Apple, Amazon, Airbnb, Southwest Airlines, and Offerpad — can you guess what these companies all have in common? They have overwhelmingly positive customer satisfaction ratings reflected by a higher Net Promoter Score.
Never heard of a Net Promoter Score? We’re here to walk you through it. It’s a good thing to keep in mind the next time you consider doing business with a company you’re not familiar with in the future.
What is Net Promoter Score (NPS)?
According to the folks at HubSpot, “NPS is a typical benchmark companies measure to evaluate and improve customer loyalty.” Ranging from -100 to 100, it’s a scale used to illustrate how likely (or unlikely) customers are to recommend a company’s products and services.
Perhaps that sounds a bit complicated — the way NPS is calculated is quite simple, however. It really boils down to one question: On a scale of 0 to 10, how likely are you to recommend this company or brand to a friend or colleague?
Of course, not every experience will be the same — based on their feedback rating, customers are broken out into one of the following camps:
- Detractors — (Scores between 0 – 6) These people had a bad experience with the company.
- Passives — (Scores of 7 or 8) These people had a neutral experience with the company.
- Promoters — (Scores of 9 or 10) These people had an amazing experience with the company and would recommend it.
With the customers defined, the actual NPS score is determined by subtracting the percentage of detractors from the percentage of promoters.
Why does it matter?
Reviews are powerful. In a digital world, word of mouth has far-reaching effects. Negative and positive reviews are often the deciding factor when it comes to purchasing a product or service, sight unseen. According to an Inc. article from 2017, “84 percent of people trust online reviews as much as friends.”
As NPS is directly tied to customer loyalty, it’s an important metric for both businesses and consumers to keep in mind. A positive score can help businesses win more customers and showcase an exceptional customer experience; a negative score can help consumers steer clear of businesses who fail to prioritize a quality customer experience.
Moral of the story? A good NPS is good for everyone.
Offerpad’s Net Promoter Score is 72
By most standards, an NPS ranging between 0 – 30 is considered pretty good — this means you have more customers who identify as promoters as opposed to detractors. Once you go above this range — that 30 and above NPS territory — well, that’s rarefied air. This essentially means your company has a healthy majority of customers singing your praises, and in this world of “my triple mocha iced latte was supposed to have soymilk!” is no easy feat.
The key ingredient to our success isn’t exactly a secret. Recognizing a need for more consumer-centric solutions in real estate, we founded Offerpad in 2015 with the goal of providing the best way to buy and sell a home in the entire industry by giving people more control and flexibility over the transaction — we give them the flexibility to choose their own close date, forego open houses — even offer a Thousands of happy homeowners later, our rosy Net Promoter Score was soon to follow — and we’re just getting started.
Empowering consumers
Offerpad has long been about giving consumers back the power in real estate and the results speak for themselves. Different from traditional models of real estate, our processes were designed to enable consumers to self-serve — that means giving them the ability to select their own close date and the convenience of requesting a no-obligation offer online, from anywhere in the world — perhaps sitting down at their local coffee shop, waiting on their ‘triple mocha iced latte’ (with soy).
While offering consumers more autonomy helped differentiate Offerpad’s services, providing the human touch is still a fundamental aspect of providing an exceptional customer experience in real estate. As Jamie Nuss, Offerpad’s VP of Solutions Center, puts it, “We’ve found the ‘living room effect’ is still important to buyers and sellers — they value those candid conversations they have with their trusted advisor throughout the course of the transaction. We put a heavy emphasis on customer service at Offerpad to ensure we’re still providing the more personable elements so integral to a familiar real estate experience.”
How was your Offerpad experience?
Your opinion matters to us — if you recently worked with Offerpad to buy or sell a home, we want to hear about it. We may even feature your Offerpad story down the road! Leave us a review on Google or send your testimonial to mystory@offerpad.com.
The same innovation that drove us to create Offerpad still propels us, to dream up new ways of simplifying home buying and selling for consumers. Here, we’re a business about people and you always come first.