“Show me the money!” is the nervous cry of the old guard executives while they desperately struggle to deal with commoditizing markets, the loss of their differentiator, and the inevitable loss of profitability.
At the same time, the new “breed” of customer-focused executives smile, knowing the answer is simple: focus on the customer; not the organization. Doubling down on providing customers with an emotionally engaging experience and the rest will come naturally.
The Customer Experience is the next competitive battleground for companies, as more than 50% of an experience is emotions.
Why do many companies ignore the emotions they evoke in their customers? Because in the past it worked, as the consumers had no choice, and the feeling has been transmitted from generation to generation.
Ok, so I need to provide a great customer experience…but how do I know if I’m doing it right?
“If you can’t measure it, you can’t improve it.” And the most efficient way in measuring the Customer Experience level, is for sure NPS (Net promoter Score), a metric that was first mentioned in Harvard Business Review in 2003 in the United States of America as “The one number you need to grow” and that very soon developed into a whole system used with success worldwide.
The very strong points of NPS are that it is very simple and intuitive, it doesn’t waste anyone’s time and it brings to the foreground the main issues that a company may have, unbiased and straight to the core. The customers who interact with the different departments of the company are asked two questions: 1. On a scale from 1 to 10 how likely are you that you will recommend our company to friends or family? and 2. Why? The ones who give scores between 1 and 6 are called Detractors, those who give 7 and 8 are called Passives and the ones who give 9 and 10 are called Promoters.
Then, the percentage of detractors is subtracted from the percentage of promoters and you will have a score between -100 and +100. From here on there is an entire machine that needs to be put in place in order to squeeze the most of NPS.
What is a good score? Generally, is considered a good enough score anything above 0, but a high NPS score would be over 30.
At the beginning of 2020, after a shower of negative comments in social media, Retargeting Biz decided to change the direction of the company completely, from a profits driven business, to one that is wholeheartedly customer centric.To that effect, Retargeting hired a very experienced specialist in the field and implemented NPS both for its customers, as well as its employees. This was very important as all of the studies are showing that these two metrics are tied together.
As seen in the picture below, the first quarter had a low score of almost zero, growing steadily as soon as the changes were made.
The support department was increased 4 times over what it was at the beginning of 2020, in order to be able to respond in time to all requests. PPC specialists were hired to help customers develop and implement the best strategies for their needs. Dedicated developers were added for the support department to ensure a faster response. Furthermore, all internal procedures were changed, and every customer was listened to and had their feedback noted down or even implemented already.
Retargeting is now at NPS 71 for the first quarter of 2021 and we aren’t stopping here. The target is to be over 90 every month.
In fact, Retargeting loves NPS so much that it made this core tool available for the clients to use for their customers, as a new feature integrated in the new platform.
The path to sustainable, profitable growth begins with creating more promoters and fewer detractors and making your net-promoter number transparent throughout your organization. This number is the one number you need to grow. It’s that simple and that profound.