Spring 2007    |    Special Focus    |    Ways You Can Get More From Your Marketing
Home   Marketing Technology     Customer Lifecycle     What's New?     Business Insights     DigitalDigest     IndustryInsights     QuickTakes     Publisher'sLetter		“How likely would you be to recommend us to a friend?” In his best seller, “The Ultimate Question,” Fred Reichheld says this is the most important question a business can ask. According to Reichheld, rating a customer’s likelihood of recommendation produces a single, easily understood metric, the Net Promoter Score, which is the percentage of a company’s customers who are most likely to recommend it minus the percentage of those who are most likely to complain and defect, the detractors. But, while the “ultimate question” can give you an indication of where you stand with customers, it doesn’t give you the ultimate answer. Instead, it simply leads to more questions, such as “why?” and “what can I do about it?” No one-size-fits-all solution To get the answers you really need, you have to ask more questions, and they need to be the right questions — specific questions that give you specific answers you can put into action. First Marketing’s Relationship Dimension Study is a new proprietary research tool that can provide this kind of multifaceted approach to measuring all the dimensions of your customer relationships for improved long-term profitability. Through extensive research we’ve identified six key dimensions that accurately define your relationships with your customers. The three customer-centered dimensions analyzed are commitment, customer interaction and perceived value. Three company-centered dimensions — performance, communication and customer focus— are also examined. In addition, the Relationship Dimension Study analyzes several facets within each dimension measuring each from the customer’s perspective to pinpoint which aspect of the dimension needs attention. With this kind of very specific information, you can guide and focus improvement efforts efficiently and effectively. For example, if research reveals that customers perceive a problem with “performance,” you may not know whether the problem is with the quality of your product or the timeliness of your delivery. The Relationship Dimension Study can determine specifically which facet of performance is affected. When you know the precise cause of a problem, you can take the most appropriate corrective action. Find out if this study is right for you — visit www.first-perspective.com/rds. Ask more questions to get better answers Reichheld’s Net Promoter Score is a good measure of customer loyalty, but a company’s most loyal customers may not always be its most profitable. The Relationship Dimension Study does more than simply measure loyalty. It measures all the key dimensions of your customer relationships to provide business metrics that are truly practical for determining exactly where you should focus company resources for maximum results. Instead of simply asking the “ultimate question,” ask more of the right questions to get the answers you need about your customer relationships. For more information about First Marketing’s Relationship Dimension Study, contact me at awasserman@first-marketing.com or call 954.956.3258. Dr. Adina W. Wasserman, Ph.D., is the Market Research Manager at First Marketing where she is responsible for all effectiveness and customer research. She can be reached at awasserman@first-marketing.com.
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