Using NPS to add tangible results
Net Promoter Score. What a handy numerical way to understand customer sentiment. It’s so valuable, but also so challenging. We need to talk more about the value and the pitfalls of NPS, and learn how we can use this in conjunction with the myriad of our other customer data points.
Surveys are used by most brands to try and garner insight from their customers.
- Only a small proportion is surveyed (up to 3% of customer base)
- Response rates are declining (10-30% response rate)
- Surveys create customer effort
- They can waste valuable customer contact time and risk opt-out!
And, let’s think about it: in our personal lives you should never really have to ask somebody how they are when you should already know that there is something wrong.
As Fred Reichheld, the creator of NPS, famously said, “The instant we have a technology to minimize surveys, I’m the first one on that bandwagon.”
So your NPS scores are high – but if churn rates are high, who cares?
The concept of Predicted NPS uses advanced analytics to expose how customers already feel based on their past and current experience. It uses AI to understand and qualify past customer experience quality along with the survey data you collect to predict future customer sentiment.
Will the customer churn?
Or could there be an opportunity there for increasing their value?
Are we risking damage to our brand?
A Commscope report predicted that by 2020, customer experience was expected to overtake both price and product as a key brand differentiator. Well, it’s 2021 now and as we’ve learned via research done by Bain & Co, “Sustained value creators have Net Promoter Scores two times higher than the average company.”
It’s not just what is said, it’s what is unsaid
You can zero in on the root causes of
And gain a better insight into what actually influences customer perception and customer sentiment. These naturally drive customer behaviour and experience.
We know this…
To effectively increase campaign conversion, we need to engage with customers at the most appropriate time – and also stimulate customer lifetime value with more personalised and targeted campaigns.
The dream is to reduce the cost of service and reduce customer effort. so the customer doesn’t need to seek help. At the same time, we can increase the number of promoters and turn customers into brand advocates – even promoters.
Fringe benefit: this will also enable you to improve your service offering based on what your customers actually need.
It’s time to provide an incredible customer experience and positively improve your bottom line. Learn more about Predicted NPS here: https://idiro.com/predicted-nps/
Or join the dialogue as part of the Idiro Predicted NPS group here: https://idiro.com/predicted-nps-landing-page/