What would it be worth to you and your company if you knew:
- The total value of a customer that was a fan of your company (a Promoter) compared to the value of a Detractor
- Which customers were most likely to churn (hint: if you’ve been reading this blog you know it’s not always as simple as identifying Detractors)
- Which customers are most receptive to spending more with your company
- The optimal improvements your company can make to increase the percentage of Promoters in your business, and how to engage those customers to “promote” your business to friends and colleagues
- What is causing Detractors in your business, and the ROI on fixing the highest priority items
Every company needs these assets. Assumptions aren’t enough: real data should validate any assumptions since we can’t afford investment in the wrong areas. Yet we continue to find most companies trying to execute based on a handful of conversations with a few customers, or even just operating “business as usual” without regard to the cost of missed opportunities.
Some might think it’s because we don’t want to believe that our customers know more about our company’s revenue than we have ourselves. I don’t believe this is the leading reason. Instead, I propose this is simply because no one organization has been made responsible for obtaining these insights in the typical corporation.
So, I ask you, the hundreds of regular readers of this blog and would sincerely appreciate your comments… why doesn’t every company have the 5 assets listed above?