In the next part of our series, we’re going to talk about how what to with the results you get back from NPS. You’ve completed your survey design and fielded it to your customer and/or partner base. At last, you have your data. Now what do you do with the results? If you are anything like me, you could spend a lot of time reading the open ended responses and analyzing them. And don’t get me wrong, this is important but in my experience, it’s not the next step.
The next step is connecting NPS results to customer data to determine lifetime values. Our data showed conclusively that the more likely a customer is to recommend, the longer they tend to stay with us. Showing this proves the value of NPS. It ties the results to dollars, which is key in determining which improvement issue to go after first.
A simple ranking of the number of customer mentions without an attachment to dollars makes it very difficult for your key stakeholders in the business to develop ROI scenarios. But ranking them with the addition of lifetime value makes a significant difference. If you can also add in the reasons why customers cancel and the reasons why customers choose not to buy, you have a powerful business case for change that is built in lifetime value (dollars of potential revenue) and is anchored in NPS results. How many of you are connecting your NPS results to customer lifetime value?
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