“A satisfied customer is the best business strategy of all.” – Michael LeBoeuf
“Failure is nothing more than a chance to revise your strategy.” – Anonymous
“You cannot be everything to everyone. If you decide to go north, you cannot go south at the same time.” Jeroen De Flander
What do your customers think of your business? Would they recommend you, your products or services to their family and friends? Calculate your Net Promoter Score (NPS) and gauge your customer’s overall satisfaction with your business and their loyalty to your brand.
Net Promoter Score is used by many companies to gauge the loyalty of a firm’s customer relationships and serves as an alternative to traditional customer satisfaction research. What’s more, it’s felt by many that there is a strong correlation between a high Net Promoter Score and company growth. Your NPS can be as low as −100 (everybody is a detractor) or as high as +100 (everybody is a promoter). An NPS that is positive (i.e., higher than zero) is felt to be good, and an NPS of +50 is excellent.
Calculating your Net Promoter Score
To calculate your Net Promoter Score ask your customers, most likely in a simple survey how likely they are to recommend your company to a friend or colleague, using a scale of zero to 10, with 10 being highest. Then work out the percentage of responses that scored your company between seven and 10, then zero and six. Subtract the zero-to-six percentage from the seven-to-10 percentage, and you have your Net Promoter Score.
You can also take the opportunity when surveying your customers to ask some further questions on how and what you can improve to potentially push your NPS even higher.
Measure4Success is the blog for e-nexus Ltd. We are a Bournemouth based Marketing consultancy specialising in Strategic Marketing Planning and Performance Measurement. Learn more about what we and get in touch by visiting our website at www.e-nexus.co.uk
A vision without a strategy remains an illusion – Lee Bolman