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Bain & Company reveals how loyalty leaders outgrow competitors 2:1
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Mon October 24, 2011 1:35 pm

UAE. Bain & Company’s new book, The Ultimate Question 2.0: How Net Promoter Companies Thrive in a Customer-Driven World (Harvard Business Review Press, 2011), recounts the success stories of companies that have adopted the revolutionary Net Promoter® score, a customer loyalty metric.

A roundtable was held for the book’s launch on October 24, 2011 in the Capital Club DIFC, Dubai where media were met by co-author and renowned business loyalty guru Rob Markey.

‘The Ultimate Question 2.0’ defines the fundamental concepts of Net Promoter, how leading companies are winning over legions of profitable customers with a system of new rules that favor the customer, finally. It explains the closed-loop feedback process, and tells the stories of companies that dramatically turned their fortunes around by embracing Net Promoter. It will show how loyalty-focused companies turn customers and employees into ‘promoters’ that accelerate profit, drive value and enhance productivity. The book is expected to become a business best seller.

‘The Ultimate Question 2.0’ is a must-read for organizations who want to take their customer relationships and their corporate performance to the next level,” said Emmanuel Yoo, Partner in & expert in loyalty, Bain & Company based in the U.A.E.

Thousands of companies are using the Net Promoter® score to measure and improve the customer experience.  “The ranks of zealous customer advocates continues to grow,” said Fred Reichheld, Bain Fellow and often-acclaimed ‘godfather of customer loyalty’.  “What started out as only an idea has become a quiet revolution.  Net Promoter® companies are now mobilizing entire organizations around the single mission of delighting customers.”

In addition to discovering inspiring stories and examples from customer experience enthusiasts and leaders, readers will also learn the fundamentals of creating a successful Net Promoter® System in their own companies.  According to Markey and Reichheld, effective Net Promoter® Systems require three components to be in place:
1. A simple and reliable metric for gauging how well you have earned your customers’ loyalty
2. Operational processes to support closed-loop feedback, action and learning by front-line employees
3. Making the mission of earning customer and employee loyalty your company’s #1 priority

“In just eight years, NPS has evolved from a powerfully simple metric for measuring customer loyalty to a full-blown business system for earning the loyalty of your customers and employees,” said Rob Markey, co-author and global head of Bain & Company’s Customer Strategy and Marketing Practice. “This is no longer about simply taking your customer’s pulse, it’s about creating a culture through a systematic approach to fostering enthusiastic loyalty.”

Global business consulting firm Bain & Company has been researching for over 20 years on the customer loyalty and reliable tracking metrics. Prior to NPS, companies did not know how to measure loyalty and were thus unable to properly manage for it. The pioneering metric reflects Bain’s full commitment to delivering business solutions that ensure long-term and highly profitable growth.

About Bain & Company, Inc.
Bain & Company is the management consulting firm that the world's business leaders come to when they want results. Bain advises clients on strategy, operations, technology, organization, private equity and mergers and acquisition, developing practical insights that clients act on and transferring skills that make change stick.  The firm aligns its incentives with clients by linking its fees to their results.  Bain clients have outperformed the stock market 4 to 1. Founded in 1973, Bain has 46 offices in 29 countries, and its deep expertise and client roster cross every industry and economic sector. For more information visit: www.bain.com.  Follow us on Twitter @BainAlerts.

About Net Promoter®
The Net Promoter® Score (NPS) of a company is a common measure of customer loyalty and is calculated by taking the percentage of customers who are promoters (P) and subtracting the percentage who are detractors (D), based on their response to the ‘Ultimate Question:’ “How likely is it that you would recommend this company to a friend or a colleague?”  Responses are measured on a scale of 0-10; 9 and 10 are promoters, 7 and 8 are passives and 0-6 are detractors.  Companies that use the score find a tight link between profitable growth and NPS.  In most industries, including financial services, retail, technology and telecommunications, the NPS leader has grown at more than twice the rate of the competition.  A Net Promoter® system is a way of doing business that requires a true commitment by company leadership.  It combines a reliable metric, loyalty economics and root cause analysis to form a virtuous cycle of closed-loop learning and action.
Net Promoter® is a registered trademark of Satmetrix Systems, Inc., Bain & Company and Fred Reichheld.

 

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