Customer Experience (CX) is a potential metric to keep track of a Brand’s health. And being a business owner, needless to say, how important it is to monitor your brand’s growth regularly and forecast future developments.
There are different metrics to learn more about target customers’ behavior and attitude. NPS (Net Promoter Score) is one of the best ways to measure how satisfied your customers are to refer your company to others.
Today, we will learn more about what NPS is and how it can help you grow your business when actions are taken effectively.
What is the Net Promoter Score (NPS)?
Over the years, different methods to calculate customer loyalty have been introduced. There are CES (Customer Effort Score), CSAT (Customer Satisfaction Surveys), or PES (Product Effort Score). Although both metrics are effective against specific features of your product or service, NPS gives you an overall picture of how broadly your customers think about your brand and whether it is time for a change.
What is the Net Promoter Score?
Net Promoter Score (NPS) is the easiest way to measure customers’ behavior and if they are satisfied with your service refer your company to others. This process can be done easily with a set scale (1-10) of questions or in a survey poll from your website.
Since NPS is open-ended, this leaves a wide range of options for the customers to express their opinion. If you are wondering how to calculate the NPS score, our next section holds the answer.
How to Calculate NPS:
To calculate NPS over a certain time, all you have to do is subtract the percentage of detractors from the percentage of promoters.
NPS = (% of) Promoters – (% of) Detractors
If you are still not familiar with these NPS terms, let’s learn about them first:
On an NPS score, customers get to choose from a scale of 1-10 indicating how satisfied they are with your service. Those who make a selection from 1-6 are called Detractors.
Detractors are highly dissatisfied with your service. They need special care to improve their experience with your company and work on it for quite some time. These cases occur when people feel like they are not getting the desired service according to their expectations or the product reached their hand is accidentally damaged or doesn’t match their preference.
Detractors often disapprove of your service and discourage others from buying from you. Hence, they need special attention to improve their experience and your business performance.
Passives are people who are neither detractors nor promoters. They are fairly okay with your service but always believe there is more room for improvement. Passives can be easily converted into promoters with a specific amount of effort.
Promoters are people who promote word-of-mouth affirmation. They are highly satisfied with your service and encourage other people to select your company. They are the ones who help to spread the word of mouth and promote your brand to others. Promoters are considered the gems of your service.
So, if your percentage of promoters is likely to be more than the percentage of detractors in any NPS calculation, it is assumed that your brand is doing fine and growing healthy.
How to Analyse NPS Score for Your Business?
The most grievous mistake we make is leaving the old customers and their concerns behind in order to get new conversions. It’s true NPS helps to figure out how your brand is performing with all levels of customers. But taking no actions according to the NPS score will only halt your brand’s growth.
This is why, after settling with the NPS metrics, you need to figure out the level of detractors and who they are. Point out their issues with your service/ product and approach them sensibly with time to solve their problems. This may not instantly convert them into promoters. But they will know their issues are handled with care and seriousness and they might reconsider engaging with your brand again.
For Passives, you can put them as a second priority and indulge them in promoting your brand. In order to encourage them to spread the word of mouth and turn them into regular customers, you can offer them exclusive offers. This will help them to take one step further if not behind.
You can also check out competitors’ NPS results to figure out where your company stands at. Since NPS varies from business to business, it is the best way to get a relative perception of your brand’s performance and measure it through it. This process is done via Competitive Benchmark NPS. Learn more about it here.
NPS not only predicts the overall growth of your company’s performance but also helps you to sort out the issues that should be taken care of. This is why these metric results should be taken seriously. Actions should be taken on time after a while of observations.
Benefits of Net Promoter Score (NPS)
NPS predicts the customers’ churn and provides scopes to improve the situation. It’s not an all-inclusive metric and there are several other metrics in the market to calculate customer loyalty. But it offers a data-driven solution for qualitative customer behavior; which is easy, simple, and short to use.
One of the most interesting facts about NPS is, it is quick to answer. There is no elaboration or extended form of the survey. Customers can submit their experience within very few words without being limited to one answer. Let’s check out how NPS leverages your business platform:
Get A Big Picture:
Unlike other CX metrics, (like CSAT or CES), NPS gives a wide scenario of what’s going beneath the surface. Here, customers can become involved with your brand through your product, service, customer support, and the overall perspective of your business.
Whereas most of the time, CSAT or CES only measures the last reasonable interaction with your brand. They are small-time measurements based on specific features or efforts for a product. Hence, when it’s about NPS you get the big picture and allow your customers to engage with your brand from different lines of measurement.
Consumer-Centric and Organised:
NPS is an open-ended survey. Here, customers are not defined by yes or no answers. Involving them with self-disclosure that contains answers like whether would they refer our brand/ product/ service to others encourages them to engage with the brand directly.
Around 30%-40% of people like to be a part of self-disclosure. They love to talk about themselves and involve their actions answering to what they would do and how they would respond. This is an amazing way to engage more customers with your brand and learn about their behavior.
Simple, Short and Easy to Engage:
Many professionals still think long surveys are more detailed and contain more information. Hence, long-form surveys are more effective for the business. However, they may seem effective at first but they are more likely to engage less audience and tend to contain fragile responses.
This is because people don’t like to spend time on surveys for too long. Due to the rapid use of the internet and the availability of information, they are always looking for something that’s shorter, more clever, and quick.
Hence, NPS offers a simple scale-based survey that takes less than a minute to respond to. And with different themes and presentations, they appear to be more fun and engaging for the audience.
It’s very easy to set up NPS surveys on your WordPress website. Using simple shortcodes you can insert them on any segment of your page. With LiquidPoll, you can easily set up NPS polls and get effective responses from your audience.
A Data-Driven Analysis:
Customer experience is a qualitative term. Measuring it into a data-driven analysis is not seamlessly applicable to other CX metrics.
NPS is not all-inclusive. But when it comes to gauging customers’ loyalty and sentiment toward your brand, NPS offers an inspiring effort to gain ratio. With the results effectively measured and taken action against, you can assume the growth rate and improve the strength of your brand.
NPS may seem quick and fun. But the results will indicate complex conclusions. Hence, allowing you, as a business holder, to take care of different micro aspects of your service and improve them. Promoters of your brand are the ones who spread the word of mouth and encourage others to make a purchase. NPS allows you to find out who the promoters are and sustain them for a long time.
Promote Word of Mouth:
Do you know? 83% of consumers rely on personal recommendations from their close circle and 66% of them find online reviews reliable to make a decision.
Promoters of your brand are the ones who spread the word of mouth and encourage others to make a purchase. NPS allows you to find out who the promoters are and sustain them for a long time.
Also, through NPS polls, you can turn the passives into promoters with a little bit of effort and take care of detractors before they cause too much damage.
When you take proper actions based on the NPS results, it not only increases the number of promoters but also increases the possibility of having more repeat customers. Both of these actions are healthy solutions for your brand and thus allow you to stand out from the competitors.
Figure Out Your USP:
It doesn’t end on driving out data from customer experience only. You can make NPS polls to introduce new features or extensions to any existing service of your company. And see how they would react to this new addition.
This helps you to get an assumption about customers’ preferences before putting the feature in production. This eliminates the risk of failed attempts and production costs allowing you to figure out your business USPs (Unique Selling Points).
Based on these data, you can work on and improve your USPs and come up with something more innovative and creative holding a higher ground than your competitors.
NPS helps you to determine the overall consumer-brand relationship and evaluate the upcoming brand activity. It is a CX metric that co-operates with brand growth and performance.
You should definitely learn more about NPS and implement them on your WordPress website. But do not forget to take other metrics like CSAT or CES in account also.
Why LiquidPoll Is Best for NPS Survey?
LiquidPoll is a smart poll response solution for offering an interactive brand engagement platform for WordPress users. With LiquidPoll, you can create simple and powerful engaging polls and drive out excellent analytics and visualizations on customer behavior.
Not only polls, but LiquidPoll is also best known for creating easy and simple NPS surveys. With LiquidPoll, you can easily create NPS polls and integrate them anywhere on your WordPress website using shortcodes in less than a minute. Yes! You heard it right. LiquidPoll offers an easy and simple interface to create an amazing variety of NPS polls on different themes. We offer 6+ NPS themes with tons of options for customization.
It’s a very easy interface to work on and even easier to activate. You can easily view reports and extract the reports in CSV files anytime from anywhere. Even if this is your first time with a poll-generating plugin, LiquidPoll is built to make both the poll creator and the audience journey easier in getting essential feedback on different aspects of your brand.
Our budget plan will help you get the most out of NPS polls within an affordable range. You can also enjoy the free version of LiquidPoll before switching to our premium and ultimate poll-creating version of Liquidpoll. Not only that, LiquidPoll offers seamless integration with other data management plugins offering you an easy solution for data segmentation.
LiquidPoll is built to make your journey easier with NPS polls and other types of polls as well. Feel free to play with our poll playground and learn yourself. No login is required.
Final Words:
NPS surveys extract valuable feedback from customers. To learn and monitor deep insight into your overall brand performance, it is essential to continue NPS surveys from time to time. But remember, NPS is an addition to the important KPIs of your business growth but it is not a replacement. A brand’s potential is measured by following up several different KPIs together.
Before we say goodbye, take a part in the NPS survey below and let us know how this article was useful to you and if you would like to share it with your friends.
