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NPS® is the optimal metric for loyalty and customer satisfaction, but the Net Promoter Score can do a lot more. If used correctly, the NPS can play an important role in your customer acquisition and sales processes and significantly accelerate the growth of the company by focusing on both customer retention and conversion of interested new customers.
But how do you use the NPS to generate more sales and revenue? Granted, this can be a bit tricky, after all, surveys and sales are not directly related.
Still, you can use NPS surveys to drive business growth. You don't have to search the Internet for a long time to understand how. Below are some strategies that you can use to easily implement this.
Use NPS surveys to build relationships
In many companies, existing customers account for around 30% of sales. Acquiring new customers costs an average of 7 times more than keeping existing customers satisfied and on board.
Nevertheless, many companies invest much more time and money in winning new customers than in retaining existing customers. Studies show that the latter is a far more effective strategy for generating steady, predictable sales growth. According to these studies, existing customers spend around 67% more than new customers.
Repeat purchases from existing customers are usually based on a high level of satisfaction with your products and services. Usually because there is one more important factor to consider here - the customer experience.
How does the NPS come into play here? Well, all of the feedback you get through surveys tells you exactly what your customers want. In addition, this data can help your customer service reps create personalized messages as they interact with your customers, showing that you are considered a person rather than a source of income. Overall, it can help you drive growth by improving customer loyalty.
Anticipate the prospect's expectations
A smart way to ensure you're getting more sales is to customize your survey so that prospects respond about their expectations of your product, rather than just general feedback. You should therefore run a separate campaign for these customers instead of surveying potential new customers together with existing customers. Adapt the survey template to your new target audience and wait for the ratings and responses to come in.
In this way, you will find out exactly what a potential new customer expects from your product. With this data you can focus on these areas, improve them and adapt the supply to the demand. This means that there are no longer any obstacles for these customers (if they match the previously determined customer profile) to decide in favor of your product and cooperation with your company.
Additionally, using customer feedback to improve your product can potentially pique the interest of your former customers. While this is not a guarantee, of course, there is a chance that you will regain the interest of previous reviewers or unconverted prospects because they feel like you've listened to their feedback.
Your customers want to speak to contacts who are familiar with their individual requirements. Hence, your team will have to put the time and effort into getting to know these customers.
Learning more about your prospects' expectations can make it much easier for you to convert them into lucrative businesses that generate long-term, recurring income.
Improve the added value of your offer
A good value proposition can mean the difference between closing and losing a deal. Unfortunately, one of the biggest mistakes companies make is thinking that their value proposition is flawless.
One of the most common reasons for business failure is that the people responsible for selling the product do not understand the customer's needs. By analyzing feedback from existing customers, you can easily identify the features and benefits that they see as the most valuable. Surveys can help you refine your offering by focusing on the data collected.
Rather than relying on guesswork, you can base your value proposition on data-driven observation and user feedback to improve your chances of convincing prospects that they are making the right choice.
Get in touch with critics and detractors
You might think that critics are lost customers. But that is not true if you use a different angle. How about correcting a mistake and capitalizing on it? This works because not every reviewer is someone who doesn't like your product and brand at all - some of them may actually like what you offer, but may just be very disappointed or dissatisfied with certain aspects of your business or a certain customer experience.
When you fix these issues, in addition to acknowledging your mistakes, the chances are that you will leave a strong impression on these people and turn them back into customers.
With passives, it is important to use surveys to ask them what improvements they would like to see on your product or what points are preventing them from becoming fans of your brand. Passives aren't exactly loyal customers, meaning they're open to other options. If you neglect them, they can easily add to your churn statistics.
However, if you pay them attention and use the answers and feedback they offer to craft personalized solutions, the more likely you will promote them and convert them into promoters. When you achieve this, you will essentially increase your sales in the long run as it will increase your retention rate.
Reading Recommendation: You can find more details about this topic in our Blog Article "Should you consider the results of erroneous applications in your NPS?"
Research inactive leads
From time to time even the strongest of opportunities will calm down. If you've gathered a large number of leads that have kind of fell asleep, sending an NPS survey is a great way to start the sales process all over again.
Using NPS to awaken such opportunities is easy. Instead of sending a survey to your existing customers, create a custom audience for inactive leads (e.g. people who initially showed interest in your services / products but haven't responded or taken action since).
Don't use the surveys to ask them how likely they are to recommend your brand to other people. Instead, use them to ask what improvements they'd like to see before they're ready to do business with you.
The great thing about this tactic is that it gives you feedback on why the deal didn't go through. You can use this data to refine your sales pitch and create a better connection with each prospect, increasing the chance of conversion.
Not everyone will reply to your polls, but those who do do send an important message - that they are still interested in working together. Build on that and prepare an offer that the prospect can't refuse, and there is a serious chance that feedback will turn into a profitable business.
NPS and increase in sales - a conclusion
Using NPS to increase customer satisfaction and retention will definitely work in your favor. However, there is a lot more you can gain by focusing on growing sales with NPS as well. It sounds more than appealing to enjoy brand loyalty and advocacy while increasing your number of customers, doesn't it?
Not to mention that you can use your promoters to improve the visibility of your brand and save directly on marketing costs in the process.
If you're looking for NPS survey software, you've come to the right place. Callexa Feedback offers a cloud-based solution that is easy to use, works across multiple channels and enables you to implement numerous time-saving automation scenarios.
We would be happy to talk to you if you have more questions about Callexa and the Net Promoter Score.
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"