What is an NPS and why should you use it for your events?
What is an NPS and why should you use it for your events?
You may have heard us frequently using the term ‘NPS’, but what does it mean? Is it something you should use for your event? We’re here to tell you.
What is an NPS and where did it come from?
The Net Promoter Score (NPS) survey began with Fred Reichheld, a partner at Bain & Company. Back in 2003, Reichheld created a method for companies to assess how likely their customers were to recommend their business, products, or services to others. His aim was to evaluate the effectiveness of a company in building loyal customer relationships. This is how NPS came about and is now a metric that is used across many global companies and it is all done by asking one simple question…
“How likely are you to recommend this company/product/service/event to a friend or colleague?”
So, how does it work?
After asking clients that one important question, customers respond by rating on a scale from 0-10. The NPS is the percentage of customers who are promoters (scoring 9 or 10) subtracted by the percentage of detractors (scoring 0 to 6). Anything in between would be classified as passives. In total, anywhere from 30 to 100 is considered a high NPS, which indicates that the company is leading in customer loyalty and satisfaction.
The NPS survey is relatively short since the entire metric is based on one question however, you can always ask for more information through follow-up questions. This is a great way of getting feedback and testimonials that you can share with your company. You could ask questions like, “How did our company’s solutions solve your pain points? ” or “Did our services meet your expectations?” to get the most constructive feedback.
Who uses NPS to measure customer loyalty and satisfaction?
According to Bain & Company, there is an extensive list of companies that use NPS to measure customer satisfaction and loyalty. This list includes recognised companies like Expedia, PayPal, eBay and Lloyds Bank. In the last few years, we have also started to use NPS at JET to track our performance.
While NPS may not be as widely used in the events industry, you may spot it being used by a few organisers and suppliers, as one of the ways to measure customer satisfaction. ASP Events, a website provider for event organisers, recently announced that the company scored an NPS of +61.2 in an article on its company website.
The Benefits of NPS
Using the NPS survey can give you several benefits like:
Ease of use – With just the use of one simple question, the NPS system is as simple as it gets.
Actionability – When an organiser calculates their NPS, the survey allows them to get a clear image of where they stand with their attendees and exhibitors as well as how they can improve, if need be.
Predictive value – The NPS system is a great way for organisers to predict future growth based on their attendees’ feedback.
Enhanced company reputation – You can request feedback from attendees and exhibitors with follow-up questions for testimonials to support your reputation
How NPS can benefit your events
Once you have your NPS, you can start using it to gauge how many of your attendees or exhibitors would be likely to come to your next event. This can be a great way to plan future campaigns and implement a strategy to make your next event more successful than the last. If you decide to include follow-up questions, as mentioned earlier, you can also ask for feedback to further improve your event. Testimonials or quotes from high-scoring clients could help you build out your customer service-related content on your company website and social media feeds. You could even take it a step further and use the information gathered to plan a case study which could be put on your website for new and potential visitors to be able to see your event experience history.
Why is ours so high? Because we value customer feedback!
At JET, we started using NPS to gauge our client loyalty and satisfaction in 2022 and since then, we have been ranking within the 60-75 mark, which is an excellent score and one we are proud to maintain. We have received plenty of great feedback from asking for NPS from our clients, which can be found on our testimonials page here.
Why choose JET?
On top of our leading NPS, JET is committed to providing its clients with comprehensive, user-friendly and streamlined solutions to make their lives as event organisers that much easier. We have worked with countless events across the country and internationally, always working hard to deliver excellent service. Our high NPS is a testament to our dedication to client satisfaction and we will continue to work hard to ensure that our clients have the best experience using JET and its solutions.
If you’d like to find out more about NPS, we have written an article that may be helpful here. Or, if you’d like to know more about our solutions and how they can help you with your next event, contact us today.
