Net Promoter Score (NPS) is a glorified metric in the field of customer experience. Sure enough, the simple question of how likely a customer is willing to recommend the business to others captures many aspects like satisfaction, loyalty, and retention rate. So, in many ways, NPS seems to appear as the only number that you need to grow.
However, as we have pointed out in our previous blogs, NPS alone is not enough to gain a good overview of customer experience because it is a survey designed for the post-purchase phase. While it is intended to sum up the customer’s perception of the buying journey, it doesn’t provide an accurate overview of the preceding stages.
If you have been relying only on NPS until now and need a better way to improve your customer experience program, we have a solution. Switch to Emotional Value Index (EVI®) while keeping NPS close.
How is EVI® Better?
Emotional Value Index is a relatively new yet more powerful KPI geared toward measuring emotional experience. It can be used to track, measure, and analyze customer engagement throughout the customer journey. EVI® captures how customers feel at different stages and touchpoints in the journey and provide valuable insights for businesses. Data shows that EVI® has a 3x bigger impact on growth in loyalty and customer retention compared to NPS.
Through EVI®, brands can align all their strategies from CX to marketing to appeal to customer emotions – a decisive element in their purchase decisions. EVI® is versatile and can offer you a multitude of views of your customer experience. Its efficacy in gathering prompt, real-time data is another winning factor.
How Do I Make the Switch?
Shifting from NPS to EVI® is not a complex process. The good news is you don’t have to build the new strategy from scratch. You can still use NPS and use its insights to make better decisions. The difference is that it will be supported with a better, well-rounded metric. In this regard, there’s still a familiar element in your new CX program.
EVI® will be the primary metric that provides real-time and delayed data on customer experience for analysis. You can use it on selected touchpoints that you consider important to understand customer expectations and the pitfalls they face. Other metrics, including NPS, will provide secondary data to help in building context and validating the outcomes.
You can also use EVI® to improve employee engagement, which is also an influential factor of positive CX. Businesses can also compare EVI® data with other organizational data on sales and growth to identify useful correlations. It is a very versatile metric with a variety of applications that go beyond CX.
Why Use EVI® with NPS?
Using metrics like EVI® and NPS together are more rewarding than using them in silos. For example, if your business receives a low NPS score, it can signal many issues. But NPS alone is not sufficient to identify and resolve them. If you compare the result with EVI® scores, you can determine the exact touchpoints or phases that were difficult for customers to navigate.
There’s a lot of data showing how EVI® and NPS can coexist in the realm of CX and help brands achieve their goals more effectively. You don’t have to choose one over the other, because they do a better job together. NPS is a strong factor of loyalty and customer retention and continues to be a powerful metric. But, adopting EVI® as the main KPI can make your CXM program better because its uses surpass NPS.
We Can Help You
EVI® is loved by our clients because it has proven to deliver better results than any other metric. It can improve customer experience and increase the revenue-earning potential of any business. Want to get on board? We can help you! Our CX experts can help you transition from NPS to EVI® and leverage your brand toward success!
