The scale of how likely your customers are to recommend your product or service to friends on a scale from 1 to 10, or your Net Promoter Score, exposes much that can improve the customer journey.
If you’re not sure whether tracking your NPS is worthwhile for your business, here are five benefits you will certainly find unmissable. When these benefits become clear and you need a way to track your NPS standard, learn about Dropthought, our product.
And now, five ways in which your business benefits through tracking its Net Promoter Score:
It could be that customers lack the knowledge to get full value from your product or service.
With the data, you understand precisely where they can benefit from added support. Your NPS is part of how you gather this data. Another part is how you use a tool such as Dropthought to derive actionable insights and act on them in real-time.
Dropthought’s event and transaction-based feedback map the customer relationship to individual interactions. You can identify and address friction at specific points along the customer journey and create a smoother path to purchase or raise loyalty.
Another of the benefits of tracking your NPS is that, as you improve the customer experience, you lower your churn rate. Even as competitors attempt strategies to aggressively grab market share, customer loyalty lends stability to your business.
In terms of overall business growth, improving customer retention is among the most stable ways of generating recurring revenue.
Tracking your NPS standard reveals the exact things customers are likely to appreciate. Satisfied customers leave positive reviews that highlight what like-minded prospects who are browsing similarly appreciate.
As a follow-on effect of driving improved customer experience through acting on feedback, your business receives more positive reviews and stronger branding.
Just as positive reviews can drive business, negative ones can impede it. By tracking your NPS standard, you or your customer success team have a chance to address dissatisfaction before it reaches that point.
For example, Dropthought identifies negative sentiments through text analysis. This makes it possible for your team to deescalate the situation before it affects your brand’s image. With a more tone-appropriate and clearly urgent approach where needed, your customer service team is better able to resolve tense situations.
In addition to reducing negative reviews by addressing situations in this way, you also stand a better chance of decreasing customer churn.
When you combine increased customer lifetime value and positive reviews, you get customers who serve as brand ambassadors. The NPS itself is centered around finding out if your customers are willing to recommend your brand to the people they know.
The simplicity of the NPS, which is mirrored in Dropthought, is that it quantifies customers’ willingness to act as promoters for your brand, and their reservations.
Dropthought helps you gather customer feedback at each point along the customer journey. You can then engage customers at the right moments to enhance their experience, as well as track key metrics and review reports for insights.
Get answers direct from customers at each touchpoint. Request a demo today.