How to turn a high NPS® into recommendations
You worked hard to achieve a high NPS® score, but now you don't know what the next steps are? How about transforming all that feedback into more business by creating a referral program for your clients? In a banking study conducted by the Harvard Business Review, 10,000 accounts were monitored for three years. Through […]
What is churn rate: how to calculate it and 3 tips to reduce it
Understanding why consumers abandon products or services is essential for businesses, and knowing what churn (cancellation rate) is makes it easier to have these metrics tangible and to give new directions to strategies. Churn is increasingly being used to measure business success and, like many other metrics, it is a valuable tool for business success
NPS Question: Strategies and variations for measuring customer loyalty
Did you know that besides the standard NPS question we're already familiar with, it has different ways of being applied? If you didn't already know, this metric measures customer loyalty. The metric uses a type of score to identify whether a customer can be considered loyal or not, and thus, their […]
9 delivery companies: Which is the best delivery service for your business?
One solution for retailers to mitigate the financial crisis caused by isolation, a consequence of the coronavirus, is to adopt the delivery system. A potential solution could be to partner with the delivery app Rappi, which has seen demand triple in recent weeks, especially for supermarket purchases, pharmacies, and meals, according to […]
Lifetime value: how to know the value of a customer to your company?
Does your company know the value that customers spend on your products during their buying journey? If you don't know the answer, it's more than time to understand and calculate your company's lifetime value (LTV). Calculating how much each customer generates is essential for the company and, more than just knowing […]
6 common mistakes that impact customer effort
A good customer success team is always looking to improve the customer experience and make using the product/service easier. However, before you start improving the customer experience, you must first understand what is causing negative or high-effort customer experiences. There are several ways […]
The buyer's journey and customer acquisition: 3 fundamental principles for success
There comes a point in the life of every business, whether it's a coffee shop, a bar, a restaurant, or even a hostel, when growth is necessary. To grow, you need more revenue; to have more revenue, you need more customers; and to get those customers, you need to attract them. […]
How can I tell if my NPS® is biased?
If you've been using the Net Promoter Score℠ for a while, you've probably wondered if your survey is biased, right? That makes perfect sense, because NPS®, like any survey metric, can be biased towards achieving higher scores. For example, you might trust the Net Promoter data […]
6 rules for success in measuring NPS®
We all know that NPS® is a very powerful metric for measuring customer loyalty with a single question. What few people know is that it was developed to be a management model within companies, and not just a research metric as many believe. According to Fred Reichheld, author of the book […]