Customer Loyalty Survey
How successful is your business likely to be tomorrow?
You don't need to spend large sums of money doing complex market research to find out, because Customer Voice has developed the Customer Loyalty Survey. This is based on research of Frederich Reichheld (one of America's leading experts in customer research) that identified the best predictor of a company's future growth.*
The Customer Loyalty Survey is a quick and simple customer survey that asks your customers just one question – “What is the likelihood you would recommend this company to a colleague or friend?” The answer is a rating on a scale of zero to ten, where 0 = not likely and 10 = very likely.
CustomerVoice has developed ways you can use the results from this question to know how well you're doing, and more importantly, improve your business
Customer Loyalty Index
People who score six or less are considered to be detractors, those who score seven and above are promoters. CustomerVoice will calculate your percentage of promoters, and by monitoring this number over time you can see whether your business is getting stronger or deteriorating.
Customer Voice can also assess your company's potential to grow by subtracting the percentage of detractors from the percentage of promoters. The higher this figure the more likely it is that customers will stay with your company.
Advocate / Terrorist Analysis
CustomerVoice also identifies the two extremes: Terrorists (who score the company 0–2) and Advocates (who score the company 9-10). We call a sample from both groups and ask them what you do well and what you do poorly, and what you would have to do for your Terrorists in order for them to become Advocates. The information will help you develop insights about your business which you can use to drive improvement.
To discuss what the Customer Loyalty Survey can do for you, please contact us.
*see "The One Number You Need to Grow" by Frederick Reichheld, Harvard Business Review, December 2003, pages 47-54.