How to Effectively Use Net Promoter System NPS for Customer Retention with Rob Markey, Partner at Bain & Company
October 14, 2022
In this episode of Getting to Aha!, Darshan Mehta is joined by Rob Markey, Partner at Bain & Company. They discuss Rob's aha! moments, how to use the net promoter system to improve customer retention, the benefits of the net promoter system, delivering more value to your customers than your competitors, customer-centric strategies, how to satisfy customers' needs, and more.
In this episode of Getting to Aha!, Darshan Mehta is joined by Rob Markey, Partner at Bain & Company. They discuss Rob's aha! moments, how to use the net promoter system to improve customer retention, the benefits of the net promoter system, delivering more value to your customers than your competitors, customer-centric strategies, how to satisfy customers' needs, and more.
Rob Markey helps companies become and remain truly customer-centric. He is an architect of customer experience transformation, employee engagement, marketing, and sales capabilities development for dozens of the world's largest companies. Rob Markey is the creator of the Net Promoter System, Co-author of The Ultimate Question 2.0., a keynote speaker, leader of the NPS Loyalty Forum, and Founder of Bain & Company's Customer practice.
KEY TAKEAWAYS
👉 The net promoter score is a single metric that shows whether your customers will stay longer, buy more, tell their friends, and other things that drive customer lifetime value
👉 The beauty of the net promoter score is its simplicity. It's based on one question and allows you to compare across customer segments when it's done properly on a competitive benchmark. Also, it will enable you to compare the performance of different companies in an industry and predict their relative growth rates
👉 As businesses get bigger, the decision makers get further away from that day-to-day interaction with customers. This makes collecting feedback harder. Hence, the basic elements of the net promoter system can be applied at any scale.
👉 The benefits of the net promoter system are greatest when your company reaches a size where it's harder for decision-makers and leaders to have regular, detailed information and contact with your customers
👉 The net promoter system has both quantitative and qualitative components. However, the most important is the qualitative component
👉 When you collect feedback from your customers, and they know it's you, especially when you do it after an interaction, the score that you collect from your customers with your survey is not comparable to a score collected in another industry by a third party research firm in a double-blind market research survey
👉 To deliver more value to your customers than your competitors, you have to:
- Dig in and understand those customers' needs
- Know how they're experiencing doing business with you
- Know their pain points and where the opportunities are to deliver value that they're not getting anywhere else
👉 To be customer-centric, you have to keep up with changes and continually offer them increasing value every time they do business with you
👉 What customers want from your business is a function, not just some static and raw underlying need, but it's shaped:
- By their experiences with other companies and other industries
- By what your competitors doing
👉 Customers will demand more from you tomorrow than they do today, and their standards and expectations will change over time
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Previous guests include: Luca Popovac, Senior Executive, Abhilasha Sinha of Open Secret, Laura Beavin-Yates, Stephen Griffiths of Level 2, Kristin Luck or ScaleHouse, Melina Palmer of The Brainy Business, Nicolas Zeisler of We’re Doing CX Wrong and How To Get It Right, Pricilla McKinney of Little Bird Marketing, Brooke Sellas of B Squared Marketing and Joseph Michelli of The Michelli Experience.
Check out the 3 most downloaded episodes:
- Changing the Direction of Customer Experience with Luka Popovac, a Senior Customer Experience Executive
- Innovation, Curiosity, and Being Human with Abhilasha Sinha, Chief Growth Officer at Open Secret
- [Greatest Hits ] Emotions & Consumer Behavior with Laura Beavin-Yates
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