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.
This book works in that direction by explaining the principles of customer satisfaction in a brief yet powerful manner. It will help the readers build relevant and actionable customer satisfaction programs for their organization.
The book begins by going over the concepts of customer satisfaction measurement. It then dwells on the various kinds of tools available to organizations to capture customer satisfaction. Further, the book also deals with two major aspects with which many organizations are trying to come to grips: (a) How do we align/link brand research with customer satisfaction research? (b) How do we connect survey research with internal databases to generate great insights for organizations? The book also discusses how the entire data from such programs can be made very actionable using simple techniques.
The principles and ideas mentioned in this book come from the authors' combined experience of nearly 40 years of working with clients in a variety of sectors and industries.
Dr. Woodside leads off with his 20-step process model and review of the scientific and applied literature to show how advertising works. He answers the question of why top-of-mind awareness measures of advertising effectiveness are so valuable, and then uses detailed, numerical examples to illustrate the powerful tool of benefit-to-brand retrieval. He links profit-and-loss analysis to a linkage advertising monitoring program, then discusses the net profit impact of each advertisement in each medium. His report of a field study demonstrates that net profit is the big difference between image and linkage advertising. From there he moves to the long interview and its application to voice-of-the customer research, ways to value different customer segments, and how to monitor linkage advertising fulfillment strategies. Dr. Woodside's book will be an important contribution to our understanding of how advertising is done, and how it can be done better.
It has become common wisdom that we live in a postindustrial information society in which data and calculation underlie wealth. But now that information is as routinely produced as industrial or agricultural goods, businesses are discovering that they best achieve competitive advantage by producing what consumers most dearly seek-personal meaning. The 21st-century economy produces just that: not merely information, but evocative images; not just commodities, but meaning-laden icons. As Sternberg shows, foods now appeal through their sensuality and nostalgia; houses and stores draw customers through their exoticism; people sell their labor through the deliberate performance of the self for the market; and tourist destinations offer up carefully crafted thematic experiences. Whereas farms, factories, and information processors once stood at the core of the economy, now movie studios do, producing the product valued above all, meaningful content, from which downstream firms acquire the themes that animate desire.
Now that meaning pervades production, Sternberg argues, modes of inquiry once reserved for the humanities make sense in the study of the economy. Drawing on art history and aesthetics, he introduces iconography as a mode of cultural analysis adapted to the study of commercial production. Through comparative studies of diverse economic sectors, ranging from food processing to tourism, Sternberg carries out an iconographic analysis of the new economy. This is a provocative study for scholars, students, and professionals dealing with marketing and consumer research, culture and media studies, socio-economics, and economic geography.