In the last couple of weeks, we sent out a survey asking you a couple of simple questions:
- How satisfied are you with 2CO?
- How likely are you to recommend 2CO to a friend?
These two questions form the basis of something called a Net Promoter Score. Here’s how it works:
- Promoters: Count the number of customers giving you a score of 9 or 10 on question 2. These are the customers who like the products and services you provide and are willing to recommend you to others. They are advocates for your business.
- Detractors: Count the number of customers giving you a score of 0, 1, 2, 3, 4, 5 or 6 on question 2. These are the customers who are not advocates for your business and are unwilling to recommend you to others. You have some work to do here.
- Do the math: Subtract the percentage of respondents who are detractors from the percentage of respondents who are promoters to get the net percentage of customers who are willing to support your brand.
Here is an example: 500 respondents, 250 responders give you a 9 or 10 on willingness to recommend your brand and 150 responders give you a 0, 1, 2, 3, 4, 5 or 6 on willingness to recommend your brand. Your NPS would be (250/500) – (150/500) = .50 – .30 = .20%, what it means is that 20% of your customer base thinks so highly of you that they are willing to convince others to try your brand. What can NPS do for you? Net Promoter Score can give you an overall measure of how well you are serving your customer base and an expectation of future performance for your business. NPS figures vary by industry, Apple, for example, has a score of more than 80%, financial services companies average in the mid-teens. How did we do? You gave us a 29.8% – not too bad. But it means we have a way to go to be the “Apple of payments.”
Thanks for your feedback, it really is very valuable to us as we work to improve products and services to help you grow your business. Want to learn more about Net Promoter Scores? Check out the “official” Net Promoter Score site or contact us at firstname.lastname@example.org.Give it a shot – you won’t regret it!Chris Daly, SVP, Chief Marketing Officer