The NPS is a globally recognised management tool that is used to gauge the loyalty of a businesses customer relationships. Knowing that promoters churn less means you can invest more in creating an amazing customer experience that turns more 'Passives' and 'Detractors' into 'Promoters'. Detractors are your biggest headaches. Work on reducing the percentage of defectors to improve your NPS and grow your business.
WHY DO I NEED TO BE WORRIED ABOUT MY NPS SCORE?
- 96% of dissatisfied customers don't complain. For every 1 complaint you know, there are potentially 25 others that haven't complained.
- 66% of consumers who switched brands did so because of poor service
- 85% of customer churn due to poor service was preventable.
- 11% of customer churn could be prevented by simple company outreach.
- 67% of customer churn is preventable if the customer issue was resolved at the first engagement.
- Customer-centric companies are 60% more profitable compared to companies that are not focused on the customer.
- Research shows that 55% of consumers are willing to pay more for a guaranteed good experience.
- 86% of consumers are willing to pay more for an upgraded experience. Air travel and hospitality are examples where upselling better experiences can generate incremental revenue and bolster customer loyalty.
- 84% of consumers are frustrated when the agent does not have information.
- Customer frustration leads to the following: 13% tell 15 or more people if they’re unhappy. Conversely, 72% of consumers will share a positive experience with 6 or more people.
- 67% of consumers site bad experiences as reason for churn.
- 50% of customer experience natural occurring churn every 5 years.
- Only 1 out of 26 unhappy customers complain. The rest churn. A lesson here is that companies should not view absence of feedback as a sign of satisfaction. The true enemy is indifference.
- 91% of unhappy customers who are non-complainers simply leave.
- It is 6-7X more expensive for companies to attract new customers than to keep existing customers.
- 65% of companies are able to successfully upsell or cross-sell to existing customers.
- Only 12% of companies are able to successfully upsell or cross-sell to new customers.
- 75% of brands do not know what engagement means - but are measuring “it”