Quick: What's more popular, a Roatan vacation rental or a brand new iPad?
I know - what a weird question. How do you begin to compare a vacation rental with a tablet computer? Well, on one level you obviously cannot. One is a piece of technology that you buy and use potentially every day for a long period of time. The other is an accommodation that you call home for a week and then leave. But even though they are so different, there is a way to get a broadly comparative sense of your satisfaction with each.
What if I asked you: How likely are you to recommend ______ to a friend or colleague?
Fill in the blank with literally anything you want: the iPad, a week at Coral Vista, Jet Blue airlines, Fenway Franks. It makes sense when you think about it. The highest praise we can give for a product or service is to recommend it to someone we know (and like!). That's the philosophy behind something called NPS.
What is NPS?
NPS is an acronym (actually, an initialism) that stands for Net Promoter Score. It has been championed by a company in California called Satmetrix. Here's how it works (see the figure below). You ask a sample of people how likely they are to reccommend whatever it is you are testing on a scale of 0 (not at all likely) to 10 (extremely likely). You then group the responses into three camps: Promoters (9 or 10), Passive (7 or 8) and Detractors (0 thru 6). Subtract the Detractors from the Promoters (and throw out the Passives) and you have your Net Promoter Score.
What's a Good NPS Score?
Satmetrix publishes a Net Promoter US Consumer Benchmarks report every year. This report summarizes the high, low and average NPS score for certain industries ranging from Financial Services to Travel/Hospitality. It also lists the "NPS Stars" by Industry Sector. The scores differ fairly dramatically across sectors. For example, in the technology industry, Apple has been the star for several years, blowing away its competitors on NPS. In 2012, Apple's NPS for computer hardware (iPhone, iPad and Mac) was 71% against an average of 37% and a low of 6%. In Travel/Hospitality, the leader in hotels is Marriott with an NPS of 56%, and the leader in travel websites is TripAdvisor with an NPS of 33%. So, as you can see, leadership scores differ dramatically by market.
How Do Coral Vista Roatan Vacation Rentals Compare?
We implemented the NPS methodology shortly after buying Coral Vista 1 last summer. Every guest is emailed three days after their stay and asked for feedback on their overall experience. They can deliver that feedback by email, by phone or by clicking on a link and answering the NPS question: How likely are you to recommend Coral Vista Villas to a friend or colleague? So far, 20 guests have completed the "survey" (question). And the answer is... Coral Vista Villas have an NPS of 84%! That's higher than Marriott, TripAdvisor and even Apple. Now clearly, we have a smaller sample size than these big brands and will feel better when our number is more significant, but early feedback is very encouraging.
What's the secret? We try to:
- Clearly describe the Coral Vista West End Vacation experience.
- Deliver that experience (the property, the amenities, the service).
- Listen carefully to guest feedback.
- Quickly use that feedback to improve the "product".
There is no rocket science, just good, old-fashioned hard work every day to make sure our guests have the kind of vacation they hoped and paid for. We're proud of our net promoter score and would love to have the chance to show you why our guests feel so good about their time with us. Hopefully, you'll give us that chance in the near future.