“How likely is it that you would recommend our company/product/service to a friend or colleague?”
If you’ve ever been asked this single question (and given a scale of 1-10 to respond) you’ve participated in the Net Promoter Score, a measure of customer loyalty used by many businesses.
If you respond with a score of 9 or 10, you’re a “Promoter” – and a valuable asset to that business. Promoters are the most likely to buy more, stay longer, and refer other potential customers.
Fred Reichheld, who created the Net Promoter system and is also author of The Loyalty Effect, found that most corporations lose 50% of their customers every 5 years, 50% of employees in 4 years, and 50% of investors in less than one year.
In a bid to address these scary numbers, the Net Promoter Score is a simple, point-in-time measure that can track fluctuations in the customer experience while there is still time to influence any decline.
Even more importantly, polling customers this way helps to identify your most valuable assets – the loyal customers who love you, support you and are prepared to sell you to others.
We all have important customer relationships that need some love and attention to build the Promoter effect.
Come along to How To Retain Your Most Important Contracts and Customers on November 24 in Melbourne and discover creative ways to nurture your most important assets.
|Robyn Haydon is a business development consultant who helps helps service-based businesses that compete through bids and tenders to articulate the value in what they do, command a price premium, and build an offer that buyers can’t refuse. Don’t let others dictate how far and how fast your business can grow – take your power back! Email firstname.lastname@example.org to request the white paper for the Beyond Ticking Boxes program.|