You know that moment when you learn something new and then notice it everywhere immediately afterwards, wondering why we hadn’t noticed it before? Well this time it was a Contact Center KPI called Net Promoter Score (NPS) at the Gartner Symposium in Barcelona, Spain.
That first mention of NPS came from a Vidyo customer on stage, who said that his organization’s NPS “doubled” when it moved users from audio to video. No sooner had I heard that, an e-mail popped into my inbox from one of our customer trials talking of a NPS score of 78%. In the booth, one of the conversations with a CIO was about improving the loyalty of their customers and improving the NPS!
For those who are now asking “what’s NPS?”, well its very simple: the Net Promoter System is a methodology for measuring the Engagement level of a customer. This is often presented as a “would you recommend us to your friends” type question, with an answer on a scale from 1-10. The answer is simply translated as follows
- 1-6 = Detractor – somebody who would be negative about your company or brand
- 7-8 = Passive – neither detractor or promoter
- 9-10 = Promoters – somebody that would promote, recommend or speak positively about you
You calculate the Net Promoter Score by deducting the percentage of Detractors from the percentage of Promoters. Thus the higher the NPS the more people you have promoting your brand within their network. Some light research on the web on NPS indicates that there is a strong correlation between NPS and revenue. One Online Retailer speaks of a 30% increase in revenue from customers whom they service using video
So why is this relevant to a video enabled world?
NPS is a statistic that crosses over both audio and video. It’s a consistent measure, linked to a very key business metric – revenue – and allows us to measure the business impact of a technology, not just quantitative measures of a how efficient a call center is.
Let’s use banks as an example. A Bank needs to balance Engagement, Cost and Convenience. Neither online nor branch completely deliver on all 3 fronts:
Yet video enabled banking addresses all 3 at the same time, its convenient, its low cost and yet its delivering well on the Engagement level which typical Online Banking does not. And it’s this Engagement aspect that is measured in terms of the NPS.
During the Gartner Symposium Vidyo spoke to well over 350 senior decision makers about video enabled Customer Engagement and every single one of them could easily see that Vidyo was leading in this space. Vidyo now powers over 50 video enabled Customer Engagement projects worldwide in financial services alone!
What decision makers were all looking for in a partner was a technology that:
- Scales: The Vidyo platform can scale to huge numbers, with IndusInd Bank in India offering their Vidyo powered ‘Video Branch” service to 8 million account holders
- Highest Quality & Reliability: Vidyo is designed to deliver the best quality over any network such as 3G, 4G, Wifi etc, to virtually any endpoint, including mobile.
- Proven & Mature: Vidyo has 4000 customers, millions of users, hundreds of telemedicine deployments and over 50 customers using Vidyo enabled Customer engagements in financial services.
- Highly Secure: With customers such as the US Department of Defense, banks around the world & compliance with the likes of JITC, FIPS & HIPAA, Vidyo takes security very seriously
When you take a technology such as ours and integrate it into an existing Contact Center, webchat tool, mobile app, call recording technology etc., you can introduce new, engaging ways to serve your customers over a video channel. For each use case that you enable with video, you provide the basis to improve upon your NPS and increase your revenue.
So there you go. NPS. Net Promoter Score, something that can be improved dramatically by video enabling your Customer Engagement platforms. I learn something new every day and I hope you did too!