Your customers can tell you how to grow your business says 21st Century Business Ltd
The people best placed to tell you how your business is doing are your customers. They’ll be quick to tell other people when you’ve done something wrong, but if you can really delight your customers then they’ll happily act us unpaid representatives for your business by telling their friends and colleagues how great you are.
So, how can you tap into this?
Using our Viewpoint Analysis™ service enables us to sort customers into three categories with just one question:
1. Promoters who are loyal and enthusiastic
2. Passives who are satisfied but easily persuaded to go elsewhere and
3. Detractors who are unhappy but trapped in a bad relationship
Quite simply, you calculate the Viewpoint Analysis™ score by taking the Detractors from the Promoters.
What companies are already using Viewpoint Analysis™?
Viewpoint Analysis™ is the 21st Century Business Ltd version of a research method called NPS (net promoter score). NPS has begun to spread like wildfire. General Electric has announced that NPS will be deployed across all 500+ GE business lines - and will drive executive bonuses. Other firms who have adopted NPS include Intuit, American Express, MSN, Schwab, and many others spanning both the consumer and business-to-business sectors
Is there a link between NPS and growth in a company?
Yes! A 2003 study of more than 150,000 customers, found a very strong correlation between net promoter scores and a company’s growth relative to its competitors. While high NPS scores do not guarantee profitable growth, high scores are a strong predictor of economic success. From the airline industry, to retail banks, to delivery services, firms with the best NPS demonstrated superior growth.
Why does Viewpoint Analysis™ work?
The benefits of promoters include higher retention rates, higher cross-sell rates, constructive feedback, cost efficiencies, and most important of all, they are the source of highly crucial word-of-mouth that drives corporate reputations and customer referrals. The average firm today has turned 33% of its customers into detractors - some firms exceed 50% detractors! The average NPS is less than 10%. The quest for profitable growth becomes a near-hopeless struggle when firms have almost as many detractors as promoters.
What is probably the most crucial factor in a company’s economic success?
Word-of-mouth has huge power in today’s economy. Word-of- mouth works both ways: detractors spread negative word-of-mouth and cause people to turn away, while conversely, promoters spread positive word-of-mouth and bring new people in the door. Promoters account for more than 80% of positive referrals - and only promoters can build great brands and corporate reputations.
Viewpoint Analysis™ brought to you by 21st Century Business Ltd, is one of the tools we can use to help you take a different look at your business and should be seen as an on going process, not just a one off quick fix. If you’re looking to grow your business it’s a fantastic way of quickly getting to the issues that most affect your customers.
By asking one simple question we can show you what your customers really think. We use their answers to pinpoint what you’re doing well so that you can replicate it and what’s not working well so you can eradicate it.
With experts covering the entire business spectrum 21st Century Business can look at the big picture with you and, if you need help to develop the projects that Viewpoint Analysis™ throws up, we can provide experienced people who can support you.
- Contact Information
- Jayne Allman
- 21st Century Business Ltd
- Contact via E-mail
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