You worked hard to achieve a high NPS® score, but now you don't know what to do next? How about turning all that feedback into more business by creating a referral program for your customers?
In a study conducted by the Harvard Business Review, 10,000 accounts were monitored for three years. Through analysis, the bank discovered that customers referred by other customers were 18% more likely to remain with the bank during that period.
Furthermore, they found 16% more profit from these clients. This shows how powerful referrals are for businesses.
Many companies tend to invest their efforts in dealing with negative customers, and that's not wrong. After all, on average, a dissatisfied customer tells 11 people about their negative experience. And negative publicity is definitely not good for your company.
As we've mentioned in previous articles, the Net Promoter Score℠allows you to evaluate and analyze customer satisfaction to determine whether or not people recommend your product or service. In addition to being a valuable indicator of your business's health, NPS® is the most recommended metric for measuring customer loyalty and satisfaction.
With a customer-centric strategy, you can transform your NPS into a valuable marketing tool that generates referrals, encourages new customers to sign up for your product or service, and accelerates your company's growth rates. With that in mind, we've prepared this article with some strategies for you to use.
Ask customers to spread their love on social media
There's a reason why customers rate your company a 9 or 10, isn't there? These people are very satisfied with your service and feel completely comfortable recommending it to friends and colleagues.
Although it may seem obvious, many companies do not see their customer advocates as a marketing asset, but rather as a guarantee that their product or service is satisfactory.
In Brazil, this culture of making recommendations is not as widespread as in the United States, for example. So, even if your customer advocates think your product is great, few of them will take action unless you ask them to.
#1 Use testimonials
One of the simplest ways to transform feedback from your promoters into a valuable marketing resource is through an email follow-up, adapting it into a short text or video testimonial.
Therefore, after analyzing a promoter's comments, contact them directly and say that you would like to share your results with others.
Instead of just closing the loop with neutrals and detractors, make an effort to close the loop with all your customers. After all, your mission is to transform these customers into brand evangelists, isn't it? Therefore:
If you are a startup with established competitors, ask if they could provide recommendations for your business on channels such as social media, Google My Business, B2B Stack, and others.
If your product is an app for iOS, Android, or Mac, ask them to review your product on the App Store or Google Play. Another great "push" is to reward their efforts. You can offer your promoters a gift in the form of a free subscription or an attractive discount if they complete a company-set goal.
Measuring NPS® isn't just about addressing problems, but also about focusing on the positive things that emerge from the surveys. Look at promoter comments to see if there are any quotes you can share on your website or blog.
In this way, you will be demonstrating the value of your company to all customers through the words of your consumers themselves.
#2 Referral Programs
Finding the right method to acquire new customers for your business is hard work. That's why referral programs are increasingly helping businesses grow by engaging and leveraging the brand's greatest assets: its customers.
Incentives help your customers share, whether you're a B2B or B2C business. And when you use incentives specifically tailored to your customers, they share even more.
P.S.: If you're unsure how to set up a referral program, take a look at this HubSpot article.
#3 Create success stories with your clients
Promoters can do more for your business than just generate positive word-of-mouth. If you have a client who is achieving incredible results with your solution, it's time to develop a success story to tell others about how your client achieved amazing results using your service.
Furthermore, a success story can be the deciding factor in making a client choose your company over the competition. Have you thought about that?
Success stories are especially powerful for B2B companies, where the use of their product or service can lead to a measurable increase in key performance indicators for their clients.
And because success stories revolve around a specific person or company, they create a very strong level of social proof for users.
After launching the case study, it's your responsibility to notify the client. At this point, take the opportunity to ask them to share the page link, bringing even more users to your service.
In general, clients are quite happy to share this type of content. After all, the case study demonstrates not only your company's ability to deliver results, but also the client's ability to achieve significant accomplishments.
Include the case studies on the landing pages
If you have a landing page for a product or service, this is the best place to include summarized versions of success stories. Here you can use quotes from clients, along with their photos and a brief description of their role/activity.
For example:
“Harmo helped me increase the company’s customer retention rate by 25% in the first 4 months of implementation. In addition, I finally managed to improve the customer service department. My customers are much more satisfied and cancellation rates have dropped by 22%.” — Joana, Head of Customer Service.
Conclusion
As you saw in this article, using feedback from promoter customers can make a big difference in your business and can bring even more opportunities to your sales pipeline.
With a well-defined journey focused on customer success, it's possible to establish strategies to reduce churn rates, such as: when a customer joins your service, it's important to define the results they expect to achieve with your solution.
Therefore, your team works to deliver as much as possible to this client, and before the end of the contract/cycle, you develop a case study detailing the results you achieved.
After your company exceeds customer expectations and delivers a success story for other companies to see, the likelihood of that customer abandoning your solution becomes much lower, doesn't it?
Therefore, remember that these actions have enormous importance in decision-making, and can lead more people to choose to become customers of your brand.
NPS is a registered trademark, and Net Promoter Score and Net Promoter System are service marks, of Bain & Company, Inc., Satmetrix Systems, Inc. and Fred Reichheld.