How likely are you to recommend this product to a friend? Please answer on a scale from 1-10. This simple question developed by Fred Reichheld in 2003 during his time at Bain & Company became known as Net Promoter Score (NPS). Since then, this score has been largely accepted to be a way to measure customer loyalty, but that was before social media existed.
Facebook, Instagram, and Twitter now have around 2.77 billion users and command 33 percent share of digital media spending in 2018. With social is there potential to modernize NPS? Social analytics can be an interesting way to improve personalization, implement design-led thinking, and improve overall customer experience.
We may be a few years off from a social-led NPS score, but it’s not hard to see how social analytics and truly listening to your customers can be a great way to improve personalization, test out design-led thinking, create customer experiences, and, as Fred Reichheld put it with NPS, “improve customer loyalty.”
Joe is VP of Corporate and Demand Marketing at Scorpion. He is also the CMO of Stockchain Global and Advisory Board Member at Ylixr. He has over 12 years experience managing various areas of marketing including research, media buying, social, and overall strategy. His analyses have been featured in the New York Times, Wall Street Journal, CNBC, Associated Press, and Forbes. Joe holds a BSc in Finance and MBA in Strategy & Marketing from the University of Utah. He also has an Executive Degree in Entrepreneurship and Innovation from the Stanford University Graduate School of Business.