ATLANTA, November 4, 2021 / PRNewswire / – Being a strategic leader requires asking the right questions and understanding the best way to measure success. Leaders need to be able to gain insight into the state of the business and reinforce strategic direction. One of the most important questions a leader should be able to answer is, “What do my clients think of our business and would they recommend our services?” “
A customer’s experience with a brand not only determines whether they would buy an item from them again, but also whether they become a supporter or detractor of the brand. Word of mouth has long been viewed as a vital marketing strategy, and the opinions of former customers can have a significant impact on sales as well. According to research conducted by Sponsorship candy, 88% of Americans trust word of mouth advice and recommendations.
Deepak “Dee” Agarwal, c-suite Entrepreneur and for a long time contractor, recommends “getting a feel for how people talk and defend any brand is essential to getting and retaining loyal customers”.
“This data tells us not only which products and services are most important to customers,” he continues, “but also where marketing and customer acquisition initiatives need to be taken.”
While listening to social media and monitoring customer reviews can provide insightful information about what customers think of a brand, measure sentiment via Net promoter scores is one of the most powerful tools available to organizations. The Net Promoter Score or NPS is a management tool that gives data and visibility on the strength and depth of a brand’s relationship with its customers, as well as their likelihood of suggesting a brand to their peers. NPS scores range from 1 to 10, with scores of 9 to 10 indicating promoters / advocates and 1 to 6 indicating detractors. Scores of 7-8 are considered neutral.
Dee Agarwal Note: “Net Promoter Scores not only provide visibility into the health of customer relationships, but also vital insight into the company’s growth prospects. According to studies, a 7 point increase in the NPS corresponds to a 1% gain in turnover.
On the other hand, getting a high score is not necessarily a guarantee of success. In times of industry upheaval or withdrawal, even companies with a high NPS may face cutbacks. Having a strong customer base becomes even more crucial in this era, which is why NPS should be used to inform customer acquisition initiatives and improve customer retention.
“The most important part of running a successful business is acquiring new customers. It’s also usually the most expensive, and it’s a never-ending process, ”said Dee Agarwal. “Brands don’t have to get complacent just because of a high Net Promoter Score. Maintaining a strong brand sentiment is crucial for longevity. If companies are to establish and maintain a strong customer base of ambassadors, they must be committed to consistently providing a “wow” experience to every customer with every interaction. “
For more commercial information from Dee Agarwal, to verify Dee Agarwal on the testing and learning strategy for success.
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