The Net Promoter Methodology was born out of a decade-long research study by a group of independent consultants led by Fred Reicheld of Bain and Company. Reicheld and his team were trying to determine what the key drivers are for growth and profits in a rapidly growing company. What they found was that the best predictor of growth was whether or not you were developing a loyal customer base. From there they set out to define what makes a loyal customer; what they found was that the likelihood to recommend was a key factor in loyalty; thus was born the Net Promoter System and the “ultimate” question which has become so prevalent today.
Watch the following video for a brief yet thorough primer on NPS:
When you sign a check, you’re sure to know where it’s going. When you invest, you monitor the markets. As a business, you can’t afford to treat your brand any differently.
Every time a customer chooses to spend with your brand, you’re putting your signature on the experience that customer receives. In the early days of franchising, the business embodies your vision and passion for exemplary customer service. As you grow and entrust your brand to more franchisees and locations, it becomes increasingly difficult to ensure the same quality across the expanse of your organization. Your dedication to your customers got you to where you are today; it’s time you saw that in action all over your network.
Meet the Net Promoter System. A product of years of research at Bain and Company, NPS is the pinnacle of customer feedback tools. The system reveals exactly how your customers feel about your brand. You can see which practices are working and which are causing friction on a regional, individual location, or even team member level.
Giants like Apple and Amazon use these proven metrics to understand how their customers are feeling, establish accountability for the customer experience, and confidently predict future profits. With more than two-thirds of the Fortune 1000 behind it, the NPS formula is certainly worth examining.
We’ve watched franchises use NPS in various ways to create ecstatic customer bases over the years. While each industry naturally has nuances, the general application and strategy around customer feedback remains very similar and very effective. We put these observations into an eBook that can guide you through the ins and outs of customer engagement through NPS. Don’t miss out; give it a read here.