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 Analytics is 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 Analytics introduces 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.
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About the Author
LARRY FREED is 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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