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The Net Promoter Score survey provides access to a large body of actionable feedback that helps improve customer loyalty over time.
If you are only looking for a simple evaluation, a biannual survey may be sufficient. However, you will miss the real advantages of the NPS survey.
Establishing a robust NPS process can help with product management, customer communication and reducing churn!
Find the product-market fit
The term describes what happens when you sell a product that the market demands. It means that you have developed a product for the right customer and can use it to solve an existing problem.
How do you know that the product-market fit has been found?
- A good NPS score is a clear indicator of this.
When you survey customers, you get a rating and an overall score at the end. But the reason for the rating is just as important, if not even more.
Why do your promoters love you? If it is because your product meets all the requirements and achieves the goal that the customer wants to achieve with it, then you are on the right path to product-market fit.
Compare your supporters with passives and critics. Is there anything in common? If you find that specific type of customer, who is often also a promoter, you have found your target market.
Double down on what's already working well to attract even more of your perfect customers.
Reading recommendation: If you would like to know how you can make your search for the winning product easier, we recommend our blog article “NPS vs. Social Media for Market Research”
Personalize relationships with your customers
Questioning every customer in the same way is not possible. Dissatisfied customers are very difficult or even impossible to persuade to take extended actions. For these customers, focus on the criticism and reported issues and provide feedback to the critic that you are working on the adjustments.
For more product trials, reviews, or other marketing efforts, reach out to your promoters and brand advocates. These customers are passionate about your business and will be more than happy to help you.
Measuring NPS helps tailor your marketing and communications to each user, so you can be confident that every contact is successful.
Suppose you want to collect customer reviews. The best way to do this is to contact your promoters, the customers who gave a rating of 9 or 10 in their last NPS survey. These customers already love your product and are very likely to recommend it.
Forecast future growth
If you examine the response to an NPS survey more closely, you can get clues about the respondent's trend. From this, a migration or expansion risk can be predicted.
Customers with a rating of only 4 points have a greater risk of churn than a customer who has rated 8 points.
By assigning a risk percentage to each number, you can actually predict the impact on future growth and churn.
Experience has shown that half of all critics leave as soon as possible. 40% of passives are at risk of switching if they find a similar product at a lower price.
That's pretty alarming! The good news is that you can target these customers based on their risk of churn.
By assigning a revenue potential to at-risk customers, you can gain better insight into an NPS program's return on investment.
Reduce churn
Critics are closer to promoters than passives.
Why? The answer is simple, both your promoters and their detractors have something in common. You have feelings towards your brand.
The dissatisfied critic actually has an interest in your product working for them. Take the opportunity for him to describe the problem and implement the feedback directly.
Solving a critic's problem is more often than not rewarded with loyalty.
What you are left with is the silent part, the customers who did not respond to the survey. A survey based on NPS always has a better response rate than any classic survey. But even the best configured NPS routines only achieve a response rate of around 40%.
In concrete terms, this means that there is a large percentage of customers who have not submitted their feedback. However, these customers also consist of promoters, critics and passives.
Analyzing the big picture shows you where small changes can produce significant results. In addition to reacting on an individual level, analyzing your overall results will help you to reduce churn holistically and consistently.
Unknown benefits of using the NPS score
Implementing an NPS program across the organization will help you focus every employee on the big goal - a product that customers love to use, talk about, and recommend to friends and family.
Start implementing NPS into your routines today. With our free Callexa tariff "Free" you can implement this quickly and easily and ask your first customers about their satisfaction.
Reading recommendation: If this article helped you and you would like to find out more about the Net Promoter Score, continue reading here: “The Net Promoter Score – Basics and Areas of Application”