Net Promoter or Net Promoter Score (NPS) is a “management tool that can be used to gauge the loyalty of a firm’s customer relationships.” It acts as a leading indicator of future growth.
It can be more reliable than customer satisfaction rate, and the higher it is; the higher a chance you have to surpass other competing businesses who could be potentially taking your customers.
With the new year and lots of new potential customers, it’s beneficial to know how to utilize your net promoter score to improve your business.
3 Tips to Improve Your Business With Net Promoter
Driving action starts with sharing actionable insights. The NPS gives your organization useful data to guide your company. According to many people the NPS gives a good indication of growth potential and customer loyalty for a company or product.
The Net Promoter feedback you receive from customers can be shared with managers and employees quickly. This will allow for a fast response to your customers. It also helps employees understand what customers have to say about your business.
Close The Loop
You never want customers to feel like they are being ignored or their opinions do not matter. In the “closed loop” methodology, response to customer feedback is important and a start to building relationships.
Frontline closed loops, is a system in which frontline employees respond to customer’s feedback immediately by calling them. It is a method to prevent frustrated detractors (unhappy customers who try to ruin your image and hinder your company’s growth through negative word-of-mouth).
It is a way to gather insight on root causes of business problems and build strong connections with your customers.
Adopting NPS Within Your Organization
Your Net Promoter Score really gains power once you incorporate it into your business as a whole. Organizational adoption occurs when you give sales leaders, product, service, and marketing the data they require to keep their operations focused. Customer needs should be at the forefront of your business.
Using NPS as a customer feedback tool will help achieve this goal.
Net Promoter Score will help you build a stronger relationship with your customers. NPS data and customer comments can be used to make educated decisions about your business, new products and other innovations.