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Thursday, September 1, 2011

The Daily Stat: A Company's Promoters Are Worth Thousands More than Detractors

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SEPTEMBER 1, 2011
A Company's Promoters Are Worth Thousands More than Detractors
An affluent customer who's willing to recommend his or her bank to friends is worth $9,500 more to the company than a similarly wealthy customer who spreads negative reports about it, according to The Ultimate Question 2.0, by Fred Reichheld with Rob Markey. Promoters of a business are usually less price sensitive than other customers, and they appreciate the overall quality they receive from the company; the opposite is true for detractors, who have a negative lifetime value, the
authors say.
Source: The Ultimate Question 2.0
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The Ultimate Question 2.0 (Revised and Expanded Edition): How Net Promoter Companies Thrive in a Customer-Driven World
The Ultimate Question 2.0 (Revised and Expanded Edition): How Net Promoter Companies Thrive in a Customer-Driven World
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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. Practical and insightful, The Ultimate Question 2.0 provides a blueprint for long-term growth and success.
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