Customers and a strong referral base is extremely important for the future growth of any business. A useful tool for measuring this is the customer satisfaction survey that can predict the likelihood of a customer referring your business or repurchasing from you in the future. You can request this survey from Sky Accountants Sunbury.
Fred Reichheld has developed the Net Promoter Score methodology that asks customers a question which predicts both referral and repurchase: “On a scale of 0 to 10, how likely are you to refer to a friend or colleague?” Findings show that customers who answer with a 9 or 10 usually refer the company and/or repurchase from it. Therefore, businesses who score well on the survey are more likely to grow than those with lower scores.
To measure how your company is doing, survey some of your customers and ask them the above question. According to Reichheld, the customers who give you a 9 or 10 are called your Promoters. Those who rate you a 7 or 8 are your Passives and those who score you from 0 to 6 are your angry customers called Detractors. To know your Net Promoter Score, just subtract the percentage of your Detractors from the percentage of your Promoters. If your Promoters are at 45%, Passives at 20% and Detractors at 35%, your Net Promoter Score would be 10% (45 – 35 = 10). Sky Accountants Sunbury can help with this.
The average score of companies is 10 to 15% so if your score is above 15%, you can expect your business to grow faster than the economy. This methodology could be very useful to small businesses because it’s an inexpensive and easy way to survey customers. Because it takes respondents less than five minutes to answer, there’s every likelihood of a high response rate. Those who are planning to sell their company in the future can track their customer satisfaction with this recognised tool and allow potential investors or acquirers to know how satisfied their customers are. Some investors even insist on performing a Net Promoter Score survey before they invest in a business.
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business consulting, accounting and bookkeeping firm, Sky Accountants Sunbury. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
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