A big thing for larger companies is the Net Promoter Score (NPS). What is this Net Promoter Score? The Net Promoter Score is an index ranging from -100 to 100 that measures the willingness of your customers to recommend your products or services to others. It is used as a proxy for gauging the customer's overall satisfaction with your product or service and the customer's loyalty to your brand. A consulting firm out of Toronto, Bain and Company, says the NPS of companies that attain long lasting, profitable growth are twice that of their competitors.
According to Bain and Company, two beloved brands Apple and American Express, which claim ardent brand advocates, also have high Net Promoter Scores. The inevitable result is that both companies are high valued businesses with profitable organic growth.
Your company if it delivers a higher quality customer experience may get a greater NPS and therefore long-lasting profitable growth. The following three tips can help you do just that.
One approach is to learn where and how to invest in order to boost your customers’ experience and determine the possible outcome.
A favourable customer experience can transform them into a brand advocate; becoming a long-term customer as well as someone who promotes you to others. One way these brand advocates get others to purchase your product or service is to post on websites or blogs a glowing review.
One way to improve your customers’ experience and increase the possibility of them becoming a brand advocate is through ‘loyalty economics’. Improving the customer experience through investment, when done correctly, will achieve direct and quantitative monetary rewards thanks to increasing sales and profits.
Looking at how you can increase your sales is one thing to determine how you should invest to improve the customer experience. Your website is one such place to invest; this could include: load time, minimizing the time and or steps the customer must make before doing an online purchase. You may also want to look at ways to improve the customers’ favour by improving product/service quality, and even making a return or exchange of the purchase much easier.
Another approach to take is look at your company from your customers’ eyes.
The customer experience is the act of interacting with your brand through marketing (ads, flyers, etc.); the attributes of your products and/or services; and customer touch-points, such as your website, storefront or office.
Feedback from your customers is the best way to gauge your customers’ experience from a typical purchase. This feedback will improve your understanding of customers’ expectations and your businesses procedures that don’t positively impact your customers’ experiences. Feedback can also be used to revise processes, such as your marketing or service practices, to improve your customers’ experience.
Create and employ processes that achieve an extraordinary customer experience.
Armed with this customer feedback, you can create a website, and process enhancements that boost the chances of your customer becoming a brand advocate. A restaurant might, for example, focus on diners’ needs, and change check-in processes so reservations are seated in less time with less effort. The experience you provide will ideally be superior to that of your competitors.
Revising your business processes, systems, products and/or services, can be challenging and tedious; however, it’s the best way to accommodate your customers’ needs who are in your profitable customer segments. This process is well worth the effort, as it increases the possibility that doing so increases the number of your businesses brand advocates. You must be customer-focused to create these brand advocates, and this requires you to commit time and effort to your customers’ experience, and aware of their expectations.
You Need to Know These Five Accounting Tips
Lowering Your Rates Could Just Kill Your Business
Hire the Right Graphic Designer
Stand Out from the Crowd
You Need to Implement These Four Things in Your Business
Are you Winning? Using the Figures to Boost Your Home Business
Automate Your Business to Grow!
How Smart Entrepreneurs Manage Inventory