Innovating Analytics: How the Next Generation of Net Promoter Can Increase Sales and Drive Business Results

Innovating Analytics: How the Next Generation of Net Promoter Can Increase Sales and Drive Business Results

by Larry Freed

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Overview

Innovating Analytics: How the Next Generation of Net Promoter Can Increase Sales and Drive Business Results by Larry Freed

How does a CEO, manager, or entrepreneur begin to sort out whatdefines and drives a good customer experience and how it can bemeasured and made actionable? If you know how well the customerexperience is satisfying your customers and you know how toincrease their satisfaction, you can then increase sales, returnvisits, recommendations, loyalty, and brand engagement across allchannels. More reliable and more useful data leads to betterdecisions and better results. Innovating Analytics is alsoabout the need for a comprehensive measurement ecosystem toaccurately assess and improve the other elements of customerexperience. This is a time of great change and great opportunity.The companies that use the right tools and make the rightassessments of how to satisfy their customers will have thecompetitive advantage.

Innovating Analytics introduces an index that measures acustomer’s likelihood to recommend and the likelihood todetract. The current concept of the Net Promoter Score (NPS) thathas been adopted by many companies during the last decade—isno longer accurate, precise or actionable. This new metric calledthe Word of Mouth Index (WoMI) has been tested on hundreds ofcompanies and with over 1.5 million consumers over the last twoyears.

Author Larry Freed details the improvement that WoMI provideswithin what he calls the Measurement Ecosystem. He then goes on tolook at three other drivers of customer satisfaction along withword of mouth: customer acquisition, customer loyalty, and customerconversion.

Product Details

ISBN-13: 9781118779484
Publisher: Wiley
Publication date: 09/30/2013
Pages: 288
Sales rank: 1,125,191
Product dimensions: 6.00(w) x 9.10(h) x 1.20(d)

About the Author

LARRY FREED is the President and CEO of ForeSee, acustomer experience analytics firm that measures satisfaction anddelivers powerful insights on where to prioritize improvements formaximum impact. An expert on customer satisfaction across alltouchpoints and at the brand level, Larry speaks extensively on thetopic at private and public sector industry events and has beenquoted in numerous publications and media, including CNN, theWall Street Journal, the Washington Post, andInvestor's Business Daily, among many others. Larry is alsothe author of Managing Forward, published in 2011.

Table of Contents

Introduction 1

1 Customer Experience 2.0 5

2 NPS—What It Is and What It Does Well 15

3 NPS—Fundamentally Flawed 21

4 WoMI—The Next Generation of NPS 33

5 The Four Drivers of Business Success 53

6 Why the Customer Experience Matters 73

7 The Customer Experience Measurement Ecosystem 97

8 Best Customer Experience Practices 123

9 Big Data and the Future of Analytics 157

Afterword: Measuring Customer Experience—A Broader Impactand the Start of a Journey 171

Appendix A: Satisfaction, WoMI, Net Promoter, and Overstatementof Detractors for Top Companies 173

Appendix B: Are Those Least Likely to Recommend Actually theMost Likely to Discourage? 201

Appendix C: Eleven Common Measurement Mistakes 207

Appendix D: An Overview of Measurement and Model AnalysisMethods 221

Acknowledgments 273

Index 275

What People are Saying About This

From the Publisher

“Innovating analytics is critical in baseball, in politics, and in business. Larry Freed is at the forefront of developing useful new metrics that will help businesses succeed.”
—Billy Beane, General Manager of the Oakland Athletics and the subject of the bestseller Moneyball.

“Challenging conventional wisdom and building upon the wealth of knowledge derived from one of the most widely used customer experience measurement tools in business today, Innovating Analytics is an essential addition to any marketer’s library. Clearly Larry Freed is one of the leading minds in the customer experience industry, as he thoughtfully offers tested and practical strategies that businesses can implement immediately.”
Bruce Rogers, Chief Insights Officer, Forbes Media

"Innovating Analytics is a natural extension of Larry's career-long exploration of innovative business solutions.”
—Thomas H. Zurbuchen, Associate Dean of Entrepreneurial Programs at the University of Michigan

“Larry Freed and ForeSee are at the forefront of transforming business around the world with actionable, predictive metrics. Innovating Analytics contains critical information for any executive who wants to improve business outcomes.”
—Rick Snyder, Governor of the State of Michigan

“Innovating Analytics is a compelling exploration of the potential power of customer experience metrics in the modern age. Larry Freed’s combination of academic research with practical business implementation makes this book a must-read for any business leader.”
—Mark Mahaney, Managing Director at RBC

“Too many businesses are relying on metrics that are outdated and have no relationship to company growth and profit. Innovating Analytics is a must-read for any executive about the power of good metrics and the dangers of bad ones.”
—Claes Fornell, Founder and Chairman of the ACSI and author of The Satisfied Customer

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