NPS
NPS = Net Promoter Score
Ever heard of it? GE CEO Immelt says his entire company will be using it. The metric is apparently a key part of his strategy to drive growth there.
Here’s NPS in a nutshell:
Promoters are the assets that drive your company’s growth. Detractors are the liabilities that stifle growth.
Ask customers to score your company, using a 0-to-10 scale, on this question:
“How likely is it that you would recommend this company to a friend or colleague?”
Label those who rate your firm with a score of 9 or 10 as promoters.
Label those who give your company a score from 0 to 6 as detractors.
NPS = [percentage of promoters] - [percentage of detractors], or assets minus liabilities.
Business Week just published NPS: The Next Six Sigma? Some highlights:
Loyalty leaders such as Southwest Airlines and American Express register NPSs around 50%…[but] the average U.S. company sputters along with an NPS of only 5% to 10%, meaning that promoters barely outnumber detractors.
Like any good metric, NPS presents challenges. Companies must spend a significant amount of resources gathering and reporting reliable data. They must track variations in NPS, and they must understand how and why customers react as they do to their products and services.
Like Six Sigma, NPS is more than a metric—it’s a set of disciplines for using that metric to understand customers and drive strategy and operations.
I wouldn’t be surprised if, like Six Sigma before it, NPS create certification levels which borrow from the martial arts. Maybe GE employees are already clamoring for their NPS Black Belt.
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