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Comparing Your Industries NPS - What It Means for Business
Survey Tips

Comparing Your Industries NPS – What It Means For Business

Your Net Promoter Score (NPS) tells you about your customers’ experience with your business and measures their loyalty. It can also predict your company’s potential for growth.

Yet, the NPS is much more than just a measurement of customer loyalty. It’s a tool you can use to see how you rank among your competition. For example, if out of 10 competitor’s you’re at the top, great. But, if you’re below anyone, there’s always room for improvement.

You can use the industry comparison to drive your business to the top.

In this article, we look at comparing your industries’ NPS and what it means for business.

What is a Good NPS Score?

Let’s break down the score and see what’s actually a good score. First, any score below zero is a bad score and means you’re in big trouble.

Next, if you score between 0 and 30, that’s a good starting point. You’ve got a lot of room for growth, but things look okay.

If you score higher than 30 but less than 70, you’re doing terrific. Rest assured that the majority of your customers are happy. But, does this mean there’s no room for improvement? No, you do have room to grow.

Finally, if your NPS is higher than 70, you knocked it out of the ballpark. You can assume your highly loyal customers are sharing their good news with all of their friends, family, and co-workers.

Let’s take the example of business A that has a NPS score of 0, and business B that has a NPS of -30. Is business A doing better than business B? Of course. But, in the scheme of things, neither of them can rest on those scores.

While it is nice for business A to know they’re on top of their competition, it’s not going to be good enough. Both businesses will want to improve their customer experience in order to improve their scores.

It is worth noting, though, that you want to be aware of your industry benchmarks because there are some industries that could never realistically reach that 70 mark because no one does. For example, the internet service industry average benchmark is two.

Benchmark Net Promoter Score

You want to compare more than simply numbers. You want to compare your score to the score of your competition.

You can see industry benchmarks, so you know what to compare your number against. Without knowing your industry average as well as the scores of your competition, it’s hard to gauge your standing.

According to Satmetrix, your NPS score can vary not only by industry but by region and customer demographics such as age, income level, and the number of years they’ve been shopping with you.

To accurately measure your score, you want to compare it with your industry and your direct and indirect competitors.

When your score is consistently higher that that of your direct competition, you can count on business growth.

To help you, here are a few industry average benchmarks:

  • Automotive dealers: 32
  • Major Appliances:  31
  • Computers and Tablets:  8
  • Investments:  30
  • Grocery Stores:  20
  • Insurance: 19
  • Hotels: 4
  • Retailers: 1
  • Fast food: -1
  • Credit Cards: 13
  • Utilities: 5
  • TV Service: -5

Where does your business fall in this list? If you fall under retailers, again, you’ll want to consider things such as your size (don’t compare yourself directly to the Gap if you’re a small boutique), demographics, and region.

Industry Average Comparison

Let’s say you are a toy manufacturer. If you want to understand your NPS, you want to first compare it with the average scores in your industry. Then, compare to your direct competition.

This allows you a better marker than comparing it to what experts agree is a “good” score.

You also want to consider your market. Are you an online retailer, or do you sell in a small town or a large metropolis? Some markets have a more positive image than others, so be sure you are comparing against the right set.

In addition, just compare yourself to other toy manufacturers. It doesn’t do you any good to compare yourself to restaurants.

The Regional Comparison

We’ve mentioned that the NPS can vary greatly by industry, but they also vary by region. You might expect a toy company in New York City to have a vastly different NPS than a toy company in a small town in North Dakota.

Different areas of the country are populated by unique demographics. Make sure you know these differences before looking at industry benchmarks.

Your Survey Channel

Another factor that can affect your NPS is your survey channel. It pays to know if the channel you are using is similar to that of your competitors.

For example, you might be surveying all customers, but your competition may only survey customers who’ve purchased in the last six months. You’ll find this can affect the data.

In addition, how you conduct your survey can change data, too. Test different channels – email, SMS, on your website, through social media, etc.

Try to conduct your NPS survey through the same channel as the competitor you want to benchmark so you’ll have something static to base your results on.

Final Thoughts

As you compare your industries’ Net Promoter Score (NPS), you want to keep one thing top of mind: your “good” number is the number that’s better than your previous score.

For most businesses, this is the most important benchmark. Over the course of your NPS surveys, you want to ensure continual improvement.

For example, if you survey customers four times this year, make sure you increase each time. If this is happening, you’re doing great. You can then look at industry benchmarks and comparisons.

If you’re not improving, your company most likely isn’t growing. And, whether or not your score is higher than your competitor’s, if you aren’t scoring better, you’ve got a lot of work to do.

Use your NPS score to drive growth and encourage customer loyalty. Continue on an upward trajectory, and you’ll soon naturally rise above the competition.

Surveys help you make the best decisions for your business. Are you ready to get started with your free Survey Town trial? Start with your free account today, and you can upgrade at any time.

Image: Felix Mittermeier on Unsplash

Why the Survey Channel Impacts on Your NPS Score
Survey Tips

Why the Survey Channel Impacts Your NPS Score

The Pew Research Center says that sending online surveys is one of the cheapest, most convenient means of data collection for businesses today.

Not only can you send product and customer service surveys, but you can send Net Promoter Score surveys and more with a full-service online survey software.

While sending surveys is the easy part, getting responses can be a bit more challenging. One way to get more responses is to have an effective plan for the distribution of your surveys.

In this article, we look at why the survey channel impacts your NPS score.

Texting Your Survey

If you use SMS (text messaging) to send your NPS survey, you’ll find it’s an easy way to send a survey. Simply craft a text, insert a link to your survey, and send it.

Although, with this channel, you have to have an SMS service for your business, and there are legal limitations. For example, your customers have to opt-in to receive your messages.

Because you have less likelihood to reach all respondents, text messaging should be a supplementary channel for your NPS surveys.

Emailing Your Survey

This is the single best channel for sending your surveys, and it impacts your NPS score because you’re more likely to see a higher response rate.

If you look at your customer database, you’ll find that you have an email for nearly all of your customers, while you may not have opt-ins for all of them when it comes to text messaging.

Emailing your survey is the best way to distribute your survey online. You can target customers for the most accurate data.

Because you’re sending an email to your customers who have already opted in and want what you have to offer, you have a better chance of getting high-quality responses.

Final Thoughts

The survey channel does impact your NPS score, so choose wisely.

In addition to email and texting options, consider sharing your survey through social media, putting it on your website, and including it in blog posts.

Ultimately, the more ways you get it out there, the more responses you’ll get.

Surveys help you make the best decisions for your business. Are you ready to get started with your free Survey Town trial? Start with your free account today, and you can upgrade at any time.

Image: rawpixel on Unsplash

5 Ways You Can Make Your Survey Attractive to Your Customers

5 Ways to Make Your Survey Attractive to Your Customers to Increase Response Rates

While some people enjoy taking surveys and sharing their opinions, there are others who don’t feel quite as compelled to complete your survey.

So, how do you reach these people and encourage them to move forward and complete your survey?

In this article, we look at five ways to make your survey attractive to your customers to increase response rates.

#1: Disguise Your Survey

People love to complete quizzes which is why you see them so often in your social media news feeds.

For marketing gurus, quizzes are interactive content that works. They prompt people to take action, and they enable you to get responses.

According to the Content Marketing Institute, nearly 90% of marketers believe interactive content grabs more attention than static content.

This is why, from time to time, you should disguise your survey as a quiz. Not only does it take the perceived responsibility off the respondents’ shoulders, it makes them think taking your “quiz” will be fun.

A marketing tip is to use a subject line in your email. When sending out your quiz through email, use “Take Our Quiz” in the subject line instead of “Take Our Survey.”

As always, keep your quiz short and ask only the survey questions that matter most.

You can also ask a rating question at the very end because by this time, your respondents are invested in your quiz. This allows people a chance to compliment you or share their concerns.

Be sure to follow regular survey protocol and reach out to the negative commenters. And, always share your results with your customers.

#2: Gamify Your Survey

No, this doesn’t mean creating a survey that would be at home in Minecraft.

What it does mean is using game thinking and game mechanics in your survey. Use these tools to engage your respondents so they think they’re helping you solve a problem.

Usually this means changing the way you word your survey questions. Doing this helps make your survey more attractive and increasing response rates at the same time.

You want your survey to engage your customers, so making your survey more game-like allows them to feel like they’re playing a game while answering your survey. (tweet this)

Consider these game-like elements:

  • Make it competitive. For example, ask: “What are your favorite things to eat on our menu? Click as many as you can in 30 seconds.”
  • Offer a reward. For example, say: “If you complete the survey in less than five minutes, we’ll give you a coupon for 20% off.” You of course aren’t timing it, but you are offering a coupon at the end.

By gamifying your survey, you are creatively taking the burden of the survey off your respondents. This way, the survey doesn’t feel like something they have to do but something they want to do.

#3: Create an Exchange

Another way to get people to take your survey is to use a bit of psychology. There is a long-standing theory that if someone does something good for you, you’ll be happy to return the favor. This plays on a human’s need to do the next right thing.

If you give your customers something, they’ll feel morally compelled to give something back which for you is completing your survey.

So, let’s say you sell vacuums. Your customer purchases a vacuum from you. Typically, this is the act that would trigger the survey.

Instead of sending it after the purchase, send your customer something worthwhile to them in their email. You might send them several videos on how to use their vacuum, how to set it up, and how to troubleshoot issues.

After this, you send out your survey. Because you helped your customers by providing them information, they’ll feel the need to reciprocate. One good deed does indeed encourage another, and you’ll find you have a better response rate.

#4: Make Your Survey Customer-Centric

Your customers are more likely to complete their survey if it’s of interest to them.

By making the topic of your survey interesting, your customers find it more relevant, and will be more likely to complete it.

From the email subject line to the brief description, make sure your customers know the survey is directly related to their purchase and their experience. Your customers should know the purpose of your survey from the very beginning.

By segmenting your list, you can tailor surveys to specific customer populations. You can also alter your language slightly, so that customers feel like you’re talking directly to them. Use quality questions that pertain specifically to their experience.

Instead of saying something like, “Help us make the customer experience better,” say, “Improve your customer experience by taking this survey.”

Don’t forget to use conditional logic when appropriate to again improve the survey experience for your customers and keep them more engaged. The more specific the survey, the better your responses.

#5: Respect Their Privacy

In today’s digital age, you’ll find that people are more reluctant than ever to share their personal information.

To encourage a higher response rate, be upfront about the data you are collecting.

In addition, just like on your website, include a privacy disclaimer to help encourage people to take your survey. You’ll want to include the following:

  • Why you’re conducting a survey.
  • What personal data you are collecting.
  • How you’ll use the data.
  • If you’ll disclose the data to anyone else, and if so, to whom.
  • How respondents can contact you with questions.
  • How they can delete or not give you their personal information.

A good rule of thumb is to only collect the information you absolutely need to encourage a higher response rate.

To Conclude

We’ll leave you with two final tips, so you can make your survey more attractive to customers:

  • Consider sending a pre-survey email to let your customers know it’s coming. Explain why you’re sending them a survey and what you will do with their responses. Tell them you care about their privacy as well as their comments.
  • Always say thank you. You want to tell your respondents thank you for their time, for participating in your survey, and for helping you make their experience better.

Wish your customers well at the end of the survey, and you’re on your way to creating loyal customers who don’t mind answering your questions.

Surveys help you make the best decisions for your business. Are you ready to get started with your free Survey Town trial? Start with your free account today, and you can upgrade at any time.

Image: Charisse Kenion on Unsplash

What to Do If Your NPS Is Below 0
Survey Tips

What To Do If Your NPS Is Below 0

So, you sent out a Net Promoter Score (NPS) survey, and you got a zero. First, all is not lost. It’s only hopeless if you choose to do nothing about it.

Getting a number that’s at or below zero is a unique situation. It tells you that your customers care enough to complete your survey. At the same time, they’re sending you a very clear message. This message says they want to shop with you, but they’re sending a fair warning that you aren’t doing something right.

Ultimately, they have no reason to shop with you or recommend you to anyone, so it’s time to make some changes.

In this article, we look at what to do if your NPS is below zero and look at how you can recover from it.

The Point of the Score

First, the NPS is not a score to hang on your wall. When it’s low, it tells you that something is amiss, and you have a great opportunity for improvement.

Since the Net Promoter Score is the measurement of your customers’ loyalty to your company, a low score tells you they’re unhappy, and they are not going to recommend you to others.

Once you send out your first NPS survey, you can use this initial score as your baseline. If you get a zero, great, you aren’t in the negative numbers, but you do know you have a long way to go to get to 100. If you get below a zero, that’s negative territory, and the climb is longer.

On the positive side, your zero or negative zero may even be well above the competition. But that doesn’t mean you rest there. It’s time for some strategizing to improve your score over time.

Now let’s look at how to improve your Net Promoter Score if it’s below zero.

Get Your Employees on Board

If your score is low, it’s time for a team meeting. It’s important that everyone at your company understands your NPS score is too low, and you must improve.

Your staff should understand that improving your score means making your currently unhappy customers happy. Anyone who has direct contact with your customers needs to understand this. (tweet this)

Converting unhappy customers into your loyal promoters is going to take everyone, not just your marketing team.

Give Your Customers a Hand

Your social media pages come into play here.

Find your happy customers and ask them to share their good experiences on your social media pages. You might ask for good reviews. Or, you can ask them if they’ll do a video testimonial as this really helps legitimize the review.

Don’t get into paid reviews as this can end up causing you problems in the long run.

To encourage customers, make sure they feel appreciated and do what you can to make leaving a good review easy for them.

Be Responsive

Have you gotten complaints in the past and ignored them? Do you have un-responded-to negative (or positive) Google reviews?

One of the most important things you can do with customers is to respond quickly. Communication is key to a great relationship. When customers are angry, respond with empathy and find them a solution.

Always respond to all feedback in a timely manner. By actively engaging with your customers and cultivating relationships, you’ll make great inroads improving your NPS.

Listening to your customers and making effective changes is key to improving your score.

Offer Training

Oftentimes your NPS score is low because of how your customers were treated when working with your staff.

Be sure to offer comprehensive and ongoing training to your team. You also want to ensure they understand their responsibilities when it comes to providing excellent customer service every time.

Final Thoughts

When it comes to your net promoter score, you want to stay on top of it. Make a plan for improving your score and stick to it.

When six months have passed, send another NPS survey, and see if your score improves. If it does, super. Keep up the good work to keep improving.

If it doesn’t, revisit your plan and implement new strategies to increase your score.

The NPS isn’t a once and done. You want to keep making improvements in your customer experience, so you can increase customer loyalty, your NPS score, and ultimately your profits.

Surveys help you make the best decisions for your business. Are you ready to get started with your free Survey Town trial? Start with your free account today, and you can upgrade at any time.

Image: rawpixel on Unsplash

What Is A Good Net Promoter ScoreWhat Is A Good Net Promoter Score
Survey Tips

What is a Good Net Promoter Score?

The Net Promoter Score is an excellent measuring system for your business. It’s a survey method that helps you determine how loyal and happy your customers are. The purpose of it is to pave the way for continuous improvement. (tweet this)

For example, if your score is low one quarter, you can work in each subsequent quarter to improve it. The bottom line is that regardless of your score, your end goal is to always be working towards increasing the score.

Now, in this article, we look at the question, “What is a good Net Promoter Score?”

Understanding the Net Promoter Score Calculation

Once you send out the survey, you get back individual scores from 0-10. Here’s what they mean.

  • Promoters (score 9-10) are loyal enthusiasts that you can expect to keep purchasing from you and referring others which fuels growth.
  • Passives (score 7-8) are satisfied, but they are not enthusiastic customers. They are vulnerable to your competition.
  • Detractors (score 0-6) are your unhappy customers who can damage your brand and hinder growth through their negative word-of-mouth.

Once you have your scores, you should learn how to calculate your NPS or cut out the math and use our net promoter score calculator to work out your score.

Understanding the Net Promoter Score

Once you have these numbers, you subtract the percentage of detractors from the percentage of promoters to get your Net Promoter Score. The top score you can get is 100, and that’s only if everyone is a promoter.

  • A percentage from -100-0 means you need improvement.
  • A percentage from 0-30 means you’re doing good.
  • If you make it to 30-70 percent, you’re doing great.
  • An excellent percentage is 70-100.

So, the higher your score, the more you can count on your customers to refer your company to others.

To Conclude

So, in the simplest terms, a good Net Promoter Score for your business is the score that’s better than your last one. As long as you’re improving, you’re moving in the right direction.

The single most important thing about your score is that it’s growing. It’s not a set of vanity data. It reflects the health your relationships with your customers.

You want to ensure that your customer is acting on your NPS data, so you continuously work to improve it. Consider surveying your customers every six months to make sure your business is on the right track.

By dedicating your business to improving your Net Promoter Score, you end up with happier customers who increase your business through word of mouth.

Surveys help you make the best decisions for your business. Are you ready to get started with your free Survey Town trial? Start with your free account today, and you can upgrade at any time.

Image: rawpixel on Unsplash