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Top 10 "Insights From Analytics" Blog Posts of 2014

Posted by Tom Smith on Tue, Dec, 30, 2014 @ 10:12 AM

 

Following are the most read blog posts during 2014.

 

Thank you for reading and sharing with others you think would be interested.

 

Please let me know if I can assist you, or your firm, in any way.

 

  1. Top 10 U.S. Net Promoter Scores (NPS) for 2013

  2. The Importance of Face to Face Communications

Happy New Year, have a great 2015!

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Tags: emotional connection to the brand, customer experience, integrity, accelerate sales, net promoter score, NPS, face to face communications

Use NPS to Improve Customer Experience NOT to Disempower Employees

Posted by Tom Smith on Tue, Nov, 04, 2014 @ 10:11 AM

use NPS to deliver an outstanding customer experience

 

 

 

 

 

 

 

I received a disturbing response to a blog post about companies with outstanding Net Promoter Scores (NPS) from a young man who works for a company that is using the scores to hammer employees.

 

This is NOT the purpose of NPS.

 

Happy, engaged employees = happy engaged customers.

 

If you penalize employees for a poor NPS you have a much bigger problem on your hands.

 

Use an employee NPS survey to determine how you're doing as an employer.

 

If your employee NPS score is significantly lower than your NPS score, you need to be doing more to empower and engage your employees -- not increasing throughput with reduced numbers.

 

My wife is a fan of Panera and I'm a raving fan of Chipotle. These are supposed to be two of the best quick serve restaurants (QSR) in which to work.

 

I've recently written to both companies as I see the stress on the faces of customer-facing employees, who are my friends, trying to meet the increased demands of corporate to drive throughput and efficiency higher and higher to make Wall Street happy.

 

While investors are your customers, they're not going to keep you in business.

 

If you aren't treating your employees well, then your employees probably aren't treating your customers well.

 

And if your customers start leaving, so will investors.

 

Use NPS and eNPS to understand where you're already strong with regards to customer and employee engagement and what you need to work on.

 

Don't use it to punish your workers.

 

That's short-sighted and ultimately bad for business.

 

Empower Employees to Get Insights Download the Free e-book

 

Tags: customer experience, empower employees, net promoter score, customer engagement, raving fans, employee engagement, NPS

Use Voice of the Customer (#VOC) to Reduce Churn

Posted by Tom Smith on Wed, Oct, 22, 2014 @ 11:10 AM

voice of the customer resized 600

 

 

 

 

 

 

 

 

Do you know what your customers think about the products and services you and your firm are providing?

 

Are they likely to buy from you again?

 

Will they renew their contract?

 

If you don't know, you should ask them.

 

The insights you receive from a proactive voice of the customer program will let you know what is, and is not, working for your customers.

 

A customer who complains, and whose complaint is resolved, is more likely to be a long-term customer than the one who never provides you any feedback at all.

 

Customers that take the time to share their thoughts with you are engaged with you and your brand.

 

Don't you want to know the level of engagement your customers have with you?

 

Ask your customers about your transactions, as well as your relationships.

 

I prefer using a three-question Net Promoter survey. I find this to be an quick and easy way for the customer to let us know how we're doing and what we can do to improve.

 

Surveying heavy cell phone customers enabled us to learn how they wanted to be rewarded for their loyalty. By learning that customers wanted the lastet and greatest technology, we ensured they did and subsequently reduced churn by 9% and prevented $16 million in lost revenue.

 

For a swimming pool OEM, we surveyed 3,289 pool and spa distributors to learn what we could do to positively differentiate our products and sevices from the market leader. The insights provided by these B2B customers enabled us to make changes to our products and services that enabled our client to move from third-place to first-place in the industry.

 

As you can see, VOC can be used in both B2C and B2B markets.

 

After all, we're still people selling to people. It's important to understand what's on our customers' minds rather than assuming we know.

 

Consider spending time and money to prevent customer attrition rather than focusing all of your effforts on getting new customers. 

 

How have you used voice of the customer to reduce churn and improve the customer experience in your business?

 

Need More Insights From Your Analytics? Download the Free e-book

Tags: consumer insights, VoC, voice of the customer, net promoter score, connecting emotionally with customers, NPS

5 Reasons to Provide an Outstanding Customer Experience

Posted by Tom Smith on Wed, Sep, 10, 2014 @ 10:09 AM

Outstanding customer experience

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Temkin Group (#btemkin) just published the results of its research, the ROI of Customer Experience, 2014.

 

In it, they share the five benefits of providing an outstanding customer experience:

 

  1. Loyalty

  2. Repurchasing

  3. Willingness to try new products

  4. Forgiving mistakes

  5. Recommending your product or service to a friend or colleague (a.k.a., referrals)

Based on a study of companies in 19 industries, companies that provide an outstanding customer experience have a net promoter score (NPS) that's an average of 22 points higher than those companies that do not provide an outstanding customer experience.

 

In addition, by modeling the revenue of the companies with their NPS score, The Temkin Group projected that companies that continue to provide an outstanding customer experience will see significant greater revenue growth, than their competitors, in these three industries:

 

  • Hotels = 46%
     
  • Fast food = 44%
     
  • Retail = 43% 

 

Are you and your company committed to providing an outstanding customer experience?

 

Are you using net promoter score (NPS) to measure loyalty and increase revenue?

 

Want to Accelerate Sales? Download the Free e-book

Tags: outstanding customer experience, loyalty, net promoter score, referrals, NPS