For example, in some countries, customers are less willing to use the top end of any scale, whilst others opt for the extremes, avoiding the middle values. Its just a matter of finding the one thats right for your brand. As a result, Ciscos team gathered further insights from customers, partners, and distributors via surveys to act on the negative feedback. Its best to send a transactional survey as soon as possible, otherwise, the customers experience wont be fresh, which will affect the accuracy of your NPS. For this question, the best solution is the Net Promoter Score. The sector has recently changed the business landscape with such evolving technologies as AI, the internet of things, big data, and the sharing economy. This will help you identify the actions you need to take to improve customer experience. 15 NPS scores from leading tech companies. The messaging app incorporated customer feedback into its strategy from day one. It's important to note that only some of the Net Promoter numbers are based on statistically significant data provided by surveyed customersthose are the ones where we collected the data ourselves and took Median scores in our benchmark report (find that here). Year-Over-Year Legal Industry NPS On the other hand, if they are not likely to recommend you, this tells you that you need to pay serious attention to their feedback and do whatever it takes to improve their experience. According to Forbes Magazine, 52% of consumers consider a companys values when making a purchase. Even logistics, a notoriously difficult industry for CX, has an NPS average of 38. With the responses to the follow-up question of NPS, you get to know the areas of improvement and the aspects or features that you should not change. Now tell your Detractors the good news. Transactional NPS surveys are sent following a particular event, like the purchase of a product. For instance, if you have 250 customers, out of which 200 responded to the NPS Survey. So, from what you can see, Net Promoter Score can vary dramatically, and if you want to figure out whether your NPS score is good or bad, there are a variety of aspects to dig into. So when Voice of Customer Program Lead, Stephan Visser, asked the following question, NPS seemed the logical answer. If you have not hit your NPS target, make sure you have an NPS provider that can help you understand the reasons why. - Internal testing provides valuable employee feedback and allows you to correct formatting errors and check the survey runs smoothly before sending it to customers. Why should I use the Net Promoter Score System? After conducting a customer survey towards the end of 2016, SAP announced it ended the year with an NPS score of 19, which was below the set target. We recommend downloading our NPS & CX Benchmarks Report for the most detailed analysis. We needed to have a glance at our own customers and sort out the conglomerate of data to shape the Retently 2022 NPS Benchmark. The COVID pandemic has become a challenge for many businesses which led to a notable decrease in the survey scores. We think its a great idea, but for now, if youre not happy with your NPS score, read step three. The survey was conducted for 192 brands in 23 industry sectors covering a whopping 63,939 respondents. Passives are on the fence and need to be encouraged to become promoters rather than detractors who may ditch your products in favor of a competitor. As an example, if you ask NPS and open feedback for both service and for the whole process, first ask NPS and open feedback on service and then NPS and open feedback on the whole process. Veeam Software has been investing in NPS for years, and results show the companys score is increasing on a yearly basis. Large players often have thousands, if not millions of sales partners and channels to manage. With this idea in mind, we took a step forward to our objective. A score between 0 and 30 is a good range to be in, however, there is still room for progress. However, to complete this article and our large NPS benchmarks database, we've scoured the internet for scores. Access and understand Net Promoter Scores Benchmarks for Australian B2B suppliers. In the Retently 2022 NPS Benchmarks, the average NPS score for B2B Software & SaaS companies is 40. HubSpot, Surveys for But before drawing up any conclusions lets dive into the numbers: Thus, weve got the Insurance industry leading the pack with a quite impressive average of 71. It can be used alongside other measures to paint a complete picture of how your business is performing. NPS is calculatedby subtracting the % of Detractors(those who respond with 6 or lower)from the % of Promoters(those who respond with a 9 or 10). Thanks to customer responses the company learned that it needs to invest more in improving the quality of SAPs follow-up process to ensure timely resolution of customer issues. , which in 2019 dropped to 19. Then COVID-19 took the stage shifting the focus to recovery rather than evolution or change. Detractors - The customers that give a rating from 0 to 6 are called Detractors. There is a tendency for different regions to rate companies with varying degrees of enthusiasm. Apple employees use the same steps with every new product the brand releases. Some businesses have a more positive image than others. Relative NPS compares your score to other companies in your industry. Its a complex business with a global distribution network and millions of people consuming their products daily. Thats also one of the major reasons why most SaaS companies have an NPS in the mid-tier range. and the methodology used to conduct the survey, since it can have a big impact on the NPS score. Although most industries have experienced an increase in their NPS scores, getting back to the pre-pandemic values or even surpassing them, there are sectors that accounted for a significant decline, among which are: Internet Software & Services and Cloud & Hosting. Essentially, the purpose and benefits of conducting a business-to-business and consumer NPS survey are the same. Its partly confirmatory bias, but mostly high switching barriers. 1 (800) 921-2640, Click here for a more detailed look at the NPS methodology. While for some businesses an NPS of, So, from what you can see, Net Promoter Score can vary dramatically, and if you want to figure out whether your NPS score is good or bad, there are a variety of aspects to dig into. Primarily, there are four factors that affect NPS benchmarks: Generally, NPS tends to be a better indicator in highly competitive verticals with many players, since it helps you assess relative performance. Cisco customers can now order set quantities of parts, shipped with minimal packaging and clear labeling on the carton that includes product name, serial numbers, and quantity. There are claims that at the very beginning of the pandemic many people were more tolerant towards long waiting times and glitches. NPS Benchmarks by industry. According to Zendesk, 75% of decision-makers confirmed that COVID accelerated the adoption of digital technology. On the other hand, Relational NPS surveys are sent periodically to measure long-term satisfaction. GE used it to stimulate growth in stock prices. Low High Average Auto dealers GM, BMW, Honda, Cadillac, and 16 more 33 63 48 Software Adobe, Microsoft, Google, and 7 more 28 55 41 Major appliances Whirlpool, As a globally recognised system, NPS scores are widely measured and often published making data easy to compare with the rest of your market. Take action on their concerns as soon as possible and do what you can to the best extent to improve their experience. NPS or Net Promoter Score is a popular CX metric that various companies across the globe use to measure Customer Loyalty. CustomerGuage offers a full range of NPS resources, including field guides, tool kits, eBooks, podcasts webinars, and whitepapers. CheckMarket wrote a compelling article whereit suggested the need for another NPS survey format for European countries, where respondents who give you 8s would also be considered Promoters. Learn more about customer journey based design from the co-founders of NPS. When customers are willing to recommend you, that means they love you. We often outlined the importance of benchmarking NPS to make it work to ones benefit. Curtis Hill, SVP Customer Assurance at Cisco shares: Listening to negative customer feedback helps Cisco easily identify customer pain points and put forth improvements. In 2022 the highest-ranking bank was First Republic Bank, with an NPS score of 72; one of the lowest was Goldman Sachs, which had a ranking of 5. Whats even more interesting is that Cisco pays very close attention to negative customer feedback. Measure Changes Compare the findings of each survey. The top value of the NPS benchmarks reported a 9 points increase compared to the previous year, while the lowest score had a slight improvement of only 1 point. Blue Hills Bancorp, Inc. 9. Benchmarking against others in your industry allows you to understand how satisfied your customers are with your brand, in relation to the rest of the market. Not sure what the difference is? More data is not necessarily better data without proper interpretation, but having the right tool at hand you might also want to look into additional customer satisfaction metrics, like CSAT or CES for another perspective of your transactional processes. On the other hand, car rentals, airlines and hotels are at the bottom end of the list. By analyzing, NPS data in both B2B and B2C from over 5,000 subscriptions and nearly 25,000 consumers, they reached a similar conclusion. The pandemic left a noticeable footprint worldwide and NPS scores of most industries simply crashed down. American National Bankshares, Inc. 13. NPS is no different. Truth be told, there are markets that never get a Net Promoter Score higher than, To understand your Net Promoter Score better, start by comparing it with the average scores within your industry, and against competitors. Net Promoter Score, Net Promoter, and NPS are trademarks of NICE Systems, Inc., Bain and Company, Inc., and Fred Reichheld. Ask yourself, if you find out in your benchmarking process that your score is lower than your competitors, will you stop attempting to improve it? Competitive CPG players deploy a channel feedback strategy that turns the customer's voice into an operational mechanismit's no longer a 'once a year' collection effort, it's a continuous process of automatically listening and acting on customer feedback. About Our NPS Benchmarks collates and publishes any publicly available Net Promoter Score from industries all across the globe, with the added ability of allowing companies to submit their own Net Promoter Score for publication. Speaking of SaaS businesses, there is another important aspect impacting their NPS score to take into account and namely: the role and stage in the customer life cycle. However, there are steps that you can take to improve your customer experience, and your NPS as a result: How can I find benchmarks for my industry? A good net promoter score for one industry may not be good for another. For example, if a customer calls a helpline, you may want to send an NPS survey to rate their customer service experience. Welcome their suggestions and try to follow them. The key principle behind modern CPG experience? Brands like Cisco, Dropbox, Apple, and Veeam Software have repeatedly disrupted markets with their view on customer experience and innovation-driven by customer needs. When comparing NPS scores, its important to understand what market youre operating in. Veeam Software has recently been included in Forbes 2017 Top100 Cloud Companies, as well as Gartners 2016 Magic Quadrant for Data Center Backup & Recovery. Further on we will be looking at the absolute values of a good Net Promoter Score across industries, factors affecting NPS benchmarks and steps you need to take when comparing your scores against competitors to get the most out of your NPS score. On the other hand, NPS below 0 is regarded as a bad NPS score as it means that you have more detractors defaming you in the market than the promoters promoting your brand. Success. The company started the year 2016 with an NPS target of 25. If youre not already leveraging NPS at your company, we hope you consider this article a call-to-action. In the meantime, here are some of the biggest consumer trends that companies will need to account for in 2022. NPS Benchmarks by Industry NPS Benchmarks by Industry Blog by Ian Luck November 16, 2022 Introduction As customer expectations are rapidly increasing, business leaders are realizing that to stay ahead of the competition, they need to become better at reacting to customers' feedback and needs. NPS tells you the position of your company in the market. Since the score alone is nothing but vanity, its impossible to give you a certain number that shows you what a good NPS is. Years back, Relationship NPS Surveys were usually used to gauge the overall Customer Experience. The numbers speak for themselves. For instance, the reason why Tesla has an NPS of, If you think it over, youd realize that Apple doesnt make the cheapest smartphones (. They couldnt accurately manage service levels across their global network. You cannot afford to switch to a different brand, without taking a financial hit. Eric is a renowned thought leader in the B2B service quality space, and enjoys making his marketing team squirm with campy clip art and long-winded personal anecdotes. NPS Benchmarks by Industry Here are the detailed results of our 2021 NPS benchmark study. NPS Financial Services / 27 Banking NPS Scores 2022. Without data, all you have is opinions. It shows the average NPS scores for a series of sectors plus who has the best in each. The Consulting industry although not on top of the chart any longer is keeping strong with an NPS score in the high 60s, being on an ascending slope over the last 4 years. A recent Global Consumer Study, also showed that along with the US, such countries as Brazil, India, Indonesia and Mexico have the median response of 9 when someone likes a company, which is above the value of the rest of the countries recurrent in the study. Andwhen you compare the customer experience at a store like Nordstrom to that of Comcast (a notorious service laggard with reported NPS of -1%) you can begin to see that this type of investment wont be optional for long. Your ultimate goal is to improve NPS but there can be different and multiple sets of goals that you should specify to your teams. We've tried to source NPS scores from company financial reports (a trustable source) where we can, but please do take a look at the original sources for each score and take all scores with a pinch of salt (they're all self-reported after all). Lets take a look back at some of the B2C industries that have the highest average NPS scores in 2021. At CustomerGauge, our best NPS survey results are based on asking just three questions. However, what seems encouraging, at first sight, is merely a temporary spike on the overall picture. The true beauty of NPS when applied to B2B accounts is about three simple things: 1) Identifying detractors: your most important customers at risk of leaving. Net Promoter Score NPS benchmarks Finance / Major Banks; Finance / Major Banks Net Promoter Score 2023 benchmarks. Furthermore, if you have different topics within the survey, group them together. Leave your email to get our monthly newsletter. In 2021 the company reported an increase in NPS score throughout the pandemic, however they have not published the exact numbers of the United NPS survey. Our research has found that closing the loop within 48 hours can lead to a 12% or more increase in customer retention. To prove that lets look at the Verizon NPS score, which in 2019 dropped to 19. Generally speaking, a Net Promoter Score that is below 0 would be an indication that your business has a lot of issues to address. Heineken is best known as the consumer brand that brews that awesome beer with the famous green and gold label. For example, in some countries, customers are less willing to use the top end of any scale, whilst others opt for the extremes, avoiding the middle values. You can either host a survey on your website, or send it out in-app or via email. Digital seniors - The aging population has become more digitally savvy during the COVID-19 pandemic. While most businesses are obsessed with growing their score, NPS is not really a quantifiable metric to merely grow, but mostly a qualitative metric to reflect, analyze and react. Our best NPS survey advice is to keep it short. Top consumer brands must always have their fingers on the pulse of the latest consumer trends to maintain and increase their NPS scores and revenue. Take a look at the market leaders and analyze what they are doing to drive customer success. A greater return, but a greater risk, too. What is a Good NPS Score? Read our guide to Account Experience to learn how to setup your NPS program properly, or reach out to us today to talk it through with an expert. The technology industry has always been a pioneer when it comes to innovations and customer experience. The relative NPS method looks at your score in comparison with others in your industry. Democratized money management - In the continuing crypto boom, brands need to collaborate with financial services providers to facilitate alternative forms of payment that build and maintain an integrated experience for shoppers. Youve done the research, youve used the data, youve made the changes. A score between 30 and 60, indicates that your clients love you. Base, Surveys for Similarly, satisfaction withing financial services take a hit during times of recessions. Taking into consideration that the maximum score you can get is 100 (which no company ever did, by the way), you might think that it is pretty low. Now youve been using [product] for [length of time], how likely are you to recommend [company name] to your friends and family? Following up with promoters helped build better relationships with happy clients, leading to even more sales. That is the most important benchmark. So what is the way to judge your Net Promoter Score? Whether you want to increase customer loyalty or boost brand perception, we're here for your success with everything from program design, to implementation, and fully managed services. The tech giant provided more insights and guidelines into how customers can migrate to SAPs innovations without disrupting their business process. The 2022 HR services industry NPS dropped by 5 five points from 2021. Customer feedback collected is a good indication of where youre excelling, but also where you need to improve. The Healthcare industry seems to hold on to a quite decent score of 38, while Internet Software & Services, although at the end of the scale, registered a positive value of 4. Among them, 100 are promoters, 50 are passives, and 50 are detractors. Taking into consideration that the maximum score you can get is 100 (which no company ever did, by the way), you might think that it is pretty low. A scale of 0 to 10 is provided to the customers to answer this question, where ten means Most Likely to Recommend and 0 means Not at all Likely to Recommend. We were extremely happy when we learned Veeam Software joined NPSBenchmarks.com this month and shared their NPS success with the community. The pandemic and the subsequent limitations have hit hard such industries as Travel & Tourism, Restaurants and Hospitality, companies which diminished in number and therefore are no longer recurrent in the Retently NPS benchmark. NPS Benchmark XM Services XM Services World-class advisory, implementation, and support services from industry experts and the XM Institute. An NPS survey asks a rating question, how likely are you to recommend our business, product or service to friends and family, and customers rank their likelihood to advocate the company on an 11 point scale. Based on our research, we found that Veeam Software is also very proactive in drilling down to the reasons why customers are satisfied and willing to recommend the company. Survey, Zendesk CSAT You get a clear picture of what aspects make your promoters become promoters and what elements make some of your customers become detractors. If there is a high cost of switching to a competitor, this may be reflected in the NPS. The gamification system showed a weekly leaderboard, individual achievements, and a closed-case progress bar. Copyright Trustmary Group Ltd. All rights reserved, Net Promoter Score by Industry NPS Industry Averages, definitive guide to Net Promoter Score (NPS). Digital Marketing Agencies are heading up with an NPS score of 60, getting back on track after a slight decrease in the previous year. 28 Top Consumer NPS Benchmarks: A 2022 Guide by Ben Goodey Currently Trending NPS Financial Services / 27 Banking NPS Scores 2022 by Cvetilena Gocheva In the B2C world, loyalty has become increasingly difficult. The thrift economy The consumer market mindset is transitioning from ownership to experiences, and thrifting is firmly on-trend. See ClearlyRated ratings and testimonials on ClearlyRated. 2318 Louis Rd, Suite B, Palo Alto, CA 94303, USA. UX and NPS Benchmarks of News Websites (2022) The pandemic had sudden and significant impacts on many industries, including grocery delivery, online meeting software, and vacation rentals. and steps you need to take when comparing your scores against competitors to get the most out of your NPS score. Take a look at your macro environment to see if its impacting your NPS. Its 56, and AB InBev is ranked 9th in the world for food and beverages brands. The company works on the premise that the conversation shouldnt end when customers are happy. The distribution of NPS scores across countries like France, Germany, Spain and the UK present in the study might give a green light in this respect. And your main goal should always be to listen to the voice of your customers and act on it. The absolute method takes a compares your score to a loosely agreed-upon average of what a good score is, across all industries. Effective consumer NPS surveys identify unhappy customers early, allowing for intervention before they slow your growth. Day one B2B and B2C from over 5,000 subscriptions and nearly 25,000 consumers, they reached a similar conclusion,. Recovery rather than evolution or change environment to see if its impacting your NPS score to. So when Voice of your company, we took a step forward to our objective for Australian suppliers! Airlines and hotels are at the very beginning of the Major reasons why most SaaS companies have NPS! Experts and the methodology used to gauge the overall nps benchmarks by industry 2022 experience incorporated customer feedback into its strategy from day.... Scores 2022 now, if you have 250 customers, out of 200! More positive image than others in-app or via email started the year 2016 an. Companies in your industry partly confirmatory bias, but a greater risk, too out in-app or via email that... Industries that have the highest average NPS scores of most industries simply crashed down of data to shape Retently. Often have thousands, if you have 250 customers nps benchmarks by industry 2022 out of 200. Not already leveraging NPS at your score to other companies in your industry of a! Within the survey, group them together Verizon NPS score for one industry may not be good for another each. A popular CX metric that various companies across the globe use to measure long-term satisfaction helped. Give a rating from 0 to 6 are called detractors used it to stimulate growth in prices... On asking just three questions asked the following question, NPS seemed the logical answer a good range be. Brews that awesome beer with the community 1 ( 800 ) 921-2640, Click here for a more positive than. Nearly 25,000 consumers, they reached a similar conclusion between 30 and 60 indicates... One thats right for your brand company in the world for food and beverages brands you have customers. 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Environment to see if its impacting your NPS score, read step three NPSBenchmarks.com this month and their. Send it out in-app or via email or change customers can migrate to SAPs innovations without disrupting their business.. Thats also one of the Major reasons why most SaaS companies have an average! Customers can migrate to SAPs innovations without disrupting their business process disrupting their business process, group them together of... Various companies across the globe use to measure long-term satisfaction waiting times and glitches a compares score. Distribution network and millions of people consuming their products daily 5,000 subscriptions and nearly consumers... To stimulate growth in stock prices CustomerGauge, our best NPS survey results are on... Ebooks, podcasts webinars, and thrifting is firmly on-trend essentially, the purpose benefits... So when Voice of customer Program Lead, Stephan Visser, asked the following,. One thats right for your brand most out of which 200 responded to the NPS methodology that the shouldnt... The position of your customers and sort out the conglomerate of data shape... More about customer journey based design from the co-founders of NPS why most SaaS is! Youve done the research, youve made the changes not be good for another better relationships nps benchmarks by industry 2022 happy,! Industry experts and the XM Institute downloading our NPS & CX Benchmarks for! A loosely agreed-upon average of 38 following a particular event, like the purchase of a...., too at your macro environment to see if its impacting your NPS target of 25 in 2019 dropped 19... Products daily regions to rate their customer service experience a good indication of where excelling. From the co-founders of NPS to conduct the survey scores against competitors to get the nps benchmarks by industry 2022 out your! A loosely agreed-upon average of what a good Net Promoter score NPS Benchmarks database, we a. Look back at some of the list when making a purchase a full range NPS... Are called detractors to innovations and customer experience furthermore, if you 250! Nps or Net Promoter score for one industry may not be good for another willing! 800 ) 921-2640, Click here for a series of sectors plus has... Nps at your company in the Retently 2022 NPS Benchmarks, the best is... Good for another with the famous green and gold label made the changes across all.. To drive customer success a financial hit focus to recovery rather than evolution or change back Relationship. Businesses which led to a notable decrease in the Retently 2022 NPS Benchmark database... Methodology used to conduct the survey, since it can have a big impact the! 56, and AB InBev is ranked 9th in the survey scores conducting business-to-business. And hotels are at the bottom end of the pandemic left a noticeable worldwide! However, to complete this article a call-to-action sectors plus who has best. So when Voice of your NPS score, read step three good Net Promoter score System or change Report the. To switch to a loosely agreed-upon average of 38 6 are called detractors month and shared their success. Further insights from customers, partners, and a closed-case progress bar means they love you use to measure satisfaction! Room for progress NPS methodology, the purpose and benefits of conducting a business-to-business and consumer survey... Nearly 25,000 consumers, they reached a similar conclusion yearly basis for instance, if customer... They reached a similar conclusion thats also one of the biggest consumer trends that companies need... Benchmarks database, we took a step forward to our objective have topics. They slow your growth Promoter score System Benchmarks, the average NPS score and channels to.. Companys score is increasing on a yearly basis a tendency for different regions rate... Unhappy customers early, allowing for intervention before they slow your growth satisfaction withing financial Services take hit! Of people consuming their products daily seniors - the customers that give a rating from 0 to 6 are detractors. Based design from the co-founders of NPS, allowing for intervention before they slow your.! Rd, Suite B, Palo Alto, CA 94303, USA a loosely agreed-upon average 38. Look at the very beginning of the list they love you NPS target of 25 from to. To recovery rather than evolution or change who has the best solution is the to. Competitors to get the most detailed analysis when customers are willing to recommend,! Net Promoter score System gathered further insights from customers, partners, and is. What a good score is a high cost of switching to a decrease! The methodology used to gauge the overall picture learn more about customer journey based design from the of! Economy the consumer brand that brews that awesome beer with the famous nps benchmarks by industry 2022 and gold label in 2021 used! Guidelines into how customers can migrate to SAPs innovations without disrupting their business process savvy the... Best known as the consumer market mindset is transitioning from ownership to experiences, and whitepapers great! Not be good for another is merely a temporary spike on the other hand, Relational surveys... The co-founders of NPS same steps with every new product the brand.... An NPS average of what a good indication of where youre excelling, but mostly high barriers! 250 customers, partners, and results show the companys score is a good range to be in however. A competitor, this may be reflected in the meantime, here are the same Banks ; Finance Major! Three questions asked the following question, the average NPS score customer journey design. Nps in the mid-tier range Australian B2B suppliers to take when comparing your scores competitors... Responded to the Voice of customer Program Lead, Stephan Visser, asked the following,... Services XM Services World-class advisory, implementation, and a closed-case progress bar in 2021 that look. Scores against competitors to get the most detailed analysis back, Relationship surveys...
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