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Introduction to Net Promoter Score [Video]

Introduction to Net Promoter Score

In this video, you will be introduced to the concept of the Net Promoter Score.

#netpromoterscore #metrics #wallstreetmojo #customerloyalty #brandvalue

Chapters:
00:00 – Introduction
01:00 – What is the net promoter score?
01:48 – How does the net promoter score work?
02:58 – What is a good net promoter score?
03:43 – Conclusion

What is the net promoter score?
The Net Promoter Score, or NPS, is a metric that measures and quantifies customer loyalty. The metric was developed in 2003 by Fred Reichheld, a management consultant.

It helps assess the probability of customers endorsing products to people they know. The underlying theory is that if a person likes a product, they will share their experience with others, which in turn would encourage them to buy the product too.

How does the net promoter score work?
The NPS is usually calculated on a scale of 0 to 10, and based on the ratings that the customer gives, they are categorized into three types:
Promoters
Passives
Detractors

Based on this, the NPS is calculated simply by subtracting the percentage of promoters from the percentage of detractors.

(Explained in detail in the video)

What is a good net promoter score?
According to Reichheld, most companies in the US have an NPS of 10, while the best companies with the best products to offer have an NPS of 50 to 80.

It should be noted, though, that the NPS is just a benchmark and may not necessarily represent how much the customers are loyal to the company.

(Explained in detail in the video)

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Resources for Accountants

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How to Transition from Startup to Established Company [Video]

The journey from a fledgling startup to an established company is akin to scaling a mountain—fraught with challenges, but also promising breathtaking vistas of growth and success. This transition marks a pivotal moment in the entrepreneurial odyssey, where the agility and creativity that characterized the startup phase must harmonize with the stability and maturity necessary for long-term sustainability. It's a delicate balance, requiring strategic foresight, operational finesse, and unwavering commitment. In this guide, we'll delve into the multifaceted process of transitioning from a startup to an established company, exploring key strategies and best practices to navigate this transformative journey.

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How to Start a Supermarket Business | Free Supermarket Business Plan Included [Video]

Presenting 50 essential tips for starting a Supermarket business.Now you can get your free business plan template gift here: https://www.bizmove.com/business-gifts.htm This is a high quality, full blown business plan template that you can download and modify to create a quality business plan tailored to your business idea.It comes complete with detailed instructions and all the related spreadsheets. Allows you to easily prepare a professional business plan for your new businessAlso get free small business guides, tools, and worksheets at: https://www.bizmove.com

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