The Winners guide to NPS and revenue growth with the Maven TM NPS Methodology
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;
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
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.
CSAT - Customer Satisfaction
CSAT is short for Customer Satisfaction, which is a commonly-used key performance indicator used to track how satisfied customers are with your organization’s products and/or services.
CSAT is measured by one or more variations of this question that usually appears at the end of a customer feedback survey: “How would you rate your overall satisfaction with the [goods/service] you received?” Respondents use the following 1 to 5 scale:
1. Very unsatisfied
5. Very satisfied
The results can be averaged out to give a Composite Customer Satisfaction Score, although CSAT scores are more usually expressed as a percentage scale: 100% being total customer satisfaction, 0% total customer dissatisfaction.
CSAT is calculated by taking only the responses of 4 (satisfied) and 5 (very satisfied) responses from the results of a CSAT, combining these and then dividing by the total number of survey responses. The result is the % of satisfied customers arising from the CSAT.
The MavenTM CSAT Methodology is the gold standard in understanding your customers needs and pinpointing what it is about your products and/or services that needs to change in order improve and sustain customer satisfaction.
For your winner’s guide to using CSAT to track customer satisfaction with your products and/or services with the MavenTM CSAT Methodology 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.
More than ever before, is now a standard to measure whether your company is successful or not. Engaging with your customers demonstrates to them that you value their opinions and goes a long way to building customer loyalty. When your customers aren’t satisfied, you risk losing business to your competitors.
Utilising CSAT is great way to ensure that you are consistently delivering excellent customer service and standing out from all of your competitors.
CSAT Telemarketing Surveys by Maven TM is the gold standard in CSAT.
Maven TM achieves this by;
For your winner’s guide to using CSAT with CSAT Telemarketing Surveys by Maven TM 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.
We have the tools and capability to extend your reach, giving small to medium marketing teams the capability of much larger teams at a fraction of the cost of recruiting
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To see how Maven TM can make a real difference to your business, contact us today.
We will get back to you within one working day to fully understand your needs & requirements.
With this information, and our lead generation expertise & industry knowledge, we will devise a tailored approach specifically designed to deliver results for your business.