To generate more customer engagement, businesses across the world are looking for various growth strategies. Businesses that modernize their customer engagement are earning the trust but sustaining the engagement will go for a toss if they are not able to understand the customer deeply. Moreover, 54% of the customers think companies need to fundamentally transform how they engage, and this engagement is influenced by two data points other than price (81%), quality (80%), and conveniences (55%) such as reviews (89%) and rating (87%).
To engage, businesses need to recognize promoters. Promoters are a company’s most enthusiastic and loyal customers: these customers enhance the brand’s reputation, increase referrals, and help the company grow but how do businesses know their promoters?
Net Promoter Score (NPS) is a customer loyalty and satisfaction metric that measures the likelihood for your product or service to be recommended to others and there’s more to it than that. Aggregate NPS scores help businesses improve upon product/service, customer support, delivery, etc. for increased customer loyalty and engagement. It is a reliable predictor of future business growth or decline.
NPS Measures Customer Loyalty:
77% of consumers say they stayed loyal to specific brands for 10 years or more. Retaining these consumers by just 5% boosts profits by 25% to 95%. To make your customers loyal, you need to understand their sentiments towards your products, services, or business. You can simply gauge their loyalty through reviews and ratings.
NPS Measures Instant Indication of Customer Satisfaction:
Businesses require real-time identification of Net promoter scores every day to better recognize and detect the type of consumers such as detractors, passives, and promoters. It helps you track instant customer satisfaction and can take immediate actions on improving customer engagement.
NPS can improve your products & services:
To make sure that your products & services are customer-centric, NPS can help do that. Inference labs’ interactive NPS intelligence can make businesses identify proactive and customer-driven strategies to enhance product development potential by acknowledging customer reviews.
NPS will help boost long-term customer relationships:
The sentiment of the consumers related to products & services can be identified and will let businesses realize the importance of specific marketing strategies to keep their long-lasting relationships with consumers. NPS not only engages you with your customers but also develops a healthy long-term customer relationship.
NPS can reduce the churn rate by following up with your detractors:
Churn makes business growth impossible. You need to evaluate the churn rate of your business. Churn Rate is a KPI that shows how many customers you have lost over a given period. By calculating NPS, you will quickly identify your detractors and follow up with them to solve their queries and improve their experience.
Inference labs’ NPS intelligence has been built with natural language processing which can evaluate consumers’ needs and expectations, helping businesses tackle the most challenging customer engagement, automatically. We help businesses identify solutions that drive customer loyalty and generate more return on engagement.
Are you ready to start exploring the NPS trends in your business?
