Here at FINALLY, ongoing client satisfaction is at the heart of everything we do. We pride ourselves on our relationships with our customers and we continually focus our efforts on getting results for them.
The customer loyalty and advocacy we experience as a result of our hard work is priceless, and an important metric for us when measuring this success is our NPS score.
So let’s drill down into what an NPS actually is, and how NPS scores are calculated.
The term stands for Net Promoter Score, and is a metric used to establish the willingness of customers to recommend products or services to others. It’s calculated by asking customers one question: ‘On a scale of 1 to 10, how likely are you to recommend our product/company to a friend or colleague?’
The scores themselves, on a rating scale from 0-10, are broken down like so:
- Promotors (chuffed and loyal brand ambassadors!): a score of 9 or 10.
- Passives (not actively making recommendations, but won’t bash you either. They’re likely to become promoters, so need a bit of extra attention): a score of 7 or 8.
- Detractors (not willing to make a recommendation, and probably won’t stick around or may discourage others from working with a business): a score of 0-6.
WHAT IS A GOOD NET PROMOTER SCORE?
The NPS score is calculated by taking away the percentage of detractors from the percentage of promoters. Across all industries, a score of 60 is considered very good.
Want to know what ours is?
I’m going to tell you anyway. Our NPS score here at FINALLY is a whopping 96 out of a possible 100. That means that out of all the NPS surveys and scores we’ve done, all of our customers would recommend us. Now it hasn’t always been this way, but thanks to our surveys and our ongoing conversations, we’ve been able to highlight the areas for improvement.
Our customers’ ongoing loyalty has allowed us to continually improve and grow as a business, and we’ve noticed more and more customers getting in touch as a direct result of recommendations. It doesn’t get much better than that, does it?
WHY IS THE NET PROMOTER IMPORTANT?
We use this metric, amongst all our other reporting, to predict business growth and to continually monitor customer satisfaction. For us, and many other industries, it’s a fantastic business metric to track over time. The happier we make our customers, the happier they are to recommend us and thus the more likely it is we’ll get to work with more enthusiastic businesses!
To get an accurate picture of how things are going, our Account Management team asks for an NPS score at each of their clients’ quarterly review meetings, and asks them to explain why they gave that score and how we could improve it.
Customer happiness is crucial; it’s key to success, it helps to forge strong and mutually beneficial relationships. However, most importantly, customer advocacy is your biggest sales pitch.
- We’re pretty bloomin’ happy with ourselves!
- The Net Promoter Score is all about customer satisfaction, advocacy and loyalty.
- Tracking your NPS score is a really useful business metric to track over time, as it helps to grow your business.
- Don’t stop there! Ask follow up questions to really understand the impact you can make.
To find out more about setting up an NPS for your business, get in touch with FINALLY today.