Promoter Score work?
The NPS measures customer experience and predicts business growth by asking one simple question, measured on a scale of 0-10: How likely is it that you would recommend [brand] to a colleague?
According to the NPS, there are three types of customers:
- Promoters (score 9-10): Promoters are loyal customers who are enthusiastic about your product. They will keep buying and encourage others to do the same, fuelling growth for your business.
- Passives (score 7-8): Passives are satisfied with your product. However, they do not share the same enthusiasm as Promoters. It’s possible you might lose Passives to your competitors, but they’re unlikely to damage your brand.
- Detractors (score 0-6): Detractors are unhappy customers who can damage your brand and stifle your growth through negative word of mouth.
Subtracting your percentage of Detractors from your percentage of Promoters gives you your overall Net Promoter Score.
TechBrain can implement NPS for your business
If invited to implement NPS, TechBrain can deliver this branded customer satisfaction survey on your website. It will include a dashboard summary, by month, of NPS results. It will also include a detailed database of individual NPS survey results for analysis and action.
The key benefit of the NPS is that it is straightforward and easily understood by your workforce. With that in mind, TechBrain can also deliver branded weekly communication to your team on how they are performing, as well as a framework incentive scheme for employees to drive behaviour.
Super charge your business growth by implementing the Net Promoter Score model today. Call TechBrain now for more information.