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Net Promoter Score Survey (NPS Survey) is a well-known metric used for measuring customer satisfaction and loyalty. With an aim to predict the business growth and revitalize the customer experience, this survey involves asking customers a question: “On a scale ranging from 0 to 10, how likely are you to recommend our product/service to your friends or colleagues?” This is usually followed by another open-ended question: “Why did you give us that score?” This question comes with a dialog box for customers to write their feedback in. Leveraging data from this question empowers brands to improve their service, delivery, client relationships, etc. This plays a crucial role in increasing loyalty and boosting customer lifetime value.
As the scale of an NPS survey ranges from 0 (Not at all likely) to 10 (Extremely likely), the respondents can be grouped as follows:
To calculate Net Promoter Score, the percentage of detractors (who gave you a rating between 0-6) should be subtracted from the percentage of promoters (who gave you a rating of 9 or 10). While the Net promoter score can be interpreted as a value from -100 to 100; where the negative value describes that the brand has more detractors than promoters and positive in the opposite scenario i.e. when the brand has more promoters than detractors.
An NPS survey is considered to be a great predictor of business growth. When a brand’s NPS is high (or better than the average industry standards), it indicates that the brand has successfully established a strong and healthy relationship with its customers. These customers prove to be evangelists for the business, spread a positive word of mouth, and play an indispensable role in the growth cycle.
While there exist multiple customer satisfaction metrics which are valuable on a strategic level, relying completely on those does not help brands to paint a detailed picture of the customer experience. An NPS survey is important because it enables businesses to:
From the given range of values between -100 to +100, any score greater than 0 is considered to be ‘good’ as it shows that a brand has more promoters than detractors.
An NPS score of +100 shows that there are no detractors for a business and every respondent is highly enthusiastic to recommend the company to others. This score is practically infeasible and no brand has ever achieved it.
While high-end companies usually have an NPS of 70 and above but don’t consider it the domain of global and renowned brands only! Do you know in 2018, Netflix had a Net Promoter Score of 64, giving a tough competition to PayPal (63), followed by Amazon (54), Google (53), and even Apple (49).
If the value of the Net Promoter Score goes below 0, it shows that a brand has more detractors and fewer promoters. Getting a negative NPS is an alarming situation for businesses as it makes them realize that they are not performing well. A bad NPS also propels businesses to improve their offerings, rectify the gaps, minimize the unhappy customers, and increase their promoters.
While NPS surveys are quite simple to create, it’s important to keep in mind the long-term use of data before deciding how to administer them. Using survey software can help but it will measure a single metric only, which in turn will restrict your ability to take action on the generated results. In such scenarios, leveraging a robust customer experience management (CXM) solution or NPS software can help. By empowering you to gain insights into all interactions across every touchpoint of the customer journey, CXM solutions can help you gather NPS data to see which touchpoints are performing and which are not. Here are the questions you should include in your NPS survey:
Elevate experiences that impact NPS using Voxco Surveys
Voxco offers best-in-class NPS surveys that help you gather actionable data at important touchpoints along the customer journey. By understanding how customers feel about each aspect of your product or service, you can easily turn your detractors into promoters. To improve your Net Promoter Score and stack up against industry competition, you can use Voxco’s free NPS Calculator.