Customer Experience

NPS explained

NPS or Net Promoter Score, is a methodology of measuring your customer satisfaction and loyalty to your brand using an index-range based scoring mechanism based on surveying your customers, asking them how likely it is that they would recommend your company to a friend or colleague.

Customers are asked to answer on a scale of 1-10, 1 being very unlikely and 10 being very likely.

• Those customers who scored 9-10 were classified as Promoters, loyal customers who continue to buy and refer others to you.
• Those customers who scored 7-8 were classified as Passives, satisfied but unenthusiastic customers who are vulnerable to competitive offerings.
• Those customers who scored 0-6 were classified as Detractors, unhappy customers who can damage your brand and growth through negative word-of-mouth.

NPS as a score is just a number, but NPS as a discipline, that regularly manages your customers experience of dealing with your company, now that’s a winning number!

Customers have lots of choice. The MavenTM NPS methodology ensures that they choose you, every time by;

• Uncovering customer loyalty drivers.
• Using your NPS data to make powerful predictions about customer behaviour.
• Identifying at-risk customers using churn data and experience data.
• Reacting to and resolving quickly the complaints of dissatisfied customers.
• Preventing customer churn by moving detractors up the scale to promoters.

With the MavenTM NPS Methodology: More Promoters = More Referrals = Increased and Sustained Revenue

Learn about the competitive value of NPS surveys in our blog.

How do you know the NPS score you should be aiming for?

Using the MavenTM NPS Methodology you are kept constantly aware of  the average NPS score in your industry so that you can benchmark your NPS score with average scores within your industry and against your competitors.

So why is industry benchmarking so important?

Every industry differs in its average NPS scores for various reasons. For example, department stores tend to make customers a lot happier than banks and consequently department stores typically have a higher NPS than banks.

Without the understanding of your industry average NPS score, you are missing out on vital information that can help you to stay ahead of the competition.

Keep in mind that NPS is just a number and whilst benchmarking against

the industry standard NPS score and that of your competitors, what’s more important is the qualitative feedback that you get from your NPS surveys and of course, what you do with it to make sure you’re improving your customer experience.

The MavenTM NPS methodology ensures that you are always

• Aware of your industry average NPS scores
• What is driving customers scoring in your industry
• How you can capitalise on this information and turn it into increased revenue.

The most successful NPS methodologies are those that are adopted on a company-wide basis, engaging all employees and fostering a commitment to achieving and sustaining utmost customer loyalty.

Using the MavenTM NPS Methodology, employees are empowered to positively effect change to customer loyalty and consequently your NPS score by;

• Adopting the ethos that no matter their role or location, every employee can effectively interact with and take action on customer insights and effect positive change to the customer experience.
• Embedding NPS into your employees’ daily routines and the tools and processes they already use.
• Ongoing employee training and skills development in customer experience improvement.
• Utilising a team problem-solving approach to analyse and address issues uncovered by NPS surveys.
• Recognition and reward schemes that value and inspire employees to strive for customer service excellence in every instance.

  For your winner’s guide to using NPS to benchmark yourself against industry competitors with MavenTM, contact us here.