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Net Promoter Score – out of steam? The Net Promoter Score (NPS) was invented by Fred Reichheld in 2003, presented in a Harvard Business Review that December “The one number you need to grow”. NPS is a customer loyalty/satisfaction measure taken from asking customers how likely they are to recommend your product or service to others on a scale of 0-10. “On a scale from 0 to 10, how likely are you to recommend this product/company to a friend or colleague?” It is calculated by subtracting the percentage of customers who answer the NPS question with a 6 or lower (‘detractors’) from the percentage of customers who answer with a 9 or 10 (‘promoters’). Issues with NPS Companies have become reliant on NPS as a key metric despite many shortcomings including:- -       Does not answer the why? Without this information, little can be learnt. -       Does not address demographics. If the NPS decreases year on year does this mean that a product/service has got worse or that the customer base has naturally evolved? -       Ignores customer importance. -       May be affected by recent experience. -       Can be gamed. “If there is any reason why you wouldn’t mark “likely to recommend on the customer satisfaction survey, then please talk to me before filling it out”. -       Cannot benchmark with competitors since this information will not be readily available. Even if you could access it then if you were to compare two similar services, you would not be able to ascertain what differentiated one from another so there are no actionable insights. -       There is a disconnect between intentions and behaviours. Some more useful tools There are plenty of tools that provide far greater insight than NPS, including: Voice of the Customer (VoC) These combine surveys, support chats and social media comments providing a full picture of customer’s feelings. They should combine quantitative and qualitative inputs. Open ended questions give insights into the “why”. “What can we do to improve our product?”. “How can we improve your experience?” Product Engagement Score (PES) This tracks how customers use your product such as how often they login and how much time they spend using it. This provides insight into how the customer uses your product and what makes people come back. Do you still use NPS? If so, what do you do with the results? Comments are most welcome as always. #NPS #netpromoterscore

[ Net Promoter Score- NPS] Respondents give a rating between 0 (not at all likely) and 10 (extremely likely) and, depending on their response, fall into one of 3 categories to establish an NPS score: - Promoters respond with a score of 9 or 10 and are typically loyal and enthusiastic customers. - Passives respond with a score of 7 or 8. They are satisfied with your service but not happy enough to be considered promoters. - Detractors respond with a score of 0 to 6. These are unhappy customers who are unlikely to buy from you again, and may even discourage others from buying from you. Source and more details: https://lnkd.in/e8kV7VmQ #nps #customers #marketresearch

The Ultimate Guide to Understanding Your Customers: Strategies and Metrics In today's competitive business landscape, understanding your customers is not just necessary but a strategic advantage. It's crucial to go beyond basic demographic information and fully understand customer needs, preferences, behaviors, and pain points. Why is understanding your customers important? - Enhanced Customer Satisfaction - Increased Loyalty and Retention - Competitive Advantage Strategies for Understanding Your Customers: 1. Listen Actively: Pay close attention to feedback across surveys, social media, and customer reviews. 2. Analyze Customer Data: Utilize CRM systems, web analytics, and purchase history. 3. Segment Your Audience: Divide your customer base into distinct groups based on shared characteristics such as demographics, geographics, psychographics, and behavior. Best Practices to Optimize Client Satisfaction Efforts - Proactive Communication: Engage with customers before issues arise. - Personalized Service: Offer tailored experiences. - Efficient Issue Resolution: Address problems swiftly. - Regular Training and Consistency: Ensure your team is always prepared and consistent in their approach. Client satisfaction scores are more than just numbers—they’re insights into your customers' experiences and feelings. By understanding and leveraging these metrics, businesses can make informed decisions that enhance customer satisfaction, loyalty, and overall success. Start measuring, analyzing, and acting on your client satisfaction metrics today with Cuppa. https://lnkd.in/gahMSGT2 #CustomerSatisfaction #BusinessStrategy #CustomerExperience #ClientLoyalty #CustomerUnderstanding #BusinessGrowth

🔥 Game changer just dropped 🔥 This week Stamped launched our brand new Loyalty Analytics Dashboards and spoiler alert 🚨 I'm obsessed with the Retention Overview feature Here's why 👇 Retention is a slow burn. A tweak today doesn’t show up in the numbers until months later, making it hard to measure impact. Our cohort charts change that 🤩 They let you compare customer behaviour year-over-year and reveal the hidden truths behind your retention strategy. Case in point: A beauty brand improved first-purchase AOV, but their customers aren’t coming back at the same rate. This is the kind of insight traditional metrics miss—and it’s the power of cohort analysis. At Stamped we’re building the ultimate hub for driving holistic retention and lifecycle strategies. And these insights? They’ll help you measure impact over time and adjust faster than ever. check out more juicy industry insights here 👉 https://lnkd.in/gzK-FvYJ

Webinar: On May 7, discover how to leverage the gold mine of customer data to maximize engagement in a compliant, personalized way. Join Mario Invernizzi, Giuseppe Maria Ardizzone, and Sonia Travaglini as they discuss using first-party data to support growth in consumer goods, support engagement, and more. Register here: https://bit.ly/3xC9Kdg PROMOTION MAGAZINE #B2B #CustomerLoyalty #FirstPartyData

🚀 Unlock the True Potential of Your Loyalty Card Program with Regression Analysis! In today's competitive market, customer loyalty is the golden ticket to business success. Wondering how you can upgrade your loyalty card programs? Enter Regression Analysis - your answer to understanding customer behavior and skyrocketing loyalty. 1️⃣ **What Makes Regression Analysis a Game-Changer?** Like a skilled detective, regression analysis deciphers the complex story behind customer loyalty. By examining variables such as purchase frequency and customer demographics, it empowers businesses to make data-driven decisions that enhance their loyalty programs. Imagine knowing exactly what drives your customers, allowing you to tailor your services and benefits precisely—this is the power at your fingertips with regression analysis. 2️⃣ **The Nitty-Gritty of Implementing Regression Analysis** It's all about the data - collecting, cleaning, and analyzing. With the right data in hand, businesses can use statistical software to run regression analysis, identifying which factors most strongly influence customer loyalty. Armed with these insights, you can optimize your loyalty card program, making it irresistibly attractive to your customer base. 3️⃣ **Evaluating Success – The Proof is in the Pudding** Once you deploy regression analysis to finetune your loyalty card program, measure success through Key Performance Indicators (KPIs) like retention rates and purchase frequency. Witnessing tangible improvements in these areas is the clear indicator that regression analysis is your loyalty program's new best friend. How are you leveraging data to enrich your customer loyalty programs? Share your experiences and strategies below. #CustomerLoyalty #DataDrivenDecisions #RegressionAnalysis

Losing a customer hurts and costs money. Now brands can preemptively entice and re-engage customers by using segmented groups BEFORE they lose them forever Here's how: Go to Brand Analytics - Customer Loyalty Analytics - Segment View. From there create a promotion for your declining Top Tier customers. The signals that determine a declining customer are predictive based on price, engagement, Prime membership, Subscribe and Save enrollment, browsing behavior, add-to-carts, detail page views, post- purchase information, average review rating, historical purchases, and many others. Don't sleep on this option to keep your customers coming back! #dataanalytics #LTV #amazonseller

Our whitepaper, 'Customer Loyalty Reimagined' is launching this month! Enjoy an extract from Trust Retail's upcoming whitepaper 'Customer Loyalty Reimagined' that highlights why retailers need customer data. — The basic idea is straightforward: the better you understand your customers, the more accurately you can predict their needs and deliver them. Customer data analysis is a game-changer, offering insights that guide strategic decisions, improve customer experiences, and streamline operations. Here’s how: 💭 Understanding customer behaviour Data uncovers shopping patterns, preferred channels, and other factors influencing purchases, enabling you to meet customer expectations. 🛍️ Customer segmentation Grouping customers by demographics or behaviour allows for tailored marketing strategies aimed at specific audiences. 🎯 Personalisation and targeted marketing Data facilitates personalised marketing campaigns, delivering promotions and recommendations that resonate with customers. 🌟 Enhancing customer experience Analysing interactions highlights areas for improvement, enhancing overall satisfaction. 💚 Customer retention and loyalty programmes Understanding preferences aids in designing loyalty programmes that encourage repeat business. Retailers need customer data to accurately understand and predict customer needs, enabling personalised marketing and enhanced experiences. This data-driven approach not only meets expectations but also fosters loyalty and repeat business. To design effective loyalty programmes, it is crucial to identify the specific types of data that need to be collected. — 'Customer Loyalty Reimagined' unveils innovative strategies for customer loyalty programs and is arriving at the end of September. Learn more about Trust Retail Loyalty in the meantime ➡️ https://lnkd.in/ecy6jKgy #RetailInnovation #CustomerLoyalty #Whitepaper

Membership Matters: How Loyalty Programs Drive Consumer Choice Today, the average consumer is a member of 17 loyalty programs. So, what does “loyalty” actually mean? Join us for an exclusive session with Pamela Young of CVS Media Exchange (CMX) and Cyndi Hitchens of Path to Purchase Institute as they unveils new research conducted. Discover why consumers choose loyalty programs, their perceived value, and their impact on shopping behaviors. Gain valuable insights into consumer perspectives and learn how ExtraCare, the most trusted loyalty program, is enhancing customer engagement with CVS and its brand partners through CMX. Make sure you register at https://lnkd.in/e9FCzvUQ #CustomerLoyalty #LoyaltyPrograms #ConsumerInsights

As revealed in our latest report, Decoding India’s Loyalty Program, powered by #1nsights by 1Lattice, 72% of top-performing loyalty programs see a remarkable 30% boost in customer retention! Read more: https://lnkd.in/gZHz8K9j Our latest report, Decoding India’s Loyalty Program, dives deep into the strategies that leading brands are using to drive repeat purchases, elevate customer engagement, and boost overall brand loyalty. From point-based incentives to value-aligned rewards, this report unpacks the types of loyalty programs that resonate with consumers and deliver tangible results. Explore insights on: ✨ What makes loyalty programs effective in retaining customers? ✨ How brands leverage data from these programs to shape marketing strategies. ✨ Ways to maximize ROI by understanding customer behavior and preferences. 🚀 Download the full report now to learn actionable steps for crafting loyalty programs that resonate with your audience and enhance long-term growth: https://lnkd.in/gZHz8K9j Connect with us today to get in-depth, data-driven insights for your business: https://lnkd.in/gx76f9bS #EnablingBetterDecisions #customerretention #loyaltyprograms #customerbehavior Amar Choudhary Hitesh Gossain Abhishek Maiti Ashish Dhir Praneet Singhal Abhilasha Jaju Devmalya Mukherjee Sanjay Sachdeva