Vince Nowinski - Net Promoter Economics - Teleco/Wireless Industry
We know that loyal customers repurchase, buy more, refer, and give constructive feedback.
Still many companies struggle to determine the value of customer loyalty.
What is the power of word of mouth (WOM) and what does that mean for your business?
Word of Mouth is accelerating across industries making the dynamics of WOM even more important. Studies have shown that word of mouth is 9X more trustworthy and that 60% of customers trust the info they get from on-line reviews.
WOM is not just an extension of your advertising program. There needs to be something compelling for people to share or you can’t get them talking about it.
Like with anything the more positive the experience the more likely that the WOM would be positive and that negative experiences will result in negative WOM.
If the customer experience aligns with the message in the marketing then there is a synergy that can drive WOM. But traditional market methods do not tend to impact WOM. So companies should be looking at the natural way to apply WOM.
• For more details on the specific methodology please download this whitepaper Exploring the Relationship Between Net Promoter and Word of Mouth in the Wirless Industry
Click here to download the presentation.