#1 Question to Ask |
To increase your referral and repeat business ask, "How likely is it that you would recommend Company X to a friend or colleague?
The answer is rated on a scale of 1-10 with 10 being most likely to recommend. Ask your employees, your customers, your vendors, your network anyone else who comes into contact with your company or its ambassadors.
The end result is your Net Promoter Score. With whom is your score the highest (ie. employees) and the lowest (ie. customers)? Who are your:
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Promoters (score 9-10) are loyal enthusiasts who will keep buying and refer others, fueling growth. |
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Passives (score 7-8) are satisfied but unenthusiastic customers who are vulnerable to competitive offerings. |
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Detractors (score 0-6) are unhappy customers who can damage your brand and impede growth through negative word-of-mouth. |
Between 80 and 90% of positive referrals come from Promoters. Detractors, meanwhile, are responsible for 80 to 90% of the negative word-of-mouth, and the cost of this drag on growth should be allocated to them. Improving your NPS can affect many areas of your company including:
• Retention rate
• Margins
• Annual spend
• Cost Efficiencies
• Word-of-Mouth Comments… |
To learn more about calculating your Net Promoter Score visit
Answering The Ultimate Question
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Pam's Reading List |
A company's reputation is even more important today due to the social aspect of the internet. How aware are you of what people are saying about your company online? Check out the below articles for tips as well as thoughts on the United States current reputation with the recent S&P's downgrade of US Debt and municipal bonds this month.
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Increasing Revenues the Easy Way –
Look Inside First
by Pamela Wasley |
Whether you are operating on a shoe string budget or have plenty of cash to spare, I don't know anyone who would turn down a referral, repeat business from current clients or reoccurring revenues. These are the Holy Grail for most businesses. Yet, while in pursuit of new customers it is easy to forget how these three things can make a little effort go a long way.
Remember the 80/20 rule for your marketing efforts. It takes only 20% of your marketing efforts to get business from your existing clients which will bring you 80% of your business. So where are your current marketing and business development efforts focused?
For your company, do you know?:
1. The # of referrals you receive each month
2. Your top referral sources & referring individuals
3. % of your revenue that come from referrals
4. % of your revenues that come from repeat clients
5. The cost of gaining a new client vs. the cost of keeping a current client
6. The # of referrals you pass on each month? To increase your referral and repeat business, read the #1 Question to Ask to the left. |
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Glory Beijar, CEO, Anatec International
Never miss an opportunity to have a customer say it for you. Glory discusses her repeat decision to use interim executives for the varying needs of her business.
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Connecting in the Capital and Beyond
Many of us often feel as though networking is our full time job, but for some, it actually is. In DC, we have come across an individual who believes getting connected through business partners is a lost art in our country. By meeting with over 400+ companies each year at the senior executive level, he is well on his way to creating an environment where referrals and connections drive the US economy.
When Cerius first began doing business in Washington DC there was one name that kept coming up. We were fortunate enough to get an introduction to what turned out to be one of our most valuable business and referral partners, Steve Abramowitz. In a city where it is easy for anyone to get lost in the constant barrage of event and networking, Steve and his organization Accelerent stood out, and for good reason.
Learn more about his continued quest to connect, meet Steve Abramowitz, Director - Washington DC Region, Accelerent
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