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Miami Conference Blog 2008

2 Posts tagged with the emilia tag
EmiliaB
1

Dr. Laura Brooks, VP of Methodology and Consulting for Satmetrix, presented on the topic of customer value, highlighting the value of Word-of-Mouth (WOM) advertising and the importance of employee engagement to foster customer loyalty.

 

With the increasing amount of advertising messages in the marketplace, people often turn to their friends and colleagues for referrals. Dr. Brooks provided research findings that link customer loyalty to positive referrals for multiple industries. Unlocking the full potential value of WOM is yet to be realized in a variety of industries. Quantifying WOM includes studying the actual positive referrals of Promoters and negative referrals of Detractors. For example, Promoters may provide up to 9 positive referrals while Detractors may provide up to 5 negative referrals.

 

The concept of WOM has an interesting implication for employee engagement and loyalty. Positive word-of-mouth must also be propagated by employees of a given company — a negative message delivered by an employee may have an even greater impact than a Detractor. The challenge for management teams is to foster a culture where employees are driven to focus on customer needs and can take pride in their company's product and customer policies — another reason to consider Fred Reichheld's notion of bad profits.

 

Click Not authorized to view the specified document 1083 to download the presentation.

2149 Views 1 Comments Permalink Tags: satmetrix, thought, methodology, brad, brooks, leadership, nps, emilia
EmiliaB
0

How do you grow at double the rate of your industry with a $0 Marketing spend? Diana Dykstra, CEO of the San Francisco Fire Credit Union, shared her story of driving growth through a focus on customer loyalty and employee engagement.

 

The underlying theme was a fundamental belief that "people are good" — front-line employees want to do the right thing and management's job is to empower them to delight the customer.  Ms. Dykstra talked about the measures implemented at the credit union that allow and reward employees for going above and beyond to address customer needs. It's this culture of customer-focus that has resulted in the impressive Word-of-Mouth results.

 

Another ingredient of success was an understanding of loyalty drivers — in this case convenience — and making investment decisions using NPS results. For example, instead of investing in branch offices at an estimated annual cost of $500K - $750K, the credit union decided to waive ATM fees no matter where the customer withdrew funds. The result was that customers received the "convenience" factor for a much reduced investment. Other examples include providing all customers pre-approved loans at any time, eliminating the traditional direct marketing campaign, i.e., junk mail, and eliminating bad profits — non-punitive fees.

 

This was a dynamic presentation and inspirational message about unleashing the creativity of the front-line and creating a working environment where customer delight is top priority — with impressive business results.

 

Click here to download the presentation.

1168 Views 0 Comments Permalink Tags: emilia, b2c, francisco, san, fire, credit, b2e, brad, union


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