Do you know how loyal your customers are? If you don’t take measures like Net Promoter Score to track your customer experience, you are missing out on simple, actionable data which gives insight into future revenue growth. Companies that exclude this type of structured follow-up process grow at a slower pace than companies closing the loop.
We wanted to back this up with data, so we looked at the companies who dominate their industry an conducted the analysis below. Just. We compared their revenue to their NPS scores and found there was a strong correlation between the two.
Among the leading airline companies, data from the last 5 years shows a moderate correlation between NPS scores and revenue growth (30%)
Reviewing data from luxury brands shows an even higher correlation between NPS scores and revenue growth (35%)
So even if you use NPS to measure your customer experience, there is always a better way to use it. And how these companies act on NPS data is influential in driving monetary returns. To do this, we would start with the following high-level approach:
- Map out the customer journey highlighting pain points along the way
- Understand which touch-points impact the customer experience using data
- Close the loop with your customers by acting on short and long-term improvement initiative
How will you use NPS to make revenue skyrocket? If you are looking for better ways to use NPS, or are interested in learning about other growth drivers, give us a call at 239-338-8719.