When it comes to measuring customer satisfaction and loyalty towards the brand, the Net Promoter Score is the most popular customer experience metric. NPS provides a reliable and authentic benchmark to measure customer satisfaction as well as loyalty. The significance of the NPS data is zero, until and unless it is not being converted into a proactive and the customer-driven approach. If you want to levitate the conversion rate of your business, then start using the Net Promoter Score to enhance your marketing strategies and product development potential.
Prevalence of NPS in Companies
Net Promoter Score (NPS) is the most popular customer experience metric and is measured in two-thirds of companies. 65% of companies measure NPS compared with 44% that measure CSAT and 14% that measure CES.
Net Promoter Score can change the way to approach your customers and help you to deliver exceptional customer experience. Apart from this, you can do 4 innovative things from your Net Promoter Score.
4 Innovative Things You Can Do From Your Net Promoter Score
- Improve Interaction with Both Existing & Prospective Customers
- Upgrade or Develop New Products/Services
- Quick & Result-Driven Decision Making Ability
- Trim Down Customer Churn Rate
1. Improve Interaction with Both Existing & Prospective Customers
Net Promoter Score is committed to delivering better customer experience by constantly augmenting the interaction between the brand and the existing & new customers. As NPS easily tracks the perception of the customers towards the brand, so this provides business with the opportunity to improve the product/service and make the business culture more customer-driven. Various companies and business units have indicated NPS as a leading indicator of business growth. You can also use skip logic and branching in the survey, where customers will view only questions relevant to them and get a better experience while giving feedback. Thus, the Net Promoter Score helps not only to gauge how likely your customers are to recommend your product/service (NPS Survey) but also lower the customer acquisition costs by retaining the existing one.
Explore some of the best ways in which you could use Survey Logic and Branching in your feedback forms to improve the customer engagement rate.
2. Upgrade or Develop New Products/Services
NPS is merely not a question, but a chance to add value to your product/services. Customer Feedback provides you with actionable data that give you a detailed insight into your customer preference and purchase behavior. Ignoring these data won’t do much, but if you strive to improve customer experience, it can convert your simple business to a customer-driven organization.
According to the study by CustomerThink, 84% of customers favor innovative companies.
NPS widens the scope of following-up your detractors (who give negative feedback). Both Open-Ended Survey and Close-Ended Survey questions help you identify and understand the root that why your customers do (or don’t) recommend you. Net Promoter Score offers you the detailed SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. Thus, capturing useful customer feedback will help you to customize your product/service as per your customers' requirements. This further provides your customers with better customer experience.
3. Quick & Result-Driven Decision Making Ability
NPS enables entrepreneurs to solely focus on their detractors and promoters. NPS Survey is like keeping an eye over every customer (promoters, detractors and passives) their customized requirements. Especially when you follow-up with your detractors and close the negative feedback loops it brings more value to your business.
Through different NPS Survey Questions, you can easily track the bespoke requirements of your customers (promoters, detractors, and passives) and fulfill them quickly without any delay. Based on the quick analyses through the NPS, you can take quick and precise business decisions without investing more resources and time.
4. Trim Down Customer Churn Rate
If you are looking for augmenting the sustainable growth of your business, then you need to trim down your customer churn rate. Customer Churn Rate refers to the percentage of customers that stopped using the product/service of the customer during a certain period. Thus, to acquire sustainable business growth, you need to understand the reason why your customer didn’t recommend your product. Thus, Net Promoter Score Survey templates help you to look into the customer perception towards brand or product/service is the Net Promoter Score survey.
Did You Know? Customer churn has a significant impact on your business as it lowers revenues and profits.
The actionable data collected from the NPS survey enable you to quickly follow up with your detractors and address their issues. Based on NPS data, you can upgrade and do value addition in your product/service to enhance the CX. If your customers are happy, they can pay you more and will not prefer to switch to a different brand. This helps you to reduce the customer churn rate and boost your business growth.
Net Promoter Score: Foolproof Solution to Customer Experience Related Problem
You could also use a Net Promoter Score Survey Software that provides you with actionable data that help you to identify the performance of your product/service in the market among customers. Acting on these insights can help you to improve your product/service, user-experience of customers, and reduce churn rate. Gathering actionable insights from Net Promoter Score data can help you to delight your customers with the exceptional experience and convert your detractors to promoters.