Once, Andy Taylor, the CEO of Enterprise, wanted to monitor his stores’ performance across the country. Instead of asking his customers to attempt a long survey, Enterprise requested its customers to answer two aspects. One is the quality of the rental experience, and the other is the probability of renting from Enterprise again.
Seeing this, Frederick F. Reichheld, a consultant with Bain & Co, realized the value of a simple data collection process and hence created a robust version of it, keeping customer loyalty as the key to success for any company.
Reichheld’s invention, Net Promoter Score,Ⓡ is a crucial measurement tool used by businesses of all sizes- from Fortune 500 leaders to small startups.
Asking the ultimate question helps brands track their promoters and detractors. This delivers a crystal-clear measure of a business’s performance. To calculate your Net Promoter Score, subtract the percentage of detractors from the percentage of promoters. This gives you a number that you can analyze and track regularly. The metric can be adapted into any business, product, store, or customer support team.
The whole focus goes into the twin goals of creating more promoters and fewer detractors. To put quite simply, it is your customer balance sheet.
The Net Promoter Score goes beyond a score & implores the reasons for the rating your customer gave. An unstructured, open-ended question helps your brand understand your customers on a deeper level.
The decision-makers get to hear the raw, unadulterated comments straight from the customers they are serving. This helps them incorporate valuable insight into the system and hence generate more promoters for the business and thus closing the loop.
Net Promoter System is all about inspiring your entire organization to be customer-centric, rather than chasing after short-term goals. Turn your brand into an icon & build products that your customers will absolutely love with Net Promoter System.