3 Lessons To Learn From Verizon NPS to Boost Customer Loyalty

Did you know that Verizon’s revenue amounted to 32.48 billion U.S. dollars in the first quarter of 2024, making it the largest telecommunications company in the US and the fourth-largest telecommunications company in the world by market cap?

Creating such an impact cannot be with one-time users, it requires an army of loyal customers who are not only loyal to the brand but also are volunteer brand advocates. But, how did Verizon grow so much over the years?

So much so that its current NPS score is recorded to be 37, one of the highest in the industry!

Well, let’s find out.

Key Drivers Behind Verizon NPS Score

Here are the top key drivers behind Verizon’s NPS score.

1. Use of GenAI-Backed Initiatives

Verizon has recently started using GenAI-backed initiatives in its customer service process To stop 100,000 customers from leaving. With the use of these initiatives, Verizon was able to:

• Resolve customer issues promptly: The company receives about 170 million calls every year and with GenAI, Verizon can now predict why a customer is calling 80% of the time! This enables it to resolve customer complaints promptly by connecting them to the right agent, increasing efficiency and reducing effort.
• Reduce store visit times: Verizon store visits amounted to up to 70 million per year, and with GenAI-backed initiatives, they can easily personalize each store visit, customize offers, and cut store visit times by 7 minutes per store.

The use of advanced capabilities in understanding and meeting customer needs became a vital player behind Verizon’s NPS score and helped it extract actionable insights and take prioritized action on customer feedback.

Understanding customers’ needs and expectations is not rocket science anymore, you just need the right tools at your disposal! Sign up today with SurveySensum to leverage advanced capabilities like text and sentiment analysis, cross-tab analysis, etc, and better understand your customer’s expectations!

2. Verizon Loyalty Discount Program

While not widely advertised, Verizon utilizes targeted loyalty discount programs offered directly to prepaid customers. The discounts typically range from $5 to $20 off the monthly bill, though the exact amount can vary. It’s important to verify with the representative if accepting this discount affects other promotions, like the Autopay discount.

Unlike postpaid customers, prepaid customers who have been with Verizon for at least three months are clearly eligible for the loyalty discount. This discount can be activated directly from the account settings.

3. Verizon Wireless Continues To Lead

Verizon Wireless leads the wireless industry in customer loyalty, maintaining the lowest customer churn rate among major U.S. carriers for seven consecutive quarters. This success is attributed to Verizon’s reliable network, excellent customer service, and an extensive range of wireless devices.

In the second quarter of 2006, Verizon Wireless had a churn rate of 1.1%, significantly lower than its competitors, underscoring its ability to retain customers and provide a superior wireless experience.

Conclusion

Verizon’s NPS score is the result of using GenAI-backed initiatives to predict customer behavior and reduce customer efforts, mastering cutting-edge technologies, innovative loyalty discount programs, and providing excellent wireless experience. Along with these factors, Verizon’s goal of creating the best customer experience and always pushing the boundaries to achieve more is what makes it so successful and unique. 

Now, if you feel inspired by Verizon’s story and want to achieve similar success, then you definitely can with a robust NPS software like SurveySensum. With this software, you can create your own NPS program that is customized to your NPS goals, extract actionable insights, and take prioritized actions rather than random ones that won’t have any impact on your bottom line.