You’re been tasked with finding an NPS software provider. You’ve got the basics of the Net Promoter Score® and the Net Promoter System® down. Or maybe you’ve dealt with Net Promoter® before, are familiar with the metric, and are simply looking for a new vendor. Whatever the case, you’re looking for options, and need benchmarks for what can be considered good NPS software or bad NPS software.
Luckily, you’ve come to the right place. In this article, we’ll walk through the criteria for what a good NPS software platform should allow you to do.
1) NPS Software-Based Automation
An ideal NPS software platform should allow you to fully automate numerous tasks that previously took whole departments to up-keep. Below we list a few important features that automation should take over:
- Automated survey sends: This is standard and shouldn’t come as a surprise to anyone. An NPS software platform should enable automated survey campaigns. These campaigns should be automatically triggered by predetermined triggers, whether it be time, transactions, etc.
- Automated closed loop process: Closing the loop with customers’ post-survey is an important step in increasing retention, reducing churn and creating a tribe of loyal promoters. Automating this process as much as possible is vital to keeping follow-up times down (we recommend no longer than 48hrs). By setting up rule-based automated escalations not only can you ensure timely follow-up, but create a culture of accountability. This automation also extends to real-time case tracking, which offers up-to-the-minute overviews of how accounts are doing. We’ll talk more about developing a strong closed loop process further down.
- Automated analytics: Real-time reporting and analytics ensure things like Net Promoter Scores, response rates, time to close the loop, retention and more are up-to-date.
2) Measure and Analyze the Customer Experience in the Customer Journey
Using relationship and transactional surveys coupled with drivers, your NPS software should allow you to identify paint points in the customer journey.
This will enable you to determine which touch points need work to improve retention and the customer experience.
These touch points are reflected in primary and secondary drivers of relationship and transactional surveys. Secondary drivers break down primary drivers even further. Overall, drivers should allow you to get to root cause 94% of the time.
Drivers enable you to keep your surveys short and more frequent. According to our white paper, surveys between 2-3 questions equate to a 5.3% bump in retention, and quarterly surveys a 5% retention increase.
Taking this even further, your Net Promoter software should also allow you to understand the percentage each primary and secondary drivers contribute to your overall Net Promoter Score, and the overall historical trends of each driver.
Beyond just tracking driver analysis, your NPS software should offer advanced reporting on all aspects of the customer experience. Up-to-date information on metrics such as response rates, for instance, offer a glance at overall engagement.
You can learn more about driver contribution in the eBook, Root Cause Analysis, in an NPS software.
3) Develop a Gold-Standard Closed-Loop Policy
NPS software should be more than a simple survey tool. It should also help automate follow-up workflows to close the loop quickly with customers. Good NPS software should allow you to close the loop at the frontline, management and executive level.
There are four qualities of a good closed loop policy. Net Promoter software should aid in achieving each aspect:
- Speed: More than 50% of customers answer surveys within 24 hours. Your NPS software’s closed loop workflows should enable you to accomplish the same. A best practice is to respond within 48 hours, which can boost response rates by 5.4-6%. This ensures not only resolving issues in a timely manner but making sure the issue is still top of mind for customers.
- Impact: Measure, measure, measure. You should be able to measure the impact of your closed loop efforts via your NPS software. Our own customers have found that closing the loop alone raises their Net Promoter Scores by a minimum of 29%. NPS software allows companies to measure how their closed loop workflows effect response rates, retention, and revenue growth.
- Coverage: If you want to get a clearer picture of root cause, you should strive to close the loop with all of your customers. Automation should help with coverage for closing the loop with most customers, however budgetary constraints may restrict you in closing the loop with all customers. Look for an NPS software that includes NPS SWOT features so you can see what high value, high risk customers to target first. However, we always suggest surveying as many customers as possible.
- Solve Structural and Strategic Issues: Some companies struggle with issues that require cross-organizational cooperation, investments or even strategic changes. The frontline should be able to handle most operational issues with customers, however sometimes management and c-suite will need to get involved. NPS software should provide the needed insights that management needs to make strategic decisions. Drivers will enable management and c-suite to understand the reasons behind most scores.
As just mentioned, when closing the loop your NPS software should support multiple roles. At the frontline you need to be able to close the loop with both respondents and accounts:
- Respondents: The frontline may follow-up with calls to respondents if they need to clarify root cause, fix open issues, etc. Automated NPS software workflows will take care of the rest.
- Accounts: Reviewing scores, drivers and comments in a client meeting allows an account manager to prioritize actions with the client, add them to the account plan and follow-up in later meetings.
If you want to learn more about how to develop a gold-standard closed-loop process, check out the Acting on NPS eBook from our Monetized Net Promoter series.
4) Find Opportunities for Growth with NPS
Good NPS software should go beyond just measuring and acting on customer feedback. Monetized NPS looks for opportunities for growth within your customer base. Do passives account for most of your revenue, or promoters? This information is vital to tying NPS to revenue.
Some Net Promoter Systems employ something called NPS SWOT. Using NPS SWOT, companies can identify which accounts are at-risk of churning or if there are missed opportunities for growth. Using NPS SWOT can allow companies to correlate up-sell, cross-sell and referral opportunities to NPS.
In addition, your NPS software should identify and link retention and revenue information. The below screenshot offers a look at total revenue in relation to at-risk, safe and gray-zone customers. Here, for example, is where the NPS software would show what percentage of your revenue is at risk according to their Net Promoter Score.
To learn more about monetizing your NPS software and growing your bottom line, click below to download our free eBook.
5) NPS Software 101: Is it Fit for Your Enterprise?
Before you endeavor on any software vendor search it’s always important, especially when it comes to your growing customer data, that you look at scalability and security. Here’s a few important features any NPS software vendor should offer:
- Infrastructure and security: Your IT team will want to ensure the security of your data. Most NPS software providers should offer the level of security and infrastructure you need.
- Scalability: As your company grows, so too will the needs of your NPS software platform. Do they have the capability to scale with your organization?
- Integrations: Do you have a network of CRMs that require integration? Can your NPS software provider accommodate them? Ideally, you want to look for a NPS software provider that has an API that ensures most integrations are possible. Ultimately, they’ll need to ensure that the push and pull of customer data is possible.
- Self-service: Once you’ve become familiar with the system, can you execute functions on your own? This should be standard.
- Support: The purpose of NPS software is to improve the customer experience. Your NPS software provider should offer superior support and customer experience in the same vein. Look for a NPS software provider that has a unique focus on the client to Customer Success Manager (CSM) relationship not only during implementation, but continuously.