9-27-22 – Track Your Net Promoter Score to Edge Out Competitors

This podcast is sponsored by SBS Accounting & Advisors.  Use the promo code FLASH and get 20% off your set up fee!  https://sbsaccountants.com/.---------- NEWS ROUNDUP1The Atlanta Federal Reserve’s GDPNow tracker’s current estimate for US gross domestic product for 3Q2022 is a an almost no-growth rate of 0.3%.CNBC’s September poll of economists and other financial experts predicted a 52% chance the US would enter a recession in the next 12 months.The Conference Board recently released data showing its Leading Economic Index dropped 0.3% in August.Other data from The Conference Board shows that consumer confidence rose in September.August new residential housing starts were up 12.2% percent from July, beating expectations.https://www.atlantafed.org/cqer/research/gdpnowhttps://www.cnbc.com/2022/09/23/there-is-an-80percent-chance-of-the-us-going-into-a-recession-steve-hanke.htmlhttps://www.marketwatch.com/story/economy-is-slowing-and-potentially-signaling-recession-leading-index-finds-11663856001?mod=economy-politicshttps://www.cnn.com/2022/09/27/economy/consumer-confidence-conference-board-september/index.htmlhttps://seekingalpha.com/article/4542087-new-residential-housing-starts-up-12-percent-in-august-surprises-forecast---------- 2Small business revenues have risen sharply in the new era of inflation, but profits, well, not so much.https://www.paymentsdive.com/news/profits-slip-for-small-businesses-survey-american-express-payments-b2b-amex-bank-of-america/632164/---------- 3To help small businesses bolster their cyber security, the SBA is holding a free, virtual National Cyber Summit on October 26.https://www.globenewswire.com/news-release/2022/09/21/2520574/0/en/SBA-Announces-Inaugural-Small-Business-Cyber-Summit-to-Take-Place-During-National-Cybersecurity-Month.html---------- FEATURE – Track Your Net Promoter Score to Edge Out CompetitorsStart measuring customer sentiment using a metric called Net Promoter Score (NPS). NPS asks a simple question of your customers: “How likely are you to recommend us?”You may need to ask it multiple times along the customer’s buying journey if the purchasing cycle is lengthy or complex.Customers answer the question on a scale of 0-10, with 0 being the lowest and 10 being the highest.Companies that lead their industries in NPSs are usually more profitable.https://hbr.org/2003/12/the-one-number-you-need-to-growhttps://www.netpromotersystem.com/about/how-net-promoter-score-relates-to-growth/---------- I would love to hear from you! Please email me at [email protected] me at [email protected] give me feedback on the podcast.Show web site:  www.smallbizflash.com