5 Ways Tracking Your NPS Benefits Your Business

Published on:
Fri Nov 17 2023
Customer Experience

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.

Five ways in which your business benefits through tracking its Net Promoter Score:-

1. Understand how to help customers

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.

2. Increase the customer lifetime value

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.

3. Promote positive reviews

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.

4. Reduce negative reviews

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.

5. Promote customer ambassadorship

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.

Try an intuitive tool for tracking your NPS standard and improving customer experience

Dropthought is a user-friendly, omnichannel, and real-time customer experience management platform. We empower companies in different verticals to create delightful experiences for members across their fitness journey. Get detailed analysis and insights from data to exactly know what your customers think and what actions you need to take to delight them.

With a dedicated customer success team, we would ensure that you are optimizing your Customer Experience programs and strategies to create great member experiences!

If you are interested to learn more, simply click here.