NPS is a reality check for your business. It helps you analyze your brand value and where your customers rate you overall?
This blog will help you understand: –
- What is Net Promoter Score?
- What does it mean to your business?
- Avoid these things while calculating your NPS
- How can you calculate your NPS?
- What is a good NPS?
- How can you improve your NPS?
What is Net Promoter Score?
NPS is a bit of a reality check for businesses. It is considered to be the best way to analyze how your business is doing. Without any metrics like NPS, you will not be able to track and determine your performances.
In order to stand out from the crowd, you need satisfied customers who spread the word about you and send referrals to your business.
The following questions will help you understand the NPS even better.
What does it mean to your business?
Business success is all about providing your customers with a delightful experience to retain them for longer. If your existing customers are delighted with your services, they will send referrals your way, in short, they will be your promoters.
Net Promoter Score is an effective and efficient way to rank businesses. Because it helps you sneak into customer behavior.
How to calculate your NPS score?
NPS reveals how much your customers are satisfied with your services and products. Everything lies in the answer to this question: – “ How likely are you to recommend us to your friends and family?”
The basic formula to calculate your NPS is as follows:
Promoters % – Detractors % = NPS
To find out your Net Promoter Score, the percentage of detractors is subtracted from the percentage of promoters. This shows how well your business is doing in the customer’s perspective.
Customer responses are grouped into the following ratings: –
- Promoters are those people who rated you from 9-10
Promoters are your valued customers who will support your products or services and are well aligned with your ideology.
These are the most enthusiastic customers of your brand and business. You can utilize them to attract and acquire others as well.
- Passives are such people who rated you’re from 7-8
Passives are delighted customers buy they are not much expressive and confident about your brand as compared to promoters.
Such customers are an easy target of competitor campaigns and lucrative offers. Passives are more likely to convert into loyal customers and continuous follow-ups.
Businesses have seen significant conversions when focuses on passives.
- Detractors are those people who rated you from 0-6
Detractors are completely dissatisfied with your services or products.
The above-mentioned formula helps you assess where your customers rank you. You can easily identify the results and implement strategies to improve your NPS score and hence your overall customer experience.
What is a good NPS score?
NPS is more than a number, so properly analyzing the score is very important.
Here is a brief outlook of the process. It will surely help you to judge your Net Promoter Score.
Basically, any score above 0 is great because it means that a business has more promoters.
These are people who rated you 9 or 10, known as promoters.
An ideal score is 100 max that every business would like to achieve but nobody has ever achieved this score yet.
How can you improve your NPS score?
Your customers always have something to say about your products and services.
Let them share suggestions after the form
You can really keep up with their expectations by providing a way to express their concerns and suggestions.
When you survey your customers to obtain your Net Promoter Score, provide a space for some extra comments.
This helps them share them some more, especially if they are the passives and detractors.
A good old school method to find out what customers have to say is to conduct a survey.
A survey may include “How likely are you to refer?” on a scale of 0-10.
You can create and distribute survey forms with one of the many tools available online.
One of the most obvious ways is to make the survey intuitive and delightful so that more of the customers love to share their reviews.
2: Distribution of the survey.
After creating the survey forms you need to find the right people to participate and submit their reviews.
There are many ways to do so, you can utilize mostly used channels of communication to get the most out of the form.
One way is to use Email to track and analyze how well the form is doing. You can track how many people clicked or opened your form over a specific period of time.
Embed the survey form in your websites and prompt visitors to click.
Focus more on improving your customer experience not just score.
Net Promoter Score is a depiction of customer confidence and their overall experience. To enhance your overall perception, you should focus on improving the customer experience.
Utilize Intellicon’s flexible form builder to conduct your personalized NPS survey. You can analyze how your customer think about your business with the custom form builder
Want to know more, get a free consultation from experts!