By Ryan Roe
Happy Customers Reward You in More Ways than One
Providing customers with a memorable experience can be a demanding but rewarding enterprise. Some of this reward comes in the form of witnessing a client’s pure joy of being introduced to something for the first time while some of this reward comes quite literally in the form of return visits and referrals. A recent article from the Harvard Business Review, “Net Promoter 3.0” highlights the value of happy customers and the sustainable profitability associated with earning a customer’s business.
Tracking Your Growth Metrics
Fred Reichheld, author of Winning on Purpose: The Unbeatable Strategy of Loving Customers, and one of the authors of the article, created the idea of the “Net Promoter Score” (NPS) in the early 2000s. You may have captured NPS metrics yourself by asking customers to complete a survey that includes a question in the form of: “On a scale of 1 to 10, how likely would you be to recommend us to a friend?”. One of the new metrics Fred Reichheld is developing to compliment NPS is earned growth rate. Earned growth rate measures how much revenue growth is generated from returning customers and their referrals.
This metric is important because it helps understand how much revenue growth is attributed to a positive customer experience and how much of that revenue growth was purchased through advertising or promotions. Marketing is important but earning a customer’s business is fundamental.
At Romeo Bravo Software, we value our customers and the relationships we’ve developed with many of those who use our products. We are always working on adding new features and making it easier for our users to provide their own customers with an outstanding experience. To learn what Romeo Bravo Software can do for you call 970-439-4340 or schedule a demo to see for yourself.