[ad_1]
How willing are your customers to recommend your business to their friends, family and co-workers? Two-thirds of Fortune 1000 companies measure this dynamic. The metric is called a Net Promoter Score (NPS) and online retailers covet a high ranking.
Customer acquisition is challenging. It takes time and money to acquire new customers and to develop the trust necessary to build a relationship that leads to sales. When you consider that 83 percent of Americans are more interested in purchasing a product or service when they have received a recommendation from a friend or family member, it makes sense for businesses that are determined to grow their base to start with the customers they already have.
NPS is an index that measures the willingness of customers to recommend a company’s products or services to others. It ranges from -100 to 100.
Most companies use an independent service to assess this number. The third party will develop a survey gauging the company’s customers’ level of satisfaction. To calculate NPS, subtract the percentage of detractors from the percentage of promoters. NPS = percentage promoters – percentage detractors. For example, if 40 percent of respondents were promoters and 10 percent were detractors, a company’s NPS is 30.
Any score above zero would be considered good, with 50 and above classified as excellent, and 70 or higher as world class.
At Wine Access, a direct-to-consumer online wine company, we score in the 80s.
So, how do you earn such a strong number? It really boils down to customer experience. Customers who are happy will tell their friends. And while there’s a lot that goes into a great transaction, I think what’s paramount is a company culture that values customer service.
Here’s what has worked for us.
Compassion
Acknowledging your customers’ concerns and providing them with a robust solution that puts their needs first should permeate a company’s customer service efforts. Customers have invested in your…
..
[ad_2]
