B2B Net Promoter Score – Implement it in these 7 steps
Posted: Wed Dec 04, 2024 3:46 am
Ok. So everyone is talking about the Net Promoter Score.
Your CEO, your industry peers, even your customers.
And everyone wants to know where the mystery of NPS lies:
“NPS isn’t just for B2C companies? How to make it work for our business?”
“How often should we measure our NPS score?”
“What do you do with my comments?”
Well, take a deep breath. It's okay. We've got your back.
Let’s explore the world of B2B Net Promoter Score together. We’ll cover everything from why and when to measure your NPS , plus 7 steps to implementing NPS in a B2B company .
What is Net Promoter Score?
The Net Promoter Score (NPS) is a widely used business kenya phone number list metric for measuring customer loyalty.
Customers are asked if they would recommend the product, service or company, and the NPS score is calculated by subtracting the percentage of Detractors (those who would not recommend you) from the percentage of Promoters (those who would recommend you).
nps formula explained
NPS questions are often followed by a qualitative question to find out why the respondent gives a certain score. You can walk through the history of NPS, and how to measure it, in our Ultimate Guide to NPS .
Why ALL B2B Companies Should Measure NPS
Let me be honest with you.
Most of what is written about NPS tends to be directed at B2C.
But, that doesn’t mean NPS isn’t equally valuable for B2B companies.
Here are 5 reasons why:
The power of word of mouth
Happy customers will spread the word about your brand.
They will tell their colleagues and peers what a great job you do. They will advocate for your services at their next job, and even the one after that.
What's more, real word of mouth works! 92% of B2B buyers are more likely to buy after reading a trusted review.
b2b trusted review
The Net Promoter Score tells you exactly who your Promoters are.
Customer feedback information
The Net Promoter Score is literally the voice of the customer.
Your Promoters recommend your brand for a reason, and the same goes for your Detractors.
The feedback you collect gives you insight into what you do well, but also, and more importantly, where there is room for improvement.
This data can be used to generate useful insights, guide your business strategy, and improve customer satisfaction.
Find out how to leverage Net Promoter Score (NPS) feedback by scheduling a meeting with the Trustmary team .
Correlation with revenue growth
Did you know that Net Promoter Score is closely related to revenue growth?
A satisfied customer will typically spend more and have a longer lifetime as a customer. In fact, Promoters are 4.2 times more likely to purchase again , 5.6 times more likely to forgive a company after a mistake, and 7.2 times more likely to try a new offering compared to Detractors.
promoters are more likely to
And that's not all.
Being an NPS leader in your industry can impact your bottom line – revenue grows by 1% for every 7% increase in a brand’s NPS!
Oh!
Solid benchmark metric
Since we're talking about industry leaders, the Net Promoter Score gives you an excellent benchmark to measure your progress.
With respect to yourself and others in the sector.
Tracking the results of regular NPS surveys helps you get a good idea of how your customer experience is evolving from quarter to quarter.
Comparing your results to the industry standard not only shows how you stack up against your competitors, it gives you insight into how to get ahead.
Stronger customer relationships
B2B companies tend to have smaller customer groups than B2C companies.
For example, a B2B may have 20 accounts, while a B2C with a similar revenue volume may have 500,000 active users.
But in the B2B world, customer relationships tend to be deeper, which translates into:
Greater engagement with NPS surveys and therefore a more accurate sample size
Higher level of satisfaction, resulting in better NPS score
Better quality comments and suggestions to open questions
reasons why b2b companies should measure nps
When to measure NPS
We’ve established why you should measure Net Promoter Score. Now it’s time to look at when to do it.
Well, it really depends on what you're measuring: your overall relationship or satisfaction at a specific point in the customer journey?
Relationship NPS
If a B2B company wants to know how loyal its customers are, it can measure relationship NPS.
This is done by sending out an NPS survey at regular intervals to measure customer satisfaction. As the data accumulates over time, a progressive picture of the company’s reputation can be seen.
So what frequency are you referring to?
Some would say that once a year is enough, but leaving too much time between surveys risks missing critical information about how your business is doing.
Your CEO, your industry peers, even your customers.
And everyone wants to know where the mystery of NPS lies:
“NPS isn’t just for B2C companies? How to make it work for our business?”
“How often should we measure our NPS score?”
“What do you do with my comments?”
Well, take a deep breath. It's okay. We've got your back.
Let’s explore the world of B2B Net Promoter Score together. We’ll cover everything from why and when to measure your NPS , plus 7 steps to implementing NPS in a B2B company .
What is Net Promoter Score?
The Net Promoter Score (NPS) is a widely used business kenya phone number list metric for measuring customer loyalty.
Customers are asked if they would recommend the product, service or company, and the NPS score is calculated by subtracting the percentage of Detractors (those who would not recommend you) from the percentage of Promoters (those who would recommend you).
nps formula explained
NPS questions are often followed by a qualitative question to find out why the respondent gives a certain score. You can walk through the history of NPS, and how to measure it, in our Ultimate Guide to NPS .
Why ALL B2B Companies Should Measure NPS
Let me be honest with you.
Most of what is written about NPS tends to be directed at B2C.
But, that doesn’t mean NPS isn’t equally valuable for B2B companies.
Here are 5 reasons why:
The power of word of mouth
Happy customers will spread the word about your brand.
They will tell their colleagues and peers what a great job you do. They will advocate for your services at their next job, and even the one after that.
What's more, real word of mouth works! 92% of B2B buyers are more likely to buy after reading a trusted review.
b2b trusted review
The Net Promoter Score tells you exactly who your Promoters are.
Customer feedback information
The Net Promoter Score is literally the voice of the customer.
Your Promoters recommend your brand for a reason, and the same goes for your Detractors.
The feedback you collect gives you insight into what you do well, but also, and more importantly, where there is room for improvement.
This data can be used to generate useful insights, guide your business strategy, and improve customer satisfaction.
Find out how to leverage Net Promoter Score (NPS) feedback by scheduling a meeting with the Trustmary team .
Correlation with revenue growth
Did you know that Net Promoter Score is closely related to revenue growth?
A satisfied customer will typically spend more and have a longer lifetime as a customer. In fact, Promoters are 4.2 times more likely to purchase again , 5.6 times more likely to forgive a company after a mistake, and 7.2 times more likely to try a new offering compared to Detractors.
promoters are more likely to
And that's not all.
Being an NPS leader in your industry can impact your bottom line – revenue grows by 1% for every 7% increase in a brand’s NPS!
Oh!
Solid benchmark metric
Since we're talking about industry leaders, the Net Promoter Score gives you an excellent benchmark to measure your progress.
With respect to yourself and others in the sector.
Tracking the results of regular NPS surveys helps you get a good idea of how your customer experience is evolving from quarter to quarter.
Comparing your results to the industry standard not only shows how you stack up against your competitors, it gives you insight into how to get ahead.
Stronger customer relationships
B2B companies tend to have smaller customer groups than B2C companies.
For example, a B2B may have 20 accounts, while a B2C with a similar revenue volume may have 500,000 active users.
But in the B2B world, customer relationships tend to be deeper, which translates into:
Greater engagement with NPS surveys and therefore a more accurate sample size
Higher level of satisfaction, resulting in better NPS score
Better quality comments and suggestions to open questions
reasons why b2b companies should measure nps
When to measure NPS
We’ve established why you should measure Net Promoter Score. Now it’s time to look at when to do it.
Well, it really depends on what you're measuring: your overall relationship or satisfaction at a specific point in the customer journey?
Relationship NPS
If a B2B company wants to know how loyal its customers are, it can measure relationship NPS.
This is done by sending out an NPS survey at regular intervals to measure customer satisfaction. As the data accumulates over time, a progressive picture of the company’s reputation can be seen.
So what frequency are you referring to?
Some would say that once a year is enough, but leaving too much time between surveys risks missing critical information about how your business is doing.