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Innovating Analytics: How the Next Generation of Net Promoter Can Increase Sales and Drive Business Results Hardcover – September 23, 2013

4.6 out of 5 stars 9 customer reviews

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Editorial Reviews

Review

“Innovating analytics is critical in baseball, in politics, and in business. Larry Freed is at the forefront of developing useful new metrics that will help businesses succeed.”
—Billy Beane, General Manager of the Oakland Athletics and the subject of the bestseller Moneyball.

“Challenging conventional wisdom and building upon the wealth of  knowledge derived from one of the most widely used customer experience measurement tools in business today, Innovating Analytics is an essential addition to any marketer’s library. Clearly Larry Freed is  one of the leading minds in the customer experience industry, as he  thoughtfully offers tested and practical strategies that businesses  can implement immediately.” 
Bruce Rogers, Chief Insights Officer, Forbes Media

"Innovating Analytics is a natural extension of Larry's career-long exploration of innovative business solutions.” 
—Thomas H. Zurbuchen, Associate Dean of Entrepreneurial Programs at the University of Michigan

“Larry Freed and ForeSee are at the forefront of transforming business around the world with actionable, predictive metrics. Innovating Analytics contains critical information for any executive who wants to improve business outcomes.” 
—Rick Snyder, Governor of the State of Michigan

“Innovating Analytics is a compelling exploration of the potential power of customer experience metrics in the modern age. Larry Freed’s combination of academic research with practical business implementation makes this book a must-read for any business leader.” 
—Mark Mahaney, Managing Director at RBC

“Too many businesses are relying on metrics that are outdated and have no relationship to company growth and profit. Innovating Analytics is a must-read for any executive about the power of good metrics and the dangers of bad ones.” 
—Claes Fornell, Founder and Chairman of the ACSI and author of The Satisfied Customer

From the Inside Flap

A satisfying customer experience is the driver of any business's revenue growth. If you know how to measure and improve the customer experience, you will increase sales, return visits, recommendations, loyalty, and brand engagement across all channels. Over the past decade, Net Promoter Score, has become a Key Performance Indicator used by businesses all over the world, from small mom-and-pop shops to Fortune 500 giants. However, NPS has not kept pace with the evolving world of customer behavior and customer experience analytics. Enter the Word of Mouth Index (WoMI).

Innovating Analytics introduces and explains WoMI, a metric that measures a customer's likelihood to recommend or to detract. Tested on hundreds of companies and more than 2 million consumers over the last two years, WoMI provides a more accurate and comprehensive measure of word of mouth and its impact on your business.

Innovating Analytics goes on to examine the four drivers of business success, why the customer experience matters, and the value of the Customer Experience Measurement Ecosystem. Through detailed guidance, it explains:

  • What NPS is, what it does well, and how it is flawed
  • How to use WoMI to identify a business's promoters and detractors more accurately
  • How to use behavioral data, feedback, observation, and satisfaction to predict customer behavior
  • Best practices for improving customer experience
  • How to use Big Data to improve the effectiveness of marketing and merchandising

This is a time of great change and great opportunity, and businesses desperately need more reliable and more useful data in order to make better decisions and achieve better results. Innovating Analytics offers the right tools to make the right assessments of how to satisfy your customers and gain a competitive advantage today.

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Product Details

  • Hardcover: 288 pages
  • Publisher: Wiley; 1 edition (September 23, 2013)
  • Language: English
  • ISBN-10: 1118779487
  • ISBN-13: 978-1118779484
  • Product Dimensions: 6.3 x 1 x 9.3 inches
  • Shipping Weight: 1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Best Sellers Rank: #954,358 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Kindle Edition Verified Purchase
How does your business define success? Whether you have shareholders, are privately held, or serve the public - chances are you and your teams are charged with driving revenue increases or creating operational efficiencies. In order to achieve success at either concept you must manage a variety of variables both operationally and strategically to improve your customer's experience. The successful management of your business is defined by your decision making system - which, if informed by a partial metric, like NPS, presents an expensive if futile effort to efficiently drive results. You cannot effectively manage what is not being properly measured. And with a forward looking perspective ... if you're not properly measuring your customer experience you are effectively ceding a robust competitive advantage.

Larry Freed, CEO of ForeSee - the leading customer experience analytics firm, details his organization's successful efforts to improve upon NPS with the Word of Mouth Index to clarify the accuracy of that widely leveraged corporate KPI. The concept of True Promotors and True Detractors will enable organizations small and large (as detailed by interviews in the book) to drive results much more effectively rather than wasting efforts in areas that deliver no return.

Mr. Freed further details that in order to successfully drive results you must deliver on 2 if not 3 fundamental concepts in business: Customer Retention, Customer Upsells, Customer Acquisition, and Word of mouth Acquisition.
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Format: Hardcover
As Larry Freed explains, "I introduce a powerful new metric we developed at ForeSee called Word-of-Mouth Index (WoMI), which incorporates and builds on a widespread metric of customer loyalty and customer satisfaction called Net Promoter Score (NPS). [Introduced by Fred Reichheld,] NPS has many strengths but just as many weaknesses and has outlived its usefulness as a metric. This book is also about the need for a comprehensive customer experience measurement ecosystem in addition to WoMI to accurately assess and improve the other elements of customer experience."

My own opinion is that many (most?) smaller businesses do not use any metric - much less a system - to measure customer loyalty and customer satisfaction. I also think that, for many of those companies, NTS will be sufficient to their needs. That said, WoMI does seem to offer more, as Freed explains within his narrative, but as noted, he also recommends "a comprehensive customer experience measurement ecosystem in addition to WoMI" and devotes an entire chapter, Chapter 7, to explaining what one would be and do.

These are among the dozens of business subjects and issues of special interest and value to me, also listed to indicate the scope of Freed's coverage.

o Accelerated Darwinism (Pages 10-13)
o Net Promoter Score (NPS): Flaws (21-31)
o Word of Mouth Index (WOMI) Overview (33-51)
o Four Drivers of Business Success (53-56)
o Mini-Interview: Stephanie Bottner(71-72)
o Measuring the Customer Experience at the Brand Level (81-87)
o Mini-Interview: Josh Chapman, Cars.com (93-95)
o Eric Feinberg: Mobile Context, Location, and Intent (105-106)
o Voice of Customer Measurement (118-120)
o Mini-Interview: Mario Castrano, Nikon Inc.
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Format: Kindle Edition Verified Purchase
Word of Mouth is critical for a business.
The whole concept about finding your true promoters and true detractors takes NPS to the next level. I am by nature a promoter of things I really like, and on the flip side, I tell everyone if I don't like something. There are things I will promote (a great book, delicious restaurant), and there are things my nature I will not promote (Life Insurance, toilet paper, toothpaste) however, if someone asked me about a certain brand of toilet paper - I will detract them from the sandpaper brand.
In every business - no matter what it is - Finding your true promoters and true detractors and obtaining real actionable insights on how to move the needle within those groups of customers is invaluable - the Word of Mouth Index is groundbreaking - It truly is the next generation of NPS.
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Format: Hardcover Verified Purchase
Great introduction to analytics. It's detailed and technical. It is a good foundation for those trying to understand what the numbers mean, how the numbers work and why you should care. It's not a book you'll sit down and read at once, but it is a good reference book to have on the shelf if you use analytics.
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Freed has done a nice job of making what was once the 'soft science' of consumer insights into something measurable and meaningful. One of the more meaningful points about NPS he makes that really hit home for me was when his research showed a 10 point margin of error for NPS - so if your score is a 20, then in reality, that's anywhere from a 10 to a 30. He spoke of a leader who said as long as it was directional, then the NPS was good enough. Yet with this kind of margin of error, the point is clear that no leader should be accepting such a wide margin because how can you really tell if you've made an improvement? How can you really tell if you're ahead of or behind your competition? A KPI is not useful unless it's accurate and NPS simply isn't accurate.

Today's leadership needs to more and more precise with measurement; 'directional' KPIs are no longer effective with the power so much in consumers' hands. This book provides a structure that builds on the wildly popular NPS methodology already integrated in many of the top Fortune 500 companies - but it does so by adding the true statistical power of WOMI.
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