“Any company that clearly understands the needs of customers and methodically focuses on how to meet those needs quickly stands out from the competition.”
“NPS insights help us understand the best times when we shouldproactively reach out to customers, and this initiative has helped us gethappier customers, increase retention, and achieve a better NPS score.”
“I find that linking NPS and revenue makes people sit up straight, and moves the conversation from "just a metric," to strategic responses and actions.”
“At its core, NPS is a measure of trust, and so long as our customers continue to trust us with their time, money, and well-being, we know we’re doing something right.”
“The results of this follow-through were exceptional. After six months, all project managers scored 8 or 9, and after 12 months all scores were promoters (9 or 10). The project team members now have a clear idea of what it takes to satisfy the client and take pride in their ability to do so.”
“We selected NPS because it is simple for everyone to understand so instead of spending a disproportionate amount of time on complex mathematical formulas, we spend most of our efforts on actioning real experience improvements for our customers.”
The Net Promoter System® is one of the most widespread methods in business today to measure and improve customer loyalty. The popularity of Net Promoter® stems from its simplicity in providing actionable customer feedback and the fact that the Net Promoter Score links with future growth.
But, do companies actually generate growth with Net Promoter? And if so, how much?
In 2018, CustomerGauge conducted a new survey in collaboration with MIT CISR and NPSBenchmarks to find out. The 2018 NPS & CX Benchmarks Report compiles the latest fascinating revelations from those surveyed companies, which includes top Fortune 1000 leaders. Based on this research, CustomerGauge found that companies that embraced Monetized Net Promoter methodologies grew exponentially faster than basic Net Promoter practitioners.
Traditional Net Promoter Activities
Run frequent and short relationship surveys
Analyze drivers and root causes
Close the loop with detractors
Close the loop at all level
Set and manage NPS targets
Link NPS with the revenue elements: retention, referral value and up-/cross sales
Increase retention by understanding drivers of retention and calculating churn likelihood
Improve referral business by utilizing Net Promoter data in referral marketing
Improve up-/cross sales with data to optimize sales efforts by utilizing product referrals and selling to most likely buyers
Monetized Net Promoter Activities
This year's report offers comprehensive industry insights and benchmarks, including average NPS and retention rates.Download the Report
But other metrics aren't off limits. In addition to using NPS, 49% of respondents also use other CX metrics such as CSAT, CES, etc.
of respondents choose NPS only as their metric of choice
Response rates tend to have
higher NPS scores
Customer service is no longer a siloed set of tasks designated to the aisles of call centers or those staff at the frontline. Nor can it be thought of as a simple afterthought destined to be endlessly repeated. Customers won't stand for it, and companies that don't close the loop won't survive.
Companies can no longer plead ignorance. For the second year in a row, CustomerGauge found a shocking amount of businesses and executives who don’t know their retention rate. And what they don’t know can cost them.
From automotive to telecom—this year, there were a large range of industries who participated in the survey. To get a state of the Net Promoter and customer experience landscape, CustomerGauge looked at cross-industry averages in NPS, retention and return on retention.