Made to Measure, a live series by Explori, delivers event insight tailored for meetings and events professionals who are interested in data strategy.
In the second episode of Made to Measure, Alex is joined by Richard, revealing the hidden truth about Net Promoter Score, NPS, a metric commonly used by event teams around the world to measure their events. Uncovering the limitations of NPS as the sole indicator of event performance and how to use it effectively.
Event surveys are important tools for gathering feedback essential for the success of future events, but not knowing the facts about surveys and how to execute them can backfire.
The first episode in the Made to Measure podcast series, hosted by Chloe Richardson and Alex Temple, reveals some common myths about surveys and how best to get the important feedback you need.
The origins of Net Promoter Score
A metric developed by Fred Reichheld alongside Bain & Company and Satmetrix, in "The One Number You Need To Grow," an article published in the Harvard Business Review 2022.
Its purpose and what it measures
Net Promoter Score, NPS in short, it's used for measuring advocacy. It was initially designed as a proxy for customer loyalty. Its widespread popularity is linked to it’s semi-predictive correlation with growth and decline.
How it used
NPS is measured on an 11-point scale from 0 - 10. Respondents are placed into three categories:
How to judge whether a Net Promoter Score is good or bad
Any score above zero should be considered a positive as it means there are more promoters than detractors.
However, it's important to understand that there isn't one 'holy grail' number to strive for. The results vary significantly from industry to industry and from B2B to B2C.
This is where benchmarking in your own market becomes important for NPS to be meaningful.
Read the summary of Made to Measure series or catch up with Episode 1: Survey Myth-Busting. Follow us for the latest updates, and check out our resources.
For any questions, feedback, and topic suggestions, please dont hesitate to be in touch with our hosts!
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