Elated customers drive growth, that’s true indeed! But, what is it that almost every customer expects from a business- it’s the consistency in purchasing experience. Irrespective of whether you are just another business start-up or a recognized market leader, valuing customer feedback and improving customer experience are the core ingredients of being a successful enterprise.
However, many of you may be concerned over how to measure business performance, considering the fact that conventional customer satisfaction programs are not adequate? Allow us to put this query to rest with NPS (Net promoter Score)! A valuable metric principally based on one-question survey, NPS actually gives you an insight into satisfaction rate of your loyal clientele. This is how it works...
After customers respond to your question with a score; NPS lets you distribute them into three categories of- detractors, passives and promoters, and acts as your growth engine for measuring and acting upon customer loyalty data. It gives you an insight into three things- experience of customers, chances of retention and prospects of recommendation. In fact, survey reports recently published on a reputed website reveal that around 47.5% of businesses generating yearly returns of $500 and more, utilize NPS to assess customer satisfaction. But still, there are a surprising 20% of NPS users who find the results to be minimal post NPS usage. Why?
Well, majority of the times, it is the approach that lacks and not the score. The reasons for failure could be anything inclusive of- the NP Score was not implemented in conjunction with NP System or because the customers’ behavior was not closely observed or may be the surveys were not conducted at regular intervals. Whatsoever may be the cause, but these mistakes actually hint at concentrating on a more unified approach in the form of customer experience management.
CEM is the concept of analyzing and improving the interactions between your business and your niche audience. It aims at finding individualized strategies to enhance your brand presence amongst your target clients. Well, obviously, the prime motive remains improved business results, via reducing customer churn and building customer loyalty.
A unified CEM approach proffers your business with the ability to analyze and improve customer experience by-
But, to be able to generate better results, one needs to follow a planned approach towards achieving better outcomes. To begin with, one must listen to customer feedback carefully so as to assess their expectations and experiences clearly. Secondly, the customer experience so captured has to be dispersed amongst concerned members of your organization so as to chalk a proper action plan. In the end, here comes the turn for finding effective ways to guide, empower and enable your staff so as to take considerable measures for improving customer experience.
Customer experience management in itself is a powerful means for gauging how well your business performs. To make it more meaningful, NPS acts as an add-on. Well, don’t be amazed! Read further to know how NPS and customer surveys boost CEM…
Net Promoter, NPS, and Net Promoter Score are trademarks of Satmetrix Systems, Inc., Bain & Company, and Fred Reichheld.
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