Is your Net Promoter Score a reliable metric to measure what customers think of your business, or is it biased? This is a common question that can be particularly worrying for small businesses that already have close relationships with their customers.

Does your company take its customers for granted or do you understand the art of customer loyalty? Customer loyalty is one of the most important aspects of growing your business. However, many companies overlook this and focus more on attracting new customers. If you consider the cost of doing this - getting a new customer is 6 times more expensive than retaining an existing customer - ignoring this fact can be quite expensive.

Managing customer retention rates is an incredibly important part of growing a sustainable business. Winning a new customer is wonderful, watching an existing customer that you have acquired switch to a competitor, not quite so much. A very common approach to growth is to focus on new customer acquisition.

One of the most important aspects of any business is the pricing strategy. If you were to place two identical products in front of each other - one cheap and another that is several times more expensive- which would be the best product in your opinion? It is interesting that many consumers would view and select the more expensive product as the better, even if this is not really the case.

With the Net Promoter Score® you measure and analyze customer satisfaction in order to find out more about what people like or dislike about your product or company. Used correctly, NPS is the most valuable metric for measuring customer loyalty and satisfaction.

With Net Promoter Score surveys you measure the likelihood that a customer will recommend your company to their personal and / or professional environment. The higher the resulting NPS® value, the higher the chance of a recommendation, as well as a sign that your customers have become active promoters for your company.

The customer survey via Net Promoter Score® has the advantage over other forms of survey in that you receive relevant customer feedback promptly when you need it most.

Loyal and dedicated employees are critical to a company's ability not only to sell a product or service, but also to create brand ambassadors who promote it as a great place to work.

An NPS® survey is about much more than just the quantitative rating customers give your company. You can track your customer score, but it's the qualitative feedback that gives you the “why” behind it and puts the customer's voice in the foreground.

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.

To truly understand customers and increase customer loyalty, organizations must focus a large portion of their resources on researching customer feedback. Depending on the approach to the subject of feedback, it can have a positive impact on the business, but it can also be detrimental.

While many people consider Net Promoter Score® surveys to be a simple rating scale from 0 to 10, in reality NPS® has two sides - the quantitative (the rating) and the qualitative (the feedback) side. Just as an unanswered email is frustrating for the average user, there are few things that discourage a customer satisfaction professional more than an NPS survey that was only given a rating but no qualitative feedback.