RentBetter's Net Promoter Score is here!
What is an NPS score and why is it so important to organisations?
Understanding an NPS Score - What is it and how does it work?
An NPS score might be something you’ve heard of before, most companies use it but what does it really mean for you as a customer?
Let's break it all down below. We’re taking a look at what NPS really means for customers and going back over the data this year to determine how RentBetter stacks up.
What exactly is an NPS score?
A Net Promoter Score (NPS) score is used to measure customer satisfaction. It's a benchmark that measures how likely your customers are to recommend your business to a friend.
NPS is different from customer review ratings in that it measures how customers feel about a business or brand as a whole, rather than their impression at a specific time or with a specific interaction.
How is the score calculated?
Typically to calculate an NPS score, you survey your customers and ask “on a scale of 0 - 10, how likely are you to recommend us to a friend?”
Promoters are people who pick 9 or 10 on the scale (would recommend you)
Detractors are people who rate 6 or below (wouldn’t recommend you)
Passive are people who rate you 7 or 8.
To calculate Net Promoter Score, you subtract the percentage of detractors from the percentage of promoters and then your score is calculated. Having more promoters than detractors is the key to achieving a high NPS.
Why is NPS important?
Listening to your customers is a crucial part of being a successful business. At RentBetter, we adopted this way of measuring our customer's satisfaction and we look at the metrics each week in our team meetings.
It’s important to learn about your customer's experiences in order to see if there are any opportunities, risks, or ways to improve and then act on all that feedback, including the negative!
We read all our NPS comments and use the results as a development tool, whether that be improving what's inside the product or changing the way we interact with our customers.
What is a good NPS Score?
Here are some guidelines on how to judge NPS scores.
Above 0 is good,
Above 20 is favourable,
Above 50 is excellent, and
Above 80 is world-class.
Considering NPS as a whole, any score over 0 would be considered 'good' since there are more Promoters than Detractors.
It is generally regarded as poor to have a negative NPS score, but as with most things, is important to take these scores and look into them with perspective as well as benchmark them with industry-specific averages.
RentBetter's NPS and 2022 Learnings
At RentBetter, we always strive to go above and beyond for our customers - our CEO Jeremy is a prime leader and an example of that, he can often be found after hours or on weekends cheerfully answering customer chats! Jeremy says:
“Getting involved occasionally in customer chats allows me to ensure I stay grounded and also helps me in terms of being able to understand our customers at a deeper level and plan for the future - I genuinely find it really insightful and also really enjoy helping people!”
…We’re a team here at RentBetter and we’re working for the greater good of all property owners so we let him get away with it ;)
We’re really proud to say that we finished off 2022 with a score of +79. To put that into perspective, the industry average is +35 so we’re pretty pleased with that result! It’s almost impossible for any organisation to achieve 100%, as you can’t please everyone but according to data from Survey Monkey:
The median NPS is +44. Half of organisations have an NPS below this score, and the other half have a score that’s higher.
The upper quartile of organisations ( top 25% of performers) have an NPS of +72 or higher.
Whilst we know that no algorithm is perfect, it’s a valuable metric we will continue to use as a tool to ensure we are always improving the way we do things at RentBetter.
One of our business values is “Making it work for our customers” - We don’t exist without them! Whatever we do, put them first; by listening to their concerns, pre-empting their needs, asking for their feedback, speaking in their language, and making our product work for them.
Some comments from our NPS survey in 2022:
OMG...This platform is so easy to use. It's our first investment property and we couldn't be happier. The help has been phenomenal - Karen D
Very easy to deal with, great communication, great support material & excellent help when required. So much easier than dealing with real estate agents and by far....much cheaper!! It’s nice to be able to deal with prospective tenants and enquiries so easily and in real-time too. Thanks for making the tenant selection so process easy. - Peter P
So SO impressed by everything! We are first-time landlords and after running some calculations, didn't see much point in paying real estate agents. There were a few similar products like RentBetter and we tried them but ultimately won us over was Jeremy on the chats (don't always keep doing it though, we agree with your team!). Everything is quite intuitive and easy to use with great support (an understatement!). - Rohan P
Switching to RentBetter has been one of the best decisions I’ve made. The platform is easy to use supportive and responsive. I get paid sooner and I know exactly where my incoming and outgoing cashflow is at any time. My tenants are happy too and I highly recommend to anyone managing their own property.- Trish B
It has been fantastic. Any questions have been followed up on very quickly. The team have gone above and beyond helping me get set up and I feel very empowered by the platform - I wish I had done this earlier! - Vanessa B
There were certainly lots more great comments as well as plenty of learnings and product suggestions we took away from the survey results too. We released a bunch of updates in 2022 which combined our product roadmap with some of the customer feedback we received throughout the year with smaller improvements made to enquiry handling and applications, tenant checks and much more. We've got big things planned for 2023 too which we cant wait to share over the coming months.
Overall, we are lucky to have a loyal base of customers who advocate for RentBetter and for self-managed property owners. It was really nice to see so many great comments from customers who have put their trust in us and our platform.
Gaining the trust of customers is critical and so we’re also proud to say that we maintain a 4.8 out of 5 stars on Google.
