Increase Revenue With One Simple Question
The greatest assets we have as part of our businesses can be our clients and employees. They are the individuals who are most likely to give us more business or refer business to us.
To increase your referral and repeat business the #1 question you should ask is, “How likely is it that you would recommend Company X to a friend or colleague?”
The answer is rated on a scale of 1-10 with 10 being most likely to recommend.
Ask your employees, your customers, your vendors, your network anyone else who comes into contact with your company or its ambassadors.
The end result is your Net Promoter Score. With whom is your score the highest (ie. employees) and the lowest (ie. customers)? Who are your:
- Promoters (score 9-10) are loyal enthusiasts who will keep buying and refer others, fueling growth.
- Passives (score 7-8) are satisfied but unenthusiastic customers who are vulnerable to competitive offerings.
- Detractors (score 0-6) are unhappy customers who can damage your brand and impede growth through negative word-of-mouth.
Between 80 and 90% of positive referrals come from Promoters. Detractors, meanwhile, are responsible for 80 to 90% of the negative word-of-mouth, and the cost of this drag on growth should be allocated to them. Improving your NPS can affect many areas of your company including:
- Retention rate
- Annual spend
- Cost Efficiencies
- Word-of-Mouth Comments…
To learn more about calculating your Net Promoter Score visit Answering The Ultimate Question