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February 1, 2024
Overview
Challenges
Organizations are experiencing a 5% annual decline in their reliance on NPS, highlighting its inadequacy in accurately reflecting customer sentiment. This report introduces an alternative metric - the KORE Score - which offers a structured approach to measure customer relationships using a simplified scale.
Summary
The report introduces the KORE Score Framework as a more reliable alternative to the Net Promoter Score (NPS) for measuring customer metrics like retention, renewal, and overall brand reputation. It addresses the limitations of the NPS and provides tools for organizations to enhance their forecasting accuracy and customer insights using a structured approach. By focusing on key relationship questions, the KORE Score aims to instill greater confidence in organizational metrics.
Included in the full report
Limitations of NPS:
The traditional NPS metric is insufficient for gauging customer success and does not correlate with retention or renewal.
KORE Score Framework:
This framework uses four key survey questions to provide a score that reflects customer sentiment and engagement reliably.
Five-Point Scale Advantage:
The KORE Score simplifies analysis with a five-point scale, making it easier for organizations to benchmark against industry standards.
Survey Implementation Guidance:
Organizations are advised to send surveys before renewal dates and target specific customer roles to optimize response rates.
Anticipated Outcomes:
Adopting the KORE Score can improve forecasting confidence, brand awareness, and insights into customer relationships, enhancing overall business performance.
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