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Acquiring new customers is expensive and time-consuming. Anyone who has ever calculated the cost of acquiring a new customer knows this. The NPS can help you save a lot of money.
New customer vs. existing customer
If you have only thought about the costs of acquiring a new customer, we will be happy to help.
Depending on the company, the cost is 4x to 10x the cost of retaining an existing customer, as this depends on many factors.
In order to save costs, it is advisable to extend the customer lifetime of existing customers as a first step. This can be relatively easy and inexpensive if you listen to your customers, respond to criticism, and make requests possible. This increases customer loyalty to your company and reduces the churn rate.
It's no secret that many customers stick with a company even when there are cheaper options on the market because they like the way the company treats them.
Good service is priceless.
You can easily compensate for price differences to your competitors through a personal and human relationship with your customer.
Measuring this quality is imperative not only to extend customer lifetime, but also to save on the marketing costs it takes to acquire new customers.
With a good NPS strategy, your satisfied customers, the promoters, take on a large part of the marketing effort, purely through recommendations to friends and acquaintances.
Good marketing is not expensive
When calculating, you will find that the implementation and active use of NPS surveys is sometimes cheaper than the costs associated with acquiring a single new customer.
As a free bonus you get a good insight into the necessary improvements. You also give your customers the feeling that their voice is heard and that satisfaction is important to you.
It's worth noting that 68% of customers quit because they feel the company doesn't care about them.
Just show your customers you care and keep that 68%.
NPS software for good results
Start saving money today by booking your permanently free Callexa tariff "Free" and surveying your customers. Callexa helps you to increase satisfaction, reduce customer churn and relieve your marketing budget.
Recommended reading: If this article helped you and you would like to learn more about the possibilities of using NPS in customer acquisition, continue reading here: "The role of NPS in customer acquisition"