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According to The State of the CustomerExperience survey that we did earlier in 2018, all companies track customerexperience using one or several of the 6 world-wide recognised KPIs: Net Promoter Score (NPS), Customer Satisfaction (CSAT), Churn rate, Retention rate, Customer Lifetime Value (CLV) or Customer Effort Score (CES).
Revation started in 2003, born out of a vision to change industries with the power of communication. As our customers leverage the LinkLive platform to do exactly that, we recognize there may be certain aspects of the tool – and what it makes possible – that are not as obvious as others. A true omnichannel experience.
For example, if: 25% are promoters (scoring nine or ten), 25% are passives (scoring seven or eight), and 50% are detractors (scoring zero to six), then the NPS score would be 25% – 50% = -25 Net Promoter Score – NPS In 2003, the book The Ultimate Question by Fred Reichheld, a partner at Bain & Company, popularized NPS.
The Net Promoter Score framework arrived in 2003, and since then organizations have been trying to answer that question. Brands that embrace these new NPS best practices unlock accelerated growth and long-term advocacy because they possess an advantage on customerexperience. This inspires the entire company to take action.
In purely technical terms, Net Promoter Score is a metric to compute customer loyalty. It can also be defined as a method to calculate customerexperience based on surveys. As per a poll’s findings, half companies that took part in the survey said they use NPS to improve their customerexperience.
It is regarded as an industry-standard CX metric that will likely continue into 2020 and beyond. Its reputation as an industry-standard tends to reinforce the notion that, if everyone else is using it, then it must be good enough for us as well. Summary of Key Learnings. 14% had never used NPS at all.
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