Net Promoter Score Benchmarks
Here are a few important benchmarks for net promoter score(NPS) calculation:
#1: Compare it with Your Industry Average
To better understand your score it is essential to start the process by associating it with the average scores within your specific industry, and then comparing it against both direct and indirect competitors.
#2: Compare the Net Promoter Score within a Region
The NPS not only varies by geographies and countries, but cultural differences also play a key role in influencing the score. There is a proclivity for customers from different regions to rate establishments with varying degrees of enthusiasm.
#3: Use your Baseline Net Promoter Score as Your Own Benchmark
The net promoter score alone is nothing but vanity, making it impossible to obtain an ideal net promoter score. The only score that’s good, is the one that’s better than your own score in the past, making it an ideal benchmark.
The best way to measure your company’s progress would be to compare your net promoter score against your score over the last three or six months. If you notice a 5-10% increase in NPS, you’re going in the right direction and progressing towards building a successful business.
On the contrary, if you notice a decline in the score, treat it as a warning that something went wrong, and take the appropriate measures to fix the situation. Moreover, continuous improvement in your net promoter score indicates that you’re likely to be continually improving your customer satisfaction levels, growth, and profit margins.
The client is a leading digital creative agency based out of South America.
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Project Background and Solution Offered
The client, a leading digital creative agency was looking at implementing a net promoter score(NPS) survey to understand customer experiences and offer the best metric to anchor their customer management strategies. The processes associated with the net promoter score calculations were complex, so they decided to collaborate with an external third-party analytics firm to help them in this process.
The digital creative agency chose to collaborate with Quantzig to help them carry out a real-time NPS survey. The digital creative agency’s ultimate aim was to increase their revenues and profit margins by converting detractors or the unimpressed customers into promoters i.e., those who are willing to put the word out. Our digital analytics experts offered tailored solutions to help the digital creative agency enhance its customer experience and brand reach.
How can Quantzig help?
The digital analytics experts at Quantzig will not only help you in net promoter score calculation but will also provide answers to the ‘why’ behind the obtained net promoter score. Digital analytic solutions play a key role in analyzing verbatim feedback to reveal and quantify the specializations of your organizations and also suggest improvements in the current processes.
Value Delivered to the Client
With the help of the net promoter score, the digital creative agency was able to identify their potential for success. This engagement also enabled them to determine how new services would contribute to and influence their net promoter score. Furthermore, the solutions and recommendations offered by our experts proved to be a major growth contributor that enabled them to drive business value and create new market share growth opportunities.