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Are your sales figures falling and you’re struggling to figure out why? Or are you simply looking for new ways to get ahead of the competition? Much like an iceberg, 90% of how you are actually performing can’t be seen and is below the water. So how can you better understand how you are performing and implement improvements that ultimately drive revenue?
Many successful businesses use Net Promoter Score (NPS) to quantify customer satisfaction, measure how it develops over time and make positive changes based on their findings.
What is Net Promoter Score (NPS)?
NPS is a customer satisfaction metric that measures how well a company treats their customers, and the likelihood of that company receiving a recommendation.
How is NPS Measured?
NPS is based on a scale of 0 to 10. It divides the respondents into 3 categories: Promoters (9-10), Passives (7-8) and Detractors (0-6). It is calculated by subtracting the percentage of detractors from the percentage of promoters.
Why is NPS Important for Online Retailers?
In order to be customer-centric, it’s important that online sellers track their NPS. Companies that have long-term profitability have, on average, double the NPS score of their competitors. This shows a tangible correlation between customer service and company performance.
By adopting this metric, your NPS will organically drive behavioural change and encourage you to focus on customer satisfaction and customer loyalty in order to achieve growth.
Happy customers will return to do business again while also recommending your products to friends and family. The goal is to have a high NPS so you can turn your customers into brand advocates and drive growth.
More Than Just a Score, It’s a Way of Doing Business
There are many variations of the standard NPS question. For example, “How likely are you to recommend us on a scale from 0 to 10?” These types of numerical questions will give you a great snapshot of current success.
But online retailers…
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