Use of Net Promoter Score – Is NPS the Right Tool for your Business?
Independent research on the NPS scores by industry sectors and major brands is most available for B2C companies, where word of mouth (or social media) can quickly lead to increases and decreases in sales. However, there seems to be less available independent study on B2B businesses, but that does not mean that NPS is not important to those companies as well.
In B2C environments, personal interactions more readily lend themselves to favorable/unfavorable references to other contacts (“That restaurant was wonderful – here’s a picture of my meal!”). However, in B2B environments other factors beyond just the personal interactions may come into play such as corporate procurement policies, requirements for multiple suppliers and technical performance standards that weigh equally in the buying decision process. NPS alone may not be enough to gauge potential for growth in B2B environments, so you should look deeper at other Critical Purchasing Criteria.
Utilize your knowledge of customer’s purchasing process to supplement your assessment of NPS in B2B environments. In addition to the relationships with promoters within the customer company, what are the key value drivers that will differentiate your offer from other suppliers? The combination of NPS knowledge and Critical Purchasing Criteria will help drive greater success with targeted customer accounts in the B2B environment.
Market Edge has developed simplified, online NPS assessment and Critical Purchasing Criteria (CPC) tools which can be quickly deployed to solicit customer feedback on how well you are performing and likely to be recommended to others as well as their key buying criteria. Contact us at firstname.lastname@example.org (mailto:email@example.com) to learn more about these tools and their application in your business.