How likely are you to recommend Zoined Analytics to a friend or colleague? If you’re like most of our customers, the answer is very likely. In fact, we achieved a Net Promoter Score® (NPS) of 51, which is considered very good for the SaaS industry. Before we get into the details, let us step back and explain what NPS is, how it is calculated, and why it matters.
What is Net Promoter Score® (NPS) and how is it calculated?
Net Promoter Score, or NPS for short, is a customer loyalty metric that tracks customer satisfaction with a company’s product or service. It is calculated by asking customers to answer a simple question: “How likely are you to recommend our product to a friend or colleague?”. Respondents are then asked to rate their likelihood on a scale of 0 to 10, with 0 being “Not Likely” and 10 being “Very Likely.”
The responses are divided into three groups:
- Promoters respond with a score of 9 or 10 and are typically loyal and enthusiastic customers, who act as the brand ambassadors and are willing to recommend the product to their networks.
- Passives respond with a score of 7 or 8 on a scale of 10. They are usually relatively satisfied, but they are not actively recommending the company or the product to others.
- Detractors give a score ranging from 0 to 6. Detractors are dissatisfied customers who are not likely going to repeat purchases or they even discourage potential customers from buying.
Subtracting the percentage of Detractors from the percentage of Promoters yields the NPS score. Theoretically, NPS metric value can range from -100 to 100.
%Promoters – %Detractors = Net Promoter Score®
Why is Net Promoter Score® (NPS) important?
NPS has become the industry standard for measuring customer loyalty and customer satisfaction, with 55% of companies around the world claiming to use it.
At Zoined, we prioritize customer experience, and we work hard to guarantee that our customers are satisfied with Zoined’s analytic solutions. Our goal is to provide high-quality software and services for our customers and continuously improve them. That is why we have conducted biannual NPS surveys to understand what our clients think about us and how we can serve them better.
Since NPS has become one of the most prominent techniques to measure customer satisfaction, Zoined has been eagerly adopting the notion. NPS addresses a critical issue that our entire team strive to fathom: how Zoined Analytics has enhanced our customers’ lives. More significantly, assessing NPS outcomes provides Zoined with valuable information that allows us to continuously improve our product development process.
“We believe that the NPS system not only helps us understand how we performed, but it also inspires our team to deliver customer experiences that are not merely satisfactory, but truly remarkable,” says Alan Phan, Customer Success Manager at Zoined.
What was Zoined’s NPS in 2021 H2?
In November 2021, we ran a pop-up NPS survey on our Zoined Analytics platform, asking users to rate how likely they would recommend Zoined to their friends or colleagues. The responses were collected as completely anonymous. We eventually obtained 315 responses, with 208 people scoring a 9 or 10 (i.e. 66 percent are Promoters), 60 people scoring a 7 or 8 (i.e. 19 percent are Passives), and 47 people scoring a 6 or below (i.e. 15 percent are Detractors). Using the formula explained above, we calculated Zoined’s NPS score in 2021 H2 to be 51.
“The responses are evaluated based on the associated sentiment: Positive (Promoters), negative (Detractors), and neutral (Passives). Moreover, we also asked our users why they chose that particular score, and how we can improve our product to match customers’ expectations. The answers from these open-ended questions are analyzed carefully and categorized into predefined topics such as Functionality, Usability, Reliability, and Customer Service. The result does not only provide us with actionable insights, but it also helps us further understand how Zoined has performed from our customers’ perspectives. All in all, the insights are truly invaluable,” says Alan Phan, Customer Success Manager at Zoined.
What does it mean to have an NPS score of 51?
Generally speaking, a Net Promoter Score® that is below 0 would be an indication that the business has a lot of issues to address. A score between 0 and 30 is a good place to be, but there is still an opportunity for improvement. If the NPS is greater than 30, the company is performing well and has considerably more happy customers than unhappy customers.
According to Retently 2021 NPS Benchmarks for B2B, the average NPS score for B2B Software and SaaS is 30. Zoined’s NPS score is 51, which is considered a very good result. In addition to being well above industry average, our score also marks a significant improvement compared to the first time we calculated the NPS score in 2019. We received an NPS score of 44 in 2019, based on 125 answers.
How did Zoined achieve an NPS score of 51?
When asked “What’s the main reason for your score”, Ease of use and Quick access to data are among the most popular reasons why our users would recommend Zoined to their friends or colleagues.
Our CEO and Co-Founder of Zoined, Sasa Moilanen, believes that Zoined customers’ satisfaction is directly linked to how well the Zoined product vision is being executed. Zoined Analytics product in its current form is a result of huge amount of dedicated work to ensure customers’ needs are met with an easy to use yet powerful analytics and reporting tool.
“Easy and ready to use from day one, yet powerful and flexible for different business purposes. These requirements have always guided the development of the Zoined Analytics product. We believe the time of unconnected spreadsheets and reports is finally over – users need their data turned to insights and to be available instantly and effortlessly. They should not have to spend time refreshing reports and sending them manually to others in their organization.
We want to help our customers to automate their data integrations, automate their reporting processes and automate the actual generation of relevant business insights so that everyone in those organizations can make better decisions. We want to let them truly Act on Facts when it comes to optimizing margins, workforce efficiency, assortment, inventory, campaigns, and so on,” Sasa comments.
In addition to the ease of use and quick access to data that contribute to a positive NPS score for Zoined, our customer service team also plays a significant role in ensuring our users have a smooth experience. The team is made up of experienced professionals, who have worked in the industry for decades and have helped hundreds of restaurants and retailers to truly understand their data and to take the right actions based on facts. Zoined team was significantly strengthened also recently when Alan Phan, with a degree and long experience in Hospitality Experience Management, joined the company as a Customer Success Manager. Alan has solid working experience from several international luxury hotel chains, so he has always had the utmost focus on ensuring superior customer experience for every client.With wide experience and insights from the retail and hospitality industries, the Zoined team believes it can confidently help its customers to succeed.
“Customer satisfaction is in our DNA, and we will do everything in our power to meet and exceed customer expectations. Our customer’s success is our own,” says Alan.
We’re happy with our 2021 H2 Net Promoter Score, but we still strive to improve further. We are dedicated to creating a great product that satisfies our users’ needs and even exceeds their expectations, and we’ll keep working hard to make every day easier for our customers.