Raise Your Net Promoter Score For a Stronger Bottom Line
Modern healthcare is a competitive field. Competitive pressures drive increasing consumerism as patients’ choices of providers, treatments, technologies and amenities keep expanding. With more options come higher expectations for the experiences with healthcare providers. When so many healthcare facilities offer excellent care, how can a provider remain the destination of choice for patients?
It’s a lot easier to sustain and grow your business when your current customers are happy. A happy customer base creates a virtuous cycle of repeat patronage and new referral generation. And it does so a lot cheaper than the cost of generating the same volume of new business. According to Nielsen’s Global Trust in Advertising Report, 92% of consumers trust recommendations from friends and family over all other forms of advertising1. And 64% of marketing executives acknowledged word-of-mouth to be the most effective form of marketing according to a study2.
Net Promoter Score or NPS is a simple but powerful metric designed to measure the effect of customer experience on future business. It was first introduced by Bain & Company in 2003 and has since been adopted by organizations worldwide, including many in the healthcare sector.
NPS measures the likelihood that someone would recommend your company to someone else. And since customer satisfaction correlates strongly with loyalty and future sales, a greater number of happy customers referring your product or service to others should correlate with stronger growth prospects.
Resulting responses are broken down into three groups: Detractors, Passives and Promoters based on their likelihood to recommend your product. The NPS score quantifies the variance between Promoters and Detractors on a scale of -100 to 100. A higher score indicates a greater prevalence of Promoters who are much more likely to support and promote your product and refer it to others.
Click here for additional information on the NPS methodology.
InstyMeds started measuring patient satisfaction based on the NPS methodology in March of 2017. We are extremely proud that working together with our healthcare partners we have been able to achieve scores consistently above 80.