The Net Promoter Score (NPS) is based on research conducted by Bain Co. and reported in the Harvard Business Review. Based 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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Denove and Power discuss customer satisfaction from A to Z, and they provide good information about what makes a consumer satisfied. They back their conclusions with compelling research taken from decades of customer satisfaction surveys and with anecdotes from companies that understand how to satisfy customers. The authors put together a strong case for why customer satisfaction should matter to every executive, and they link it to the bottom line.
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We are often approached by entrepreneurs that have a patent on a product or are considering building a facility for a specific purpose. In order to determine the feasibility of a product or service, the entrepreneur needs to assess the marketplace to determine the likelihood of success. Likewise, before outside investors will consider an investment opportunity, most want to have an independent assessment of the estimated demand for the product or service. Typically, there are three critical components to the market feasibility analysis.
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