For the uninitiated, NPS translates to Net Promoter Score. It is essentially a metric that gauges customer satisfaction, loyalty, and brand support. Therefore, the NPS survey is a means of measuring customer allegiance through simple questions. It could be about rating a certain product or service on a scale of 1 to 10 or, whether or not they would want to recommend the same to their family and friends. The questions are used to comprehend the quality of the rental experience and the consumer’s likelihood of resorting to it again. There are several reasons that suggest why you should turn to NPS surveys to assess the credibility of your business. In order to help you understand its concept better, in the following segment, we will be jotting down the importance of NPS surveys at work.
Response rates are higher
As compared to traditional feedback systems, NPS surveys have proven to render companies with higher response rates. The customers are required to answer just one that question. It doesn’t involve long sentences and elaborate explanations and can be done away with only in a few seconds. If you furnish them with a couple of other questions besides the primary one that complies with the principle of NPS, even then, it wouldn’t take any longer than 5 or ten seconds on your consumer’s part. Naturally, with high response rates, there will be more valuable data to dissect the performance and efficiency of your workforce against.
Customer retention increases
While discussing the importance of NPS surveys, we cannot leave out its tendency of retaining customers. If statistics are to be believed, even if customer retention increases by 5%, the total profit generated from sales will surge by a whopping 90-95%. It is so because the existing customers return over and over again to purchase products/services from the same label. As long as you make you are capable of making your customers believe that their opinions matter but, not through the hard way, they are most likely to come back to your company to fulfill their necessities. When employees notice that their endeavors are bearing fruits and taking the company forward, they are automatically motivated to polish their skills and contribute more to its growth.
Sets a benchmark against competitors
It is a no brainer that when there are innumerable other companies offering the same string of products and services as yours, the customers must have a solid reason to culminate their choice only to you. NPS surveys are one such tool that will allow you to gain an edge over your chief competitors in the industry and make way for opportunities that will prompt your business to surpass the standard expectations of the market. By conducting NPS surveys every month, you will be able to keep track of your employees’ officiousness and the points of improvement.
The deserving are rewarded
When it comes to rewarding your employees with what they rightfully deserve, the importance of NPS surveys is unprecedented. Even if we accept the fact that the success of a company depends on teamwork, we cannot steer away from accepting that there are certain workers who contribute a tad more than the others and they should be duly acknowledged for their labor. Therefore, through NPS surveys, you’ll be able to get your hands on a hassle-free inventory of responses that will scrupulously determine the merit of an employee in a certain month by negating discrepancies and inconsistencies and will resultantly, remunerate him for his hard work.