Posts Tagged ‘business’

2010 marked an important milestone in the young social media industry. Mainly because businesses began to leverage social media to be closer to their customers, have a better and almost real time understanding of their markets and reduce marketing expenditure while growing brand reputation and market share.

Businesses who are not leveraging social business technology to monitor, research, connect and collaborate socially with their clients will have a competitive disadvantage over those companies who do.

* 60-80% of purchase decisions are based on recommendations
* Time in the social web exceeded time spend on TV
* 16 Million search results on “has anybody experience with…” indicates that product and brand exploration is no longer influenced by traditional advertising

Social business tools will become strategic in 2011.

20 strategic social business tools for 2011:

Social Media Monitoring

Tools to monitor the market and gain deeper insights in what people talk about, what needs they have and what they are looking for. It helps identify influencer, major contributors and active voices for specific industries, products, markets or behaviors.

Tools include companies like Alterian/Techrigy*, Radian6, Sysomos* or Twitalyzer

Read the rest of this entry »

Net Promoter Score (NPS) Services

Why is Net Promoter Score important?

Net Promoter is a customer loyalty metric developed by (and a registered trademark of) Fred Reichheld, Bain & Company, and Satmetrix. It was introduced by Reichheld in his 2003 Harvard Business Review article “The One Number You Need to Grow”. The most important proposed benefits of this method derive from simplifying and communicating the objective of creating more “Promoters” and fewer “Detractors” — a concept claimed to be far simpler for employees to understand and act on than more complicated, obscure or hard-to-understand satisfaction metrics or indices. In addition, proponents claim the Net Promoter method can reduce the complexity of implementation and analysis frequently associated with measures of customer satisfaction, providing a stable measure of business performance that can be compared across business units and even across industries, and increasing interpretability of changes in customer satisfaction trends over time.

How is Net Promoter Score applied?

Companies obtain their Net Promoter Score by asking customers a single question on a 0 to 10 rating scale: “How likely is it that you would recommend our company to a friend or colleague?” Based on their responses, customers can be categorized into one of three groups: Promoters (9-10 rating), Passives (7-8 rating), and Detractors (0-6 rating). The percentage of Detractors is then subtracted from the percentage of Promoters to obtain a Net Promoter score. A score of 75% or above is considered quite high.

Read the rest of this entry »