Innovating Analytics : Word of Mouth Index- Use the Next Generation of Net Promoter to Increase Sales and Drive Results

How does a CEO, manager, or entrepreneur begin to sort out what defines and drives a good customer experience and how it can be measured and made actionable? If you know how well the customer experience is satisfying your customers and you know how to increase their satisfaction, you can then increase sales, return visits, recommendations, loyalty, and brand engagement across all channels. More reliable and more useful data leads to better decisions and better results. Innovating Analyticsis also about the need for a comprehensive measurement ecosystem to accurately assess and improve the other elements of customer experience. This is a time of great change and great opportunity. The companies that use the right tools and make the right assessments of how to satisfy their customers will have the competitive advantage.Innovating Analyticsintroduces an index that measures a customer’s likelihood to recommend and the likelihood to detract. The current concept of the Net Promoter Score (NPS) that has been adopted by many companies during the last decade—is no longer accurate, precise or actionable. This new metric called the Word of Mouth Index (WoMI) has been tested on hundreds of companies and with over 1.5 million consumers over the last two years.Author Larry Freed details the improvement that WoMI provides within what he calls the Measurement Ecosystem. He then goes on to look at three other drivers of customer satisfaction along with word of mouth: customer acquisition, customer loyalty, and customer conversion. LARRY FREEDis the President and CEO of ForeSee, a customer experience analytics firm that measures satisfaction and delivers powerful insights on where to prioritize improvements for maximum impact. An expert on customer satisfaction across all touchpoints and at the brand level, Larry speaks extensively on the topic at private and public sector industry events and has been quoted in numerous publications and media, including CNN, the Wall Street Journal, the Washington Post, and Investor's Business Daily, among many others. Larry is also the author of Managing Forward, published in 2011.

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Year of publication:	2013 ; 1. Aufl.
Authors:	Freed, Larry
Publisher:	[s.l.] : Wiley
Subject:	Virales Marketing \| Viral marketing \| Online-Marketing \| Internet marketing \| Kundenzufriedenheit \| Customer satisfaction \| Kundenbindung \| Customer retention \| Messung \| Measurement
Description of contents:	Table of Contents [gbv.de] ; Description [swbplus.bsz-bw.de]

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Extent:	Online Ressource (PDF, 10178 KB, 288 S.)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Innovating Analytics: Word of Mouth Index-How The Next Generation of Net Promoter Can Increase Sales and Drive Business Results; Copyright; Contents; Introduction; Chapter 1: Customer Experience 2.0; Accelerated Darwinism; Chapter 2: NPS-What It Is and What It Does Well; Chapter 3: NPS-Fundamentally Flawed; Accuracy; Margin of Error; Oversimplification; Detractors Don't Always Detract, and Promoters Don't Always Promote; Where's the Growth?; Insufficient Information; Simple Is Just . . . Simple; Chapter 4: WoMI-The Next Generation of NPS WoMI Distinguishes between Positive Word of Mouth and Negative Word of MouthNegative Word of Mouth; The WoMI Research Approach and the Validity of the Results; Phase 1: ForeSee Independent Research; Phase 2: Initial Client Testing; Phase 3: Later Client Testing; WoMI Testing Results; The Discourage Question; Detractor Overstatement; NPS and WoMI Score Differences; Recommend and Discourage Scores; Continuing Implementation; In Virtually Every Industry, We See a Massive Overstatement of Detractors; Using WoMI with NPS; Chapter 5: The Four Drivers of Business Success; Customer Retention Purchased LoyaltyConvenience Loyalty; Restricted Loyalty; Competitive Retention; True Loyalty; Upsell; Marketing-Driven Customer Acquisition; Word-of-Mouth-Driven Customer Acquisition; Customer Intent and True Conversion Rate; True Conversion Rate; The Common Thread; Chapter 6: Why the Customer Experience Matters; Why Measure Customer Experience?; How to Measure the Customer Experience and Answer the Big Three Questions; How am I doing? What is my performance?; Where should I focus my efforts? Where will I get the largest return on my investment? Why should I take action? Is the payback worth the effort?Measuring the Customer Experience at the Brand Level; 1. How am I doing?; 2. Where should I focus my efforts?; 3. Why should I take action?; Measuring the Customer Experience in Contact Centers; 1. How is iMicro doing?; 2. Where should iMicro focus its efforts?; 3. Why should iMicro take action and make these changes?; Measuring the Customer Experience in Stores; 1. How is Daisy Chain doing?; 2. Where should Daisy Chain focus its efforts?; 3. Why should Daisy Chain take action and make these changes? Measuring the Customer Experience on Websites1. How is the Daily Reporter doing?; 2. Where should the Daily Reporter focus its efforts?; 3. Why should the Daily Reporter take action and make these changes?; Measuring the Customer Experience with Mobile Experiences; 1. How is Rest Well doing?; 2. Where should Rest Well focus its efforts?; 3. Why should Rest Well take action and make changes?; How to Measure the Multichannel Consumer; Chapter 7: The Customer Experience Measurement Ecosystem; Behavioral Data; Getting Sticky; Mobile Complexity; Challenging Behavioral Metrics; Bounce Rate Shopping Cart Abandonment
ISBN:	1-118-77948-7 ; 1-118-77949-5 ; 978-1-118-77949-1 ; 978-1-118-77948-4
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011829624