The Ultimate Question 2.0 : How Net Promoter Companies Thrive in a Customer-Driven World Author: | Language: English | ISBN:
B0064E4NVI | Format: PDF
The Ultimate Question 2.0 : How Net Promoter Companies Thrive in a Customer-Driven World Description
In the first edition of this landmark book, business loyalty guru Fred Reichheld revealed the question most critical to your company's future: "Would you recommend us to a friend?" By asking customers this question, you identify detractors, who sully your firm's reputation and readily switch to competitors, and promoters, who generate good profits and true, sustainable growth.You also generate a vital metric: your Net Promoter Score. Since the book was first published, Net Promoter has transformed companies, across industries and sectors, constituting a game-changing system and ethos that rivals Six Sigma in its power.
In this thoroughly updated and expanded edition, Reichheld, with Bain colleague Rob Markey, explains how practitioners have built Net Promoter into a full-fledged management system that drives extraordinary financial and competitive results. With his trademark clarity, Reichheld:
- Defines the fundamental concept of Net Promoter, explaining its connection to your company's growth and sustained success
- Presents the closed-loop feedback process and demonstrates its power to energize employees and delight customers
- Shares new and compelling stories of companies that have transformed their performance by putting Net Promoter at the center of their business
Practical and insightful, The Ultimate Question 2.0 provides a blueprint for long-term growth and success.
- Audible Audio Edition
- Listening Length: 8 hours and 5 minutes
- Program Type: Audiobook
- Version: Unabridged
- Publisher: Gildan Media, LLC
- Audible.com Release Date: November 7, 2011
- Whispersync for Voice: Ready
- Language: English
- ASIN: B0064E4NVI
This is a revised and expanded second edition of a book published in 2006. In it, Fred Reichheld skillfully develops several concepts in much greater depth. In most of his previous books and articles, he focuses his primary attention on how to build and then sustain trust between and among those who share a workforce. Trust is again an important theme in this latest book because, if customers do not have trust in a company, its people, and its products and services as well as in its values, they will have little (if anything) to do with it and will certainly not recommend it to others.
The eponymous book titles refer to a question of ultimate importance: 'On a zero-to-ten scale, how likely is it that you would recommend us (or this product/service/brand) to a family member, friend or colleague?' As Reichheld explains, the phrasing of that question is 'a shorthand wording of a more basic question, which is, [begin italics] Have we treated you right, in a manner that is worthy of your loyalty? [end italics] 'But the question really wasn''t [and isn't] the heart of things. After all, no company can expect to increase its growth or profitability merely by conducting surveys, however the question or questions might be phrased.'
With assistance from Markey, what Reichheld does is provide a cohesive, comprehensive, and cost-effective management system by which that has three central components: categorizing customers into one of three categories (i.e. Promoters, Passives, an Detractors) through a simply survey, creating an easy-to-understand score based on that categorization, and finally, 'framing progress and success in these terms, thereby motivating everyone in the organization to take the actions required to produce more promoters and fewer detractors.
On a scale of 1-10 I would rate this one about a 4. Not because net promoter score (NPS) is not a good idea, and not because this is not a well written logical book, but because you don't need to read a book to start doing it. How you stretch an article about using a one-question survey as a measure of customer satisfaction into a 300 page book is to provide lots of examples. When I look at the list of the companies using net promoter score surveys, I'm reminded of past management fads that everyone followed such as TQM, ABC, EVA, CRM, Lean, and others. In fact, if it has three letters (NPS) and it is being pitched by a consultant, beware. . . If it sounds too good to be true it probably is. What is different about NPS is that is easy, logical, and something you can do yourself. All these other three-letter programs require lots of time, $, and use of consultants.
Certainly a one-question survey is more likely to get a better response rate than some of the 30+ question surveys I get from hotels, airlines, and car companies. I think this a trend in the right direction. However, what you gain in increased responses, you lose in diagnostic data. The authors suggest asking a second or third question in addition to the overall 1-10 rating to determine why someone gave a high or low rating, but now you are starting to aggravate the customer more. I don't need to take my time to tell you how you screwed up - I just won't go back.
I would strongly recommend using net promoter score as one of the suite of metrics you use to assess customer or employee satisfaction. Combined with other metrics, this can be a simple and easy to use measure. However, to rely on NPS as your only measure of something as important as customer satisfaction is a major mistake.
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