By Mark Schoeman, General Manager
When you’re in the medical field, one of the key things you need to be thinking about is what your measurements and metrics are when it comes to the success of your organization. Are the products, services, and/or content that you’re creating valuable to others in the industry? How do you know that you are building a strong foundation for continued success and growth?
Let’s discuss a few key metrics that will help you determine whether or not your business is on the right track.
In 2022, any healthcare organization that wants to be at the forefront of innovation needs to be collecting feedback from its key stakeholders. Your team may believe, for example, that based on currently established systems and processes, your business is delivering the most valuable experience possible to your customers. However, your customers may believe the opposite. Getting their feedback is the only way to fundamentally understand their experience and respond to it positively. The information gathered should be shared with each member of your team so that they can update internal processes.
When you look historically at what measures and metrics have been used to determine a company’s performance, there is really only one set: activity-based metrics. This term refers to how many interactions your employees have with customers and healthcare influencers, and the content of these interactions.
When it comes to interacting with these groups, it’s important to emphasize quality over quantity. Just because your MSLs meet with KOLs multiple times every week, this doesn’t mean that you’re creating value for them. It’s important to make sure that each meeting provides novel information and expert guidance. When it comes to customer interactions, it’s essential to treat each customer as an individual and address their unique needs. The number of engagements employees have does not determine value in the same way the quality of these engagements does.
Net Promoter Metrics
By using Net Promoter Metrics (NPMs), you can evaluate your company’s performance and the quantify the value that is being created for your customers. NPMs measure the number of satisfied customers and the average degree of satisfaction. It’s imperative to conduct annual online surveys to find your NPM, as going through this process will help you determine where your business is exceeding expectations and where it’s falling behind.
The big question to ask is, on a scale of 0 to 10, how likely are you to recommend this company? The answers given to this question place each customer on a 10-point scale that is divided into three groups:
- 0 to 6= Detractor: A detractor is defined as a customer who is unlikely to recommend a company or product to others. They most likely won’t have repeat purchases, and on the lower end of the scale, could actively discourage potential customers.
- 7 to 8= Passive: Passive customers are in the middle ground. They are not actively recommending your company, but are also unlikely to speak of it negatively. They are close to being promoters, meaning that it is a good strategy to try and win them over.
- 9 to 10= Promoter: Promoters are your gold star customers. They are the most enthusiastic and loyal, as well as the most likely to refer others to your business. Having many promoters is a great indicator of positive growth.
To calculate your NPM, you take the percentage of promoters minus the percentage of detractors. This will provide an answer between negative 100 and 100. A positive score means you have more promoters, and a negative score means you have more detractors. The goal in calculating these numbers is to firstly, determine where you land. Your target is to have a score in the positive numbers. Since they can be measured and tracked over time, NPMs are a fantastic way of viewing fluctuations in your success.
If you’re interested in learning more about key metrics related to your company’s success, and how we can help you calculate them, please contact us today for more information.