Remember the point about the influence of churn rates on your WOMM? NPS is the best proxy for improving both churn rate and WoMM.
NPS represents customer satisfaction and loyalty based on how likely they are to recommend your product or service to others.
You’ve surely encountered many NPS surveys already. Often, they look like this:
NPS survey ranging from 1 to 10; 1 being "not likely to recommend Revolut" and 10 being "extremely likely to recommend Revolut"
The score the user selects dictates whether they’re a detractor, passive, or promoter:
Scale from 1 to 10. Less than 6 are detractors. 7 and 8 are passives. 9 and 10 are promoters
The NPS score is then calculated by subtracting the percentage of detractors from the percentage of promoters. It can range between -100 and 100. Anything above zero means that you have more promoters than detractors.
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Most types of software that manage these surveys for you will also calculate the NPS. Generally speaking, an NPS score above 70 is considered exceptionally good. But always check benchmarks for your industry, as they may be much lower.
Improving your NPS will most likely decrease your churn and vice versa. Do note the tactics for achieving these objectives are interchangeable. NPS is just another method for tracking your progress and gaining more insights.
Now, as we’re approaching the end, I want to mention a tactic that can decrease your churn but will most likely hurt your brand and reputation in the long run. And that’s making your subscriptions difficult to cancel. Don’t do this. Make your sign-up and cancellation processes clear and frictionless.
And remember this: A certain percentage of churn rate is completely fine and natural. Don’t obsess over the metric if you’re already doing well against the industry benchmarks.
Here’s wishing you lower churns and higher growth! If you’ve got any questions, ping me on Twitter.