We now live in an experience economy. Loyalty is not just about delivering an exceptional product but making customers feel good about every aspect of your operations and brand. This is why many companies are putting in place systematic ways to track customer experience.
It is easy to define the customer journey: you plot the different touchpoints and set them more or less in chronological order. It is much harder to monitor and measure how different touchpoints are performing.
As customer experience professionals, we know that customer loyalty is profitable. Loyal customers typically buy more and more often, cost less to serve, and act as important ambassadors for your brand. Knowing this, what could be more important than identifying those specific factors that drive customer loyalty? Have you identified these factors in your own business? And do you have the ability to measure them over time?
Your company’s customer experience can be broken down into 5 - 10 loyalty drivers, which should be gleaned from your customer feedback. In order to measure the performance of the loyalty drivers you have identified, you can assign each one a qualitative measure: average NPS and/or average sentiment. The relative impact of each loyalty driver can be determined using feedback volume.
This blog post is the third in a series of posts on mistakes to avoid in implementing NPS in your company. We have broken the series down into three parts: Before You Start, Survey Design and Targeting, and Interpretation of Results and After-Survey.
Here is Part Three: Interpretation of Results and After-Survey Action...
This blog post is the second in a series of posts on mistakes to avoid in implementing NPS in your company. We have broken the series down into three parts: Before You Start, Survey Design and Targeting, and Interpretation of Responses and After-Survey.
Last week we posted Part One: Before You Start.
Here is Part Two: Survey Design and Targets...
This blog post is the first in a series of posts on mistakes to avoid in implementing NPS in your company. We have broken the series down into three parts: Before You Start, Survey Design and Targeting, and Interpretation of Responses and After-Survey.
Here is Part One: Before You Start...
“Etuma's text categorization service turns all your open-ended
customer feedback into consistent and actionable information."
This is what it says at the top of our homepage. Nice marketing slogan, sounds pretty cool–but it’s also somewhat abstract and, let’s be honest, a bit vague. What does it really mean?
We wanted to move past vague marketing slogans, so I’ve been spending quite a bit of my time talking to our customers. I’ve been trying to understand how they use Etuma in practice and what they perceive as the concrete benefits they get out of it.
When we talk about the Net Promoter System (read NPS primer here), we usually talk about B2C companies gathering feedback from the thousands or millions of consumers who are buying their mostly standard (i.e. the same for all customers) products or services. These products and services are not typically tailored to individual shoppers, and the way of working (the shopping, purchase, and delivery experience) is largely the same for all customers or, at the very least, all customers within a specific geographic region.
But what about B2B?
B2B relationships typically involve an account team on the supplier’s side dealing directly with a dedicated person or team on the customer’s side. These relationships tend to be more intimate, involve more interaction between the vendor and a customer over a longer period of time, and the way of working is often unique (at least to some extent) to each account team, maybe even to each customer. In many cases, there is a sense of teamwork–supplier and customer working together to ensure the customer’s success–that is not present in B2C relationships.
Net Promoter System suits B2B well when the number of customers is large or when the product and service interaction is complex
NPS can be particularly well-suited to gathering customer feedback from and taking the pulse of your B2B customers in these types of relationships. Let's look at some of the reasons for this and a few of the ways of using NPS in B2B.
More and more companies are utilizing Net Promoter Score (NPS) surveys to gather feedback from their customers, and increasingly more vendors are offering the distribution of NPS surveys as a service to these companies. As with all popular and oft-copied trends, the quality of NPS surveys is starting to suffer from a lack of fundamental understanding.
We ran a Google search for the phrase “how to ask the right customer survey questions”. It yielded 260 million results. The relevancy of all these results is, of course, not likely to be extremely high, but a quick perusal of the first five pages revealed that this concern is being addressed by a lot of blog posts, research papers, and industry gurus.
Customer survey companies spend a lot of time and energy on educating their clients about how to design surveys. Their clients, specifically their shopper insight managers and customer experience managers, spend a lot of time and energy on designing surveys and trying to determine the right questions to ask their customers. Is this time well spent, or would these resources be used more wisely at the other end of the process: in analyzing the survey results?