Net Promoter Score (NPS) is a widely used metric in the world ruled by digital transformers and with good reason. In the current business scenario wherein, customer satisfaction and unfractured loyalty lay the foundation of growth and innovation, the ability to turn prospective customers into loyal promoters can be a game changer.
Fred Reichheld debuted the metric in the popular Harvard Business review in 1993 which was later adopted by Bain & Company and Satmetrix as a method to envisage customer buying and referral etiquette. In the survey, Fred distributed 20 distinct questionnaires to thousands of customers in six different industries, and only one question seemed relevant which became the basis of NPS- “How likely are you to recommend company x to a friend or colleague?”
Companies are calculating NPS by prompting their customers to answer this question (See our blog, "Create an Effective Customer Journey with Net Promoter Score" to know how). By doing so, enterprises could efficiently keep tabs on the customer potential for real, sustainable growth through customer retention capacity and word of mouth referrals. The calculated score helps them focus more on the best performing locations and spread the lessons learned to other branches as well.
NPS offers an important statistic for quantifying customer satisfaction and loyalty. Improved NPS signifies higher conversions of customers into promoters, which helps in building customer loyalty and maximizing brand value. In truth, setting a good NPS score is important for companies to build seamless customer experience and create more avenues of growth and innovation. Here are a few strategies that one can employ to skyrocket their net promoter score.
1. Integrated Environment Sets a Good NPS Goal: Integrated business ecosystems familiarize customers with their brand through a real-time integrated environment, automated nurtures, personalized account management, and a cadence of useful content. It helps enterprises to onboard customers up to 80% faster, thereby allowing them to foster strong relationships with customers, boost customer loyalty, and design successful customer journeys. Effective onboarding leads to happier customers, they’re more likely to stick around, spend more, and spread the word, thus increasing NPS.
In addition, companies across the globe use tools such as ServiceNow or ZenDesk for managing problems and incidents, and changing requests with customer-facing software. These tools when integrated with the enterprise’s product, customer database let businesses manage and respond to all interactions in one place. Additionally, by relying on these support tools, companies can effectively maintain customer service operations, extend seamless help desk support to customers, maintain consistency across all touchpoints, execute live chat and internal support tickets, etc.
2. Embrace Promoters and Engage with Detractors: Most companies have a tendency to ignore their promoters and concentrate solely on detractors. This is a huge blunder. Keeping a close watch on your promoters offer valuable insights that give you an idea as to why or what made them loyal. Likewise, you need to engage with your detractors to find out what is wrong and where do you lack. Gauging the trend of detractors help you find solutions to meet customers’ needs and expectations. Moreover, you have a good chance of converting them into promoters that accelerates your NPS.
3. Consistency is the Key: Maintaining consistency across the board, regardless of the touchpoint is necessary. Make sure that customers are having great experience in every interaction. It cements their loyalty towards the brand. Thus, to offer delightful customer experience consistently, one can employ fast and transparent service using a robust integration platform.
4. Monitoring Score to Grow: Monitoring your Net Promoter Score on a regular basis and making constant improvements in strategies will help in building a strong conversion funnel. In addition, it allows illumination of a possible weak spot in the customer journey that contributes to churn. Enhancing the Net promoter score by identifying gaps means converting passives as well as detractors into promoters, all while offering a remarkable experience.