Second in NPS series, this blog talks about the latest techniques to improve the net promoter score, to analyze and make use of the results in a non-traditional way. Read the previous blog here
Be it retail, banking, e-commerce, hospitality or any other technology-driven company, they all have one objective in common, i.e. 'Treat the customers the way they want to be treated'.
Consumers’ demands get responded by organizations, industries and take shape of a product or service with a view to meet and exceed customer expectations.
Today consumers have gazillions of options for a single service or product, each tailored to perfection and ready to be sold. What differentiates? Is it the price, the quality, service or to sum it all, the experience? Customers are being pampered in every way possible, right from bringing their attention to a product or service, leading to purchase and it continues till the relationship builds. To give them a great overall experience, organizations run the much talked about metric, the Net Promoter Score (NPS).
The metric has been in trend for a while, from big to small, almost every organization wants an answer to one question - ‘How likely are you to recommend our product or service to your friends or colleagues?’ Where customer’s rating on the scale of 0 to 10 acts as a mirror for the business and depicts the net effect of balance between perceived value v/s business offerings. And it makes every organization work to improve the net promoter score.
NPS, when coupled with other metrics, can go far beyond arithmetic or a statistical value and reap in unexpected positive results. It could bring in a whole new horizon to a company to reimagine their services and step up the benchmarks. With NPS comes data, and this plethora of surveys can be useful in building various forms of analysis and draw a relationship between multiple variables. Whether it is ARPU (avg revenue/subs) or other demographics such as location, income, profession, age etc. they all are significantly related to the growth of business, in terms of building a product or service to provide exceptional value for money to the consumer.
A new outlook to NPS is Revenue weighted NPS, a way of calculating the NPS, which is not just based on mathematical calculation but also on understanding the real worth of each customer. Considering customer profiles calculating the final NPS score leverages the power of NPS for perfect service delivery.
NPS and Customer efforts are strongly interrelated and when coupled together, impact customer service positively. As the former determines the customer satisfaction and the latter determines what improvements are needed to reduce customer efforts and ultimately enhance customer experience.
Free text provides wider opportunities in analysing exact customer sentiments. NPS and sentiment analysis together not only gauge customer loyalty but also detect the root cause of the entire journey that helps in focusing more on making a difference in customer experience.
Maya Angelou once said
“People will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
And NPS can help the organizations in determining the exact feelings of the customers and improve their experience if it is not considered just a service measure but much more.
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