Business Book Summary of The Ultimate Question 2.0

April 25, 2014 - PRLog -- Business Book Summary of The Ultimate Question 2.0

EBSCO Publishing has just released a new book summary. The importance of measuring and understanding customer and employee satisfaction has increased exponentially with the widespread use of social media tools. In the Harvard Business School Publishing title The Ultimate Question 2.0, Fred Reichheld explores the resulting shift in control from corporations and their projected public images to customers and employees, who have the ability to go public in real time regarding their experiences with any company. To thrive in this new atmosphere, companies must know what customers think and establish procedures to ensure service that exceeds customers’ expectations. The Net Promoter® score (NPS)—or the Net Promoter system—is based on the “Ultimate Question”: On a ten-point scale, how likely is it that you would recommend this (company/product/service) to a friend or colleague? NPS provides a simple, comprehensive business model with which companies can measure their success at turning detractors into company promoters.

Fred Reichheld offers readers the following advice:

·         Customer satisfaction is best gauged by asking customers to rate, on a ten-point scale, their answers to the Ultimate Question: “How likely is it that you would recommend this (company/product/service) to a friend or colleague?”

·         Measuring customer (and employee) satisfaction has become increasingly necessary with the proliferation of social media and other web-based communication tools, which allow real-time feedback.

·         Based on their responses to the Ultimate Question, customers can be categorized into one of three groups: promoters, passives, or detractors. Each group calls for a different response from the company.

·         Bad profits occur as a result of practices that take advantage of the consumer. Good profits occur as a result of happy, repeat customers who also convert their friends and acquaintances into customers. The Ultimate Question can be used to separate good profits from bad profits.

·         Customer satisfaction ratings attained using traditional market survey techniques often do not correlate with a company’s success.

·         Acquiring and retaining loyal, engaged, happy employees is the only way to acquire and retain loyal, happy customers.

·         Net promoter score, or NPS, is a measurement tool and management system. It creates action within a company, which results in the acquisition and retention of more “promoter” customers and fewer “detractor” customers.

·         NPS is not a short-term fix. It is a long journey, requiring cultural changes, an actively engaged leadership, and implementation of customer feedback at every level of a company.

·         NPS is based on the twin supports of economics and inspiration. The economic return on building customer loyalty is balanced with the company’s mission to better the lives of its employees, customers, and community.

In addition to a 7-10 page summary of the book, each Business Book Summary includes a Key Concepts section that outlines the main points of the book, an About the Author section that informs readers of the author’s background as well as their additional written works, and a Features of the Book Section that explains the special features found within the book.

For busy professionals, Business Book Summaries from EBSCO provide an easy, quick way to stay on top of the best business books in the market. With many titles available in audio format, it becomes even easier to obtain the helpful information available in these top business titles.

For more information and to get free samples of Business Book Summaries, please visit www.bizsum.com.