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As you seek to improve your business and start to weigh business strategies to drive growth, you need to rely on certain customer experience metrics such as NPS®. These metrics can tell you how your strategies are faring in the real world, and how your customer experience efforts are performing. A good Net Promoter Score® is also an indicator of how your overall customer experience is doing.
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The Net Promoter Score® helps measure customer loyalty towards your brand. It can be positive or negative, with a good Net Promoter Score® being dependent on the industry or vertical your business is operating in. Respondents (they could be your employees or your customers) who give you a positive rating are likely to to recommend your brand to friends and colleagues in their social circle.
Respondents who leave a negative rating are likely to stop engaging with your brand and discourage their social circle from doing the same, and will use their negative experience with your company as a tool to do so.
To calculate your NPS®, you need to ask your respondents “How likely are you to recommend ‘company A/ product A/ brand A’ to a friend or a colleague?”
Respondents can choose their answer from a scale of 0 to 10.
Respondents who scored you between 9-10 are your promoters, who are likely to do positive word of mouth marketing on your behalf.
Passives are those who scored you between 7-8.
Respondents who left a rating between 0-6 are your detractors.
You can also ask your respondent a follow up question, querying why they scored you as they did.
To calculate your NPS®, You need to get the % of respondents who are your promoters and subtract that with the % of respondents who are your detractors.
Generally a positive result means you’ve got a good Net Promoter Score®. Negative scores imply that you have more detractors than promoters, and that you may need to make some changes in your organization or products or even both.
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NPS® scores range from -100 to 100, and a positive result is considered a good Net Promoter Score®. A score over 50 can be taken as an excellent result, and one over 70 can be considered the gold standard.
The same ranges apply for employee NPS® or eNPS®.
A good Net Promoter Score® ensures that your brand is likely to experience organic growth. Your customers are likely to refer you voluntarily to their social circle.
Forrester research shows that companies which invest in customer centric policies display greater customer loyalty.