'Larry Freed is one of the leading minds in the customer experience industry, as hethoughtfully offers tested and practical strategies that businesses can implement immediately,' –Bruce Rogers, Chief Insights Officer, Forbes Media
Hoboken, NJ (PRWEB) October 21, 2013
As the traditional barriers for changing brands have evaporated, a new era of empowered “Super Consumers” has evolved. People can switch brands with the click of a mouse or the swipe of a finger – all while broadcasting their experiences to hundreds, if not thousands, of others via social media. That is why accurately measuring the customer experience is essential in today’s highly competitive, global business environment.
In INNOVATING ANALYTICS: Word of Mouth Index—How the Next Generation of Net Promoter Can Increase Sales and Drive Business Results, Larry Freed —president and CEO of ForeSee, a customer experience analytics firm whose Fortune 500 clients include Sears, Kellogg’s, Kraft, Lockheed Martin, and Capital One — discusses the four drivers of business success. More importantly, in the spirit of innovation, he introduces the Word of Mouth Index (WoMI), a pioneering metric that updates the popular Net Promoter Score (NPS) used by 83% of U. S. companies to measure customer satisfaction.
Freed explains that extensive research by ForeSee, with more than two million customers from hundreds of companies across industries, found that NPS was in need of an overhaul. He shows why NPS is often inaccurate and describes how to implement WoMI to obtain accurate customer satisfaction data.
INNOVATING ANALYTICS also discusses other aspects of customer satisfaction related to revenue growth including customer acquisition, loyalty, and conversion, showing how to:
- Use behavioral data, feedback, observation, and satisfaction to predict customer behavior;
- Implement best practices for improving customer experience;
- Improve the effectiveness of marketing and merchandising by using Big Data;
- Avoid common measurement mistakes such as confusing causation and correlation.
“To succeed in today’s ultra-competitive environment, where consumers are in control and switching costs are low, measuring the customer experience is more important than it has ever been. Businesses cannot stand still in the field of customer experience analytics; they must continue to push the envelope and evolve – not only products, services and marketing but also analytics,” concludes Freed. INNOVATING ANALYTICS is the perfect guide to help companies measure the satisfaction of the customer experience and turn data into an actionable strategy that benefits their businesses and their customers alike.
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About the Author
Larry Freed, author of INNOVATING ANALYTICS, is president and CEO of ForeSee, a customer experience analytics firm with many Fortune 500 clients. He is the author of the 2011 book Managing Forward: How to Move from Measuring the Past to Managing the Future as well as more than 100 articles, white papers and other research reports. For more information about INNOVATING ANAYLTICS, please visit: http://wordofmouthindex.com/womi-news/womi-book/.