Bain & Company's Rob Markey on 'The Ultimate Question 2.0': Would Your Customers Recommend You?
Episode Description
KNOWLEDGE@WHARTON ARCHIVES: Fred Reichheld and Rob Markey's The Ultimate Question 2.0 is a follow-up to the bestselling book that first helped businesses understand their Net Promoter Score. One question -- would you recommend us to a friend? -- offered businesses a vital metric that has since been adopted widely by organizations, including GE. Wharton marketing professor Peter Fader spoke with Markey about what NPS is, how companies can increase the number of people who promote them and why it is now a system and not just a score. More on this interview: https://knowledge.wharton.upenn.edu/article/the-ultimate-question-would-your-customers-recommend-you/
#customerservice #customerrelationshipmanagement #businessgrowth 📂 Marketing
Brief Summary
Rob Mary discusses Net Promoter Score and its impact on customer loyalty in his book <i>The Ultimate Question 2.0</i>.
Key points
- Understanding NPS. NPS stands for Net Promoter Score, a metric for customer loyalty.
- The Impact of NPS. Companies with higher NPS scores tend to outgrow their competitors significantly.
- Transition to Net Promoter System. The shift from NPS to a broader Net Promoter System emphasizes actionable insights.
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Episode highlights
- Understanding NPSNPS stands for Net Promoter Score, a metric for customer loyalty.“How likely would you recommend my company?”1:14Nov 21, 2011
- The Impact of NPSCompanies with higher NPS scores tend to outgrow their competitors significantly.“Outgrow competitors by a factor of more than two and a half to one.”3:10Nov 21, 2011
- Transition to Net Promoter SystemThe shift from NPS to a broader Net Promoter System emphasizes actionable insights.“The appeal of this radically simple approach.”6:17Nov 21, 2011
