What is WOM worth?#

Satmetrix has just released a study on the value of Word of Mouth marketing based upon their Net Promoter Score system.

They put a $ value on what extra revenue a positive promoter brings versus lost business for negative promotion.

To quote from their press release

"....Word-of-mouth is one of the most powerful and trusted marketing sources, but measuring and more importantly, understanding its financial impact hasn't exactly been clear cut,' said Richard Owen, chief executive officer at Satmetrix. 'Our study does that by examining customer behaviors and quantifying them in the larger economic picture that links loyalty with growth....''

 

 

3/27/2008 5:18:33 PM (GMT Standard Time, UTC+00:00) #    Add to del.icio.us Add to digg Comments [0]  |  Trackback

 

Net Promoter Score and engaging customers#

I have been a fan of Fredrick Reichheld  since the early 1990’s and my days in the IT industry helping to set up Tektronix’s colour printer division in Europe.

 

For me the key to Tek’s success in a business then dominated by players with bigger budgets was to focus on channel and customer loyalty. Now Fred and his team have taken loyalty to the next level with the Net Promoter Score. This is being taken up by large corporations but I thought I would share with you an experience which embodies many of the NPS key principles but applied to a smaller business.

 

A couple of years ago I was asked by the local region of a UK wide business membership organisation to help them with a problem of declining recruitment and retention. They had tried all sorts of marketing and promotional activity and proudly announced they have over 30 services they could offer members.

 

My first action was to identify all the internal stakeholders. I initially based that upon management input but I quickly discovered that there were a few employees who were running or involved with membership service programmes and so had valuable input. (Note: As to be expect management did not know everything that happened at the ‘coal face’ but when making strategic decisions such a situation can be dangerous!)

 

My first task was to make sure the stakeholder team had a clear understanding of the issues and reason for action. As to be expected some were more supportive than others but at least everyone knew what was going on and why. In any change management project communication is critical. The first three questions I asked the stakeholder team at our first project meeting were:

 

·         What were the membership benefits?

·         How do the members rank them in terms of value to them?

·         What programmes do we have to enable members to introduce or recruit a friend?

 

The first question provoked some discussion as there was not one ‘master’ document readily available that summarised everything. At the meeting we thrashed out a single sheet which listed them all. For the second question there was no agreed definitive answer. So I asked which services were most used and least used. Whilst this may not be 100% accurate because members may not be aware of all the services it is a reasonable benchmark. A few answers were forthcoming but there was no general agreement. To the third question the answer was ‘nothing’. The company had fallen into the ‘business as usual’ trap. People were working really hard focussing on the ‘day-to-day’ job as declining membership, falling recruitment and ‘budget reduction by a thousand cuts’ had become a regular pattern.  

 

I put a proposal to the board. Let’s ask the members what they value via an online survey and ‘face-to-face’ meetings. We prepared a micro-site where we listed all the services provided with a questionnaire which asked people to feed back on why they joined, what they valued, what services we should drop and what extra we should offer and a space for any other comments. We also asked how many would recommend membership to other business people. We offered a bottle of champagne to the name of a person participating that we pulled out the hat (no big budgets for prizes and to be honest most people participated because they wanted to not because of a prize). Out of 3.5k members we had over 350 responses. Of those 20% (70) had made suggestions on what we could do to re-engage with them and other members. Most simply felt unloved and neglected except at annual renewal time. They felt that added insult to injury in many ways. The truth was that 15 people (just over 4% of all responding) said they would recommend membership. 70 said they would not (20%) and the rest did not answer. We responded to everyone and promised to keep them updated on our progress and plans.

 

We then held a series of breakfast and lunch roundtables in multiple locations so that we met directly almost 100 members. Busy business people were willing to take the time out of their diaries to share issues and concerns with us. The feedback was direct – sometimes painfully so as it reflected a lot of frustration and some anger. A few said they would be leaving membership anyway and ‘broadsided’ us. It was all valuable information. Many following the programme and meeting were going to give the organisation one more chance to improve and  see what would happened after the meetings. I cannot remember meeting anyone directly who would recommend any friends to join. In Fred’s Net Promoter Score methodology it was a disaster!

 

Now came the tough part. The organisation was offering services that were not wanted and also failing to provide others that were being asked for. Change is never easy but with hard work over the next six months a set of service programmes were put in place that met most of the members concerns. Those least popular services were phased out after careful consultation with those members who were using them. This gave the organisation the budget and time to enhance and launch new services meeting membership needs. What was important was to ensure a few fast track programmes were rolled out and that the members – especially those who participated in the survey and meetings – were kept updated at all times.

 

So what was the result? The survey was embedded in to the organisations ongoing communication and consultation programmes. Three years later the organisation membership retention rates have been reduced by over 80%. Recruitment is at its highest levels for many years. They also have an active and successful ‘Introduce a friend’ programme. There are still issues to be worked through but the basis for long term business success is there. The icing on the cake is that the organisation was the number 1 region in the UK last year thanks to all the ongoing hard work of the team.

 

So what was the learning?

 

  • Listen to your customers. Give them a way to talk and they will. You may not like what you hear but that is part of the process
  • Ensure the stakeholder team is inclusive and has authority to make decisions
  • Act on the feedback you get
  • Look for some quick wins and keep working on longer term changes too
  • Ensure you keep customers/members updated on progress – don’t initially engage and then go quiet. Keep the contact and momentum up

Today I would be using social media tools to help me create and maintain a membership community. I would put the questionaire online and let everyone openly comment if they wanted and share with others in the community.

9/7/2007 3:34:40 PM (GMT Daylight Time, UTC+01:00) #    Add to del.icio.us Add to digg Comments [1]  |  Trackback

 

All content © 2008, Adrian Moss
Blogroll
Calendar
<August 2008>
SunMonTueWedThuFriSat
272829303112
3456789
10111213141516
17181920212223
24252627282930
31123456
Archives
Sitemap
 
 3M
 ABC News
 Ads
 AdWeek
 Age Discrimination
 Age Regulations 2006
 All Blacks
 American Express
 Amputees in Action
 anti-social behaviour
 Apple
 Australia
 BA
 Badgers
 Barclays
 BBC
 BBC iPlayer
 BEA
 Ben & Jerry's
 Blog Council
 Blogging
 Blogosphere
 BOTTLE PR
 Bourbon Dolphin
 Brands
 Brands2life
 Brian Solis
 broadband
 Brodeur
 Budget 2008
 Burma
 Business Week
 BuzzLogic
 Cadbury's
 Car Phone Warehouse
 Casualties Union
 CEO blogs
 Charles Leadbetter
 China
 Chrysler
 CIPR
 Cisco
 Citizen Journalism
 Citizen police
 City Link
 Club Penguin
 Coca Cola
 Colin Byrne
 Commmoncraft
 Company of Information Technologists
 Comparitive Media Studies
 Conde Nast
 Consumer Generated Content
 Conversational marketing
 Corporate Communications
 country living
 Crisis
 Crisis management
 Crowdsourcing
 Customer Engagement
 Customer Relationships
 Data Portability Workgroup
 Data privacy
 Debbie Weil
 Dell
 Depression
 DG SANCO
 Digital marketing
 Disney
 Don Pepper
 Dr Martha Rogers
 Ebbsfleet United
 Echo Chamber
 Edelman
 Eden Project
 Edinburgh Festival
 Employee Communications
 Employee Engagement
 EPA
 EUFIC
 European Podcast Summit 2007
 facebook
 Fake blogging
 Fat Face
 Federated Media
 Financial Times
 Fishburn Hedges
 Flickr
 Forrester Research
 Fred Reichheld
 Gareth Morgan
 Gartner
 Ghost blogs
 GM
 GM Europe
 Google
 Google AdSense
 Groundswell Awards
 Guardian Unlimited
 Heather Gorringe
 Heinz
 Henry Jenkins
 HitWise
 Hotel industry
 HP
 HPA
 HSBC
 Hugh MacLeod
 Hugh McLeod
 Human behaviour
 IBM
 IM
 Indiana Jones
 Influencers
 Institute of Direct Marketing
 Intel
 internet
 internet video
 IPA
 iPM
 iPod
 IPPR
 Jamie Oliver
 Jeff Jarvis
 Jennifer Cisney
 Jennifer Jones
 Jeremiah Owyang
 Jeremiha Owyang
 John Chambers
 Johnson & Johnson
 Jonathan Schwartz
 Josephine Wills
 Joyce Lewis
 kalymnos
 Kami Huyse
 KD Paine
 Kelloggs
 Kettle
 kodak
 Leadership development
 Learning and development
 Lego
 Levi
 LinkedIn
 Littlewoods
 London Social Media Cafe
 Long tail
 Lotus
 management development
 Marcel Mauss
 Maritime and Coastguard Agency
 Market research
 Marketing Improvement Europe
 Marshall McLuhan
 Martha Stewart
 Mash-Ups
 MCA
 McDonalds
 Measurement
 MeasurementCamp 08
 Metrics
 Microsoft
 Mike Arrington
 Mike Butcher
 Mobile advertising
 Monty Python
 MSC Napoili
 myspace
 NBC
 Net Promoter Score
 neuroscience
 Neville Hobson
 New media
 NHS
 Nielsen Online
 Nokia
 NUJ
 Number 10
 Ofcom
 Online advertising
 Online Communities
 Online Communities
 Online newspapers/magazines
 Online video
 Open Social
 P&G
 Paul Gillin
 Personal
 Personal thoughts
 Peter Day
 podcast
 podcasts
 Poundland
 PR 2.0
 PR measurement
 PR Week
 Presentation skills
 press release
 Primark
 Prime Minister
 Prof Andrew McAfee
 Prof. Wesch
 Quark
 Radian6
 Reebok
 Rentokil
 Reuters
 Richard Binhammer
 Richard Sambrook
 Robert Madelin
 Robert Scoble
 ROI measurement
 Rummble
 SAP
 Satmetrix
 Second Life
 seesmic
 Seesmic
 SEO
 Service Industries
 Seth Godin