Interactive Intelligence Partners with Macquarie Telecom to discuss how you turn your passives into Promoters with a NPS score
David Tudehope joined over 40 customers in Sydney today to discuss NPS and the revolutionary change that has occurred at Macquarie Telecom over the last few years. Following the presentation participants couldn’t stop talking about the value information they had gained and how they couldn’t wait to get back to work and start really embracing NPS.
Five years ago, Macquarie Telecom decided to invest in improving our customer experience to make it part of our competitive advantage. We started this journey by looking outside the telecommunications industry and into the Net Promoter Score methodology for inspiration. Learn more about what NPS actually is.
Watch the ‘What is NPS score’ video produced by Macquarie Telecom Group
In short, a Net Promoter Score (NPS) is a loyalty metric developed by Fred Reichheld, Bain & Company and Satmetrix, used to measure the most important asset a company has – its customers. Put simply, a company asks its customers one question: Using a 0-10 scale, “How likely is it that you would recommend our company to your friends or colleagues?”.
In fact, a NPS can offer insight into the health of a company. If the net profits are coming from unhappy customers, or detractors, the company is positioned in a much more tenuous position than if the profits were coming from satisfied customers, or promoters. By nature, detractors will take their business to another company when given the opportunity to do so.
Thinking about implementing an NPS score for your business?
Here are some steps to consider
1. Your company needs to commit to measuring your customers’ answer to the question, “How likely are you to recommend us?” for the first 6 to 12 months. Be sure to capture enough information to define your customer bases’ satisfaction ratings.
2. Next, focus on how your company manages customer experience. Identify problems, link the results to KPIs, and embed them into your employee’s role. It’s a good metric to know whether the initiative is working.
3. Senior management needs to be on board. Have your top people using NPS scoring in their communication and strategy to integrate it into the core of the company’s mission.
4. Finally, make it a company-wide metric of success. Macquarie Telecom Group found, it can be a great motivator across teams and departments.