Survey for Entrepreneurs

Pretty much every entrepreneur knows the basics of Lean Startup methodology: start by searching for product/market fit. Get out of the building and talk to customers. Run a series of experiments to validate your ideas. Above all else, validate your thinking as early as possible: don’t spend millions of dollars building something before you have tested the ideas and concepts with customers.

Where this tends to fall down in practice is that many entrepreneurs find it hard to reach real customers. Getting feedback from co-founders, friends, small focus groups, user testing sessions and even existing customers can be very helpful to qualitatively understand how others view your offering. But many times the sample group that you can reach is too small and biased towards people that will be polite to you, or who have self-identified as liking your product.

keys to customer satisfaction

Keys to Customer Satisfaction

Customer satisfaction surveys measure how products and services supplied by a company meet or surpass customer expectations. These surveys are instrumental in predicting whether the customer will return and spend more, therefore impacting your financial performance.

Composing an effective customer satisfaction survey may seem straightforward, but it needs insight into the customers’ habits and their relationship with your company to return the results you seek. Correctly built, customer satisfaction surveys gather data that accurately identifies the root causes of your customers’ buying behavior regardless of product or service.

NPS

What is NPS?

he Net Promoter Score is calculated based on responses to a single question: How likely is it that you would recommend our company/product/service to a friend or colleague? The scoring for this answer is most often based on a 0 to 10 scale.

Those who respond with a score of 9 to 10 are called Promoters, and are considered likely to exhibit value-creating behaviors, such as buying more, remaining customers for longer, and making more positive referrals to other potential customers. Those who respond with a score of 0 to 6 are labeled Detractors, and they are believed to be less likely to exhibit the value-creating behaviors. Responses of 7 and 8 are labeled Passives, and their behavior falls in the middle of Promoters and Detractors. The Net Promoter Score is calculated by subtracting the percentage of customers who are Detractors from the percentage of customers who are Promoters.

FourStages of NPS

Four Stages of NPS

Many realize the strengths of Net Promoter Score but few exploit the full potential of NPS® in an automated feedback program. In this ebook we went in depth on how to get NPS to the next level and effectively set up an automated feedback loop. We illustrate this with the ‘the 4 stages of Net Promoter Score’. Starting from inviting your customers to a classic customer satisfaction survey going to integrating the Net Promoter Score approach as an early churn detection and prevention mechanism into your Business Intelligence Software.