Your Net Promoter Score: what it is and why it’s so important
The TRIB3 business model is simple and powerful. Harnessing the power of close-knit communities, a highly effective and frankly addictive workout experience and passionate teams, as a TRIB3 store matures in the market, c. 80% of monthly revenues will come from repeat purchases by existing customers. Our experience is meticulously designed to drive connection between the consumer and the brand experience - something that’s not only reflected in our levels of repeat purchase but also in our quarterly Net Promoter Scores (NPS).
NPS is the gold standard customer experience metric. It was developed almost 20 years ago by a team at Bain to help companies earn customer loyalty and inspire employees. Some of the most well-known brands in the world today, like Apple, who are highly experience-focused with large scale customer-bases and exceptional brand recognition, regularly score above 60. When the Bain team was deciding what question would correlate the best with customer behaviour, the winning question was “What is the likelihood that you would recommend Company X to a friend or colleague?”.
This became a proxy for leaders across numerous industries as “high scores based off this question correlated strongly with repurchases, referrals and other actions that contribute to a company’s growth” (The History of the Net Promoter Score℠). The NPS score is decided by the customer's answers ranked from 0 to 10, with 0 being not likely at all to recommend and 10 signifying extremely likely to recommend. Customers who answer between 0 and 6 are known as detractors. They are not thrilled with your company’s services, would likely not repeat a purchase and perhaps might speak poorly of their experience with you. Customers who answer 7 or 8 are passive, meaning they’re neither satisfied nor unsatisfied, could likely switch to a competitor but would not facilitate negative sentiment about your brand. Then we have promoters, the ones who rank your company at a 9 or 10 on the scale. They’re the loyal customers, the repeat buyers and the brand advocates, enthusiastic about the brand and the services offered, vouching for your company and sharing their experiences with their wider network.
The NPS is then calculated by the percentage of promoters you have subtracted by the percentage of detractors. The score is separated into four categories. -100 to 0, needs improvement; 0-30, good; 30-70, great; and 70-100 being excellent. While a strong NPS doesn’t guarantee growth, having a strong loyal customer base is absolutely one of the most important drivers of growth. Your customers are the voice of your brand, becoming brand advocates and promoting it through word of mouth and recommendation. On average, at TRIB3, between 40% and 50% of monthly prospective customers will be driven via referral as the store matures.
It’s so important to stay focused on building experiences that create promoters. At TRIB3, our brand pillars are community, innovation and results, the fusion of which we know creates a remarkable customer experience. The TRIB3 model fuses the most powerful elements of boutique fitness – community, connection and loyalty – with a results–focused, technology-driven workout to build a close-knit, likeminded community who act as powerful brand advocates. In designing our stores and translating our brand at each customer touchpoint, we believe everything matters. From our high-end industrial luxe settings wrought with concrete and copper, to the perfectly curated sounds throughout the stores and exquisitely smelling towels and spa products, we create a highly desirable experience with the customer at its heart.
Since TRIB3 was created in 2016, we have continuously conducted quarterly customer satisfaction surveys with our existing TRIB3Rs and new customers, all resulting with a NPS of +60, each and every time. The power of our community has never been more evident than after the recent UK lockdowns, with 100% of TRIB3Rs who attended reopening weekend citing their experience as ‘Good’ or ‘Excellent’ and the average NPS survey results being 78.
We’re proud to say that the success of our TRIB3 stores and their amazing communities is built on loyalty, not retention. We’ve created communities that bring likeminded people together for workout experiences with flexible payment options, bringing people back session after session. As boutique fitness operators, we’re shifting the conversation from “how do we retain our consumers?” to “how do we show them how much we value their loyalty?” Not only do we want to keep our consumer-base with us and maintain their high levels of satisfaction with the brand, we also want to deliver an experience that’s just so amazing they can’t help but tell everyone they know about it.
Think you could be a champion of amazing customer experience and own a next-level TRIB3 store? Get in touch today.