FOR IMMEDIATE RELEASE
NEW AND DIVERSE COMPANY PLAYBOOK REVEALS LITTLE KNOWN SECRETS OF CUSTOMER LOYALTY LEADERS
Customer Experience Insights from American Express, 1-800-Got-Junk?, Charles Schwab, LEGO, Progressive®, Logitech, Vanguard and Verizon among those Highlighted
New York, NY—September 21, 2011—Nice guys do finish first—growing twice as quickly as their competitors—according to renowned loyalty experts Fred Reichheld and Rob Markey who showcase in their book how leading companies are winning over legions of profitable customers with a system of new rules that favor the customer, finally.
In The Ultimate Question 2.0: How Net Promoter Companies Thrive in a Customer-Driven World (Harvard Business Review Press, September 2011), readers get a direct line of sight into how leading brands are revolutionizing the experience of their customers through business practices that put the customer first. Readers will learn why:
- American Express feels that improving customer loyalty is impossible without first improving employee engagement
- Charles Schwab managers make tens of thousands of calls to clients each year to discuss their satisfaction with the company
- 1-800-Got-Junk? feels that even junk haulers need to passionately advocate the customer experience
- Progressive® Insurance believes that simplicity is the key to managing the customer experience for auto insurance of the world’s most complex businesses
- Verizon championed a symbolic action to rally its troops around putting customers first
- Vanguard chose to turn away business in order to protect the interests of existing clients
- The CEO of LEGO holds himself accountable, first and foremost
- Logitech won’t launch product upgrades that don’t produce even more dramatic customer experience upgrades
Thousands of companies are using the Net Promoter® score to measure and improve the customer experience. "The ranks of zealous customer advocates continues to grow," said Fred Reichheld, Bain Fellow and often-acclaimed ‘godfather of customer loyalty’. "What started out as only an idea has become a quiet revolution. Net Promoter® companies are now mobilizing entire organizations around the single mission of delighting customers."
In addition to discovering inspiring stories and examples from customer experience enthusiasts and leaders, readers will also learn the fundamentals of creating a successful Net Promoter System℠ in their own companies. According to Reichheld and Markey, effective Net Promoter Systems require three components to be in place:
- A simple and reliable metric for gauging how well you have earned your customers’ loyalty
- Operational processes to support closed-loop feedback, action and learning by front-line employees
- Making the mission of earning customer and employee loyalty your company’s #1 priority
"In just eight years, NPS has evolved from a powerfully simple metric for measuring customer loyalty to a full-blown business system for earning the loyalty of your customers and employees," said Rob Markey, co-author and global head of Bain & Company’s Customer Strategy and Marketing Practice. "This is no longer about simply taking your customer’s pulse, it’s about creating a culture through a systematic approach to fostering enthusiastic loyalty."
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About Bain & Company, Inc.
Bain & Company, a leading global business consulting firm, serves clients on issues of strategy, operations, technology, organization and mergers and acquisitions. The firm was founded in 1973 on the principle that Bain consultants must measure their success by their clients' financial results. Bain clients have outperformed the stock market 4 to 1. With 49 offices in 31 countries, Bain has worked with over 4,900 major multinational, private equity and other corporations across every economic sector. For more information visit: www.bain.com. Follow us on Twitter @BainAlerts.
About Net Promoter®
The Net Promoter® Score (NPS) of a company is a common measure of customer loyalty and is calculated by taking the percentage of customers who are promoters (P) and subtracting the percentage who are detractors (D), based on their response to the ‘Ultimate Question:’ "How likely is it that you would recommend this company to a friend or a colleague?" Responses are measured on a scale of 0-10; 9 and 10 are promoters, 7 and 8 are passives and 0-6 are detractors. Companies that use the score find a tight link between profitable growth and NPS. In most industries, including financial services, retail, technology and telecommunications, the NPS leader has grown at more than twice the rate of the competition. A Net Promoter® system is a way of doing business that requires a true commitment by company leadership. It combines a reliable metric, loyalty economics and root cause analysis to form a virtuous cycle of closed-loop learning and action.
Net Promoter® is a registered trademark of Satmetrix Systems, Inc., Bain & Company and Fred Reichheld.