WORD OF MOUTH INDEX: HOW THE NEXT GENERATION OF NET PROMOTER CAN INCREASE SALES AND DRIVE BUSINESS RESULTS
A satisfying customer experience is the driver of any business’s revenue growth. If you know how to measure and improve the customer experience, you will increase sales, return visits, recommendations, loyalty, and brand engagement across all channels. Over the past decade, Net Promoter Score (NPS) has become a Key Performance Indicator (KPI) used by businesses all over the world, from small mom-and-pop shops to Fortune 500 giants. However, NPS has not kept pace with the evolving world of customer behavior and customer experience analytics. Enter the Word of Mouth Index (WoMI).
Innovating Analytics introduces and explains WoMI, an index that measures a customer’s likelihood to recommend or to detract. Tested on hundreds of companies and nearly 2 million consumers over the last two years, WoMI provides a more accurate and comprehensive measure of the consumer experience, called the Measurement Ecosystem.
Innovating Analytics goes on to look at three other drivers of customer satisfaction along with word of mouth: customer acquisition, customer loyalty, and customer conversion. Through detailed guidance, it explains:
> What NPS is, what it does well, and how it is flawed
> How to use WoMI to identify a business’s promoters and detractors more accurately
> How to use behavioral data, feedback, observation, and satisfaction to predict customer behavior
> Best practices for improving customer experience
> How to use Big Data to improve the effectiveness of marketing and merchandising
This is a time of great change and great opportunity, and businesses desperately need more reliable and more useful data in order to make better decisions and achieve better results. Innovating Analytics offers the right tools to make the right assessments of how to satisfy your customers and gain a competitive advantage today.