What are the Essential Attributes of Business Analytics?
In order to evaluate the performance of a company, it is essential to have an unbiased analysis done. This analysis usually gauges customer and stakeholder satisfaction rates. Based on analysis, the company management can identify the areas wherein improvement is needed. There are different types of business analytics procedures that companies use and one of these has been discussed below.
One of the commonly used business analytics is the Net Promoter Score or the NPS Analytics. It is used for measuring customer loyalty and satisfaction.
How to Analyse Net Promoter Score?
NPS provides many meaningful insights into customer satisfaction. Here’s how NPS analytics is carried out-
· Under NPS analysis, a survey is carried out amongst three different categories of people.
· The question asked by the company to is customers is ‘how likely it is for him or her to recommend the product to another’. Based on the answer the NPS analysis is carried out.
· People giving a score between nine and ten are called ‘Promoters’ as they are highly satisfied with the product or services offered by your company.
· Customers giving a score between seven and eight are called ‘Passives’.
· Customers providing a score between zeros to six are considered to be ‘Detractors’.
· The NPS analysis score can range anywhere between zero to one hundred.
· Based on the NPS analysis result the company management can evaluate the performance of its products or services.
· The NPS score will be the percentage of ‘promoters’ minus ‘detractors’. This percentage is the NPS analysis score.
· The analysis is the direct result of the customer score, from which you can evaluate the performance of your company.
There are a number of firms that provide NPS analysis. They will carry out the analysis on behalf of your firm. Based on the results that the company provides, you can evaluate the performance of your firm. So, choose to have the performance of your firm on the basis of NPS analysis to improve customer satisfaction.