Net Promoter Score (NPS) is a supremely useful tool—in more ways than one. Not only can it tell you the likelihood of gaining repeat business, it can also serve to gauge the overall health of your business.
The key feature that gives NPS the edge over other brand health measures is its ability to measure the likelihood of repeat business. More business means more revenue, so by extension, the quality of your NPS score can also indicate:
In Australia and New Zealand, an NPS of +30 is considered up to standard. However, this number may vary depending on your industry. In New Zealand, for example, the NPS benchmark for Physiotherapists is 39, while for Debt Collectors it’s -48. Benchmarks can also vary by region. In Australia, for example, the benchmark for Physiotherapists is 7.
Where possible, it’s better to benchmark your NPS against your industry, rather than against the national or regional average across all industries.
You can find the appropriate NPS benchmarks here (for Australia) and here (for New Zealand).
Read more: What is a good NPS score?
If your NPS is below your industry average, chances are your business is not performing as well as it should be. Moreover, it’s also at risk of losing customers to your competitors. Reasons why can vary, but a few common ones are:
The good news is that if you’ve included a follow-up question to your initial NPS question, you’ll gain valuable feedback from customers to help you identify the reasons behind the score they gave. From there you can work to address them, and improve your score.
A few ways to go about this are to:
If you’re already a Customer Monitor user, you can access these insights straight from the dashboard. To learn how click here.
If you’re NPS is above your industry’s benchmark, great! But your work is not done. Your competitors won’t rest on their laurels, so neither should you.
Here are four ways to make sure you continue to get the most out of your NPS data:
These are just a few of the possible outcomes and options for assessing your business health. To learn how you could harness NPS to its fullest potential, request a free demo of Customer Monitor.