Improve customer retention.
Management cannot address issues unknown to them. It is not uncommon to retain customers that were on the verge of leaving due to their dissatisfaction. As a result of customer surveys, management becomes aware of issues and problems of concern to their customers, addresses the issues and retains the customers
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With hundreds of well-known management practices available to companies, the authors explore those that contribute most to the success of a business. Based on the Evergreen Project, a massive five year study in which consultants and business school professors at top universities around the country analyzed ten years of data on 160 companies and more than 200 management practices, the authors discovered that all successful companies simultaneously master six specific management practices.
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Based on research conducted by Bain Associates on more than 400 companies representing 28 industries and over 130,000 customer survey responses, an index has been developed that links survey responses with actual customer behavior – purchasing patterns and referrals – and ultimately with company growth. This research provides a strong correlation between a company’s growth rate and the percentage of its customers who are promoters – that is, those who say they are extremely likely to recommend the company to a friend or colleague.
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