NPS Leaders Increase Growth Rates
One common question that I'm asked is ... "how does new revenue growth result from achieving high NPS scores?" The fact is that Net Promoter leaders on average grew at more than twice the rate of their competitors.
Let's understand why this is true.
It starts with a complete execution of the NPS process. The process begins with analyzing the NPS data. The data will identify strengths and challenges of each of your client relationships. Next, an often overlooked, is to communicate with your employees so everyone understands their role and what it means to increase client retention and advancing relationships. Now, here are the steps you, as a business leader, need to do to fully take advantage of measuring your client relationships and use NPS to Grow Your Business.
- Make NPS an integral part of your culture. NPS is not a sales or customer service activity, it measures your customers overall experience with your company.
- Commit to analyzing the data. For example: Why do you have a Promoter and a Defector in the same account? Be careful not to "excuse" your way out of the data points.
- Formalize your Client Retention goals and objectives. Have you set and communicated your goals for 2016? Are you planning to grow by x%?
- To fully benefit from NPS it needs to be combined with a Key Account Management program that includes a Client Risk Analysis tool for your key accounts. Use these tools to achieve your goals and objectives.
- Take full advantage of your 9's and 10's and grow your business with referrals. This is the fastest path to increased revenue.
When you survey your customers again this year, you go back to the beginning of the NPS process with current data and new opportunities for growth.
Start working on improving your client relationships and using NPS to grow your business. To learn more, visit www.aremyclientsloyal.com.
Butler Street, a leading management consulting, training and research firm focused on client and talent development, has formed an alliance with Printing Impressions, America's most influential and widely read resource for the printing industry, to provide the de facto industry standard for measuring customer loyalty through its Best of Print & Digital Customer Survey.
If you are interested in understanding how Net Promoter Score and the Best of Print and Digital can help you grow your business, go to www.bestofprintanddigital.com
To take part in the 2017 Best of Print and Digital go to www.bestofprintanddigital.com.
Click here to watch the Printing Impressions interview with Mike Jacoutot, founder of Butler Street, and Mark Subers, president of Printing, Packaging and Publishing at NAPCO Media, as they discuss the new partnership program.
Frank Costantino is a Managing Partner at Butler Street, a leading management consulting, training and research firm that focuses on client and talent development. Prior to joining Butler Street, Costantino accumulated over three decades of successful sales and executive leadership experience. His passion for sales discipline and process has driven practical solutions for sales organization development, revenue and operating profit growth.
Costantino has been recognized with numerous sales and sales leadership awards. He has also received top honors from his peers and direct reporting teams in VOA rankings, and has also served on the Advisory Board of Target Account Selling. He holds a B. S. in Business Management from NYIT.