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.
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;
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
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;
For your winner’s guide to using NPS to benchmark yourself against industry competitors with MavenTM, contact us here.
NPS or Net Promoter Score
NPS is calculated based on responses to a single question:How likely is it that you would recommend our company/product/service to a friend or colleague?
Respondents are divided into three groups based on the score they give from 1-10;
The percentage of detractors was then subtracted from the percentage of promoters and resulted in the NPS score.
MavenTM, has carried out numerous successful NPS projects across industries including Financial Services and Medical Technology that have resulted in;
Learn about the competitive use of NPS or why you should consider NPS by reading our blog. For your winner’s guide to NPS and revenue growth with MavenTM, contact us here.
Wondering what the difference is between CSAT and NPS?
CSAT measures customer satisfaction with a product or service, whereas NPS measures customer loyalty to the organization.
CSAT targets a reaction to a specific interaction, product, or event and may use multiple questions to focus on specific parts of the customer experience, e.g., “How would you rate your overall satisfaction with the telephone service you received/helpfulness of assistant/delivery?’”
NPS focuses on a single question to measure a customer’s loyalty, “How likely is it that you would recommend [Organization X/Product Y/Service Z] to a friend or colleague?”
NPS is therefore a much broader measure of your customer’s loyalty to your company whereas CSAT is much more specific measure of your customer’s satisfaction with regard to your products/services or an interaction a customer had with your company.
Wondering whether you should choose CSAT or NPS? contact us here.
Measure the quality and effectiveness of your customer service and support representatives with a quick and tailored customer feedback survey.
Here at Maven TM, our multilingual team consists of native and fluent language speakers to ensure a consistent campaign across markets – regardless of language.
We will help you build relationships with your clients, ensure that your customers have a positive experience every time, and nurture long term loyalty with your business.
At Maven TM, we will help you collect and analyse results in order to discover areas that need improvement as well as interesting ideas that you have gathered from your customers.
You can now share these insights across the company, set new customer service targets, establish new processes and provide further training where necessary.
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With this information, and our lead generation expertise & industry knowledge, we will devise a tailored approach specifically designed to deliver results for your business.