Here's Why 2016 Best of Print & Digital Award Winners Are 'Best in Class'
Butler Street, a leading management consulting, training and research firm specializing in client and talent development, in conjunction with NAPCO Media, Printing Impressions and Print+Promo, launched the Best of Print & Digital program in 2016 to recognize companies in the industry that are considered best in class as perceived directly from the clients they serve. The benchmark used to determine leaders is the internationally recognized Net Promoter Score (NPS), which is considered a leading indicator of future revenue. With one simple question — "How likely is it that you would recommend [company] to a friend or colleague?" — a score is calculated on a scale of zero to 10 by subtracting the "detractors," or the percentage of those who rated their likelihood to recommend a company with a six or below, from those that rated the company a nine or a 10, also known as the "promoters."
The data and analytics that result from performing this survey, along with the actionable insights provided by Butler Street Research, lead to increased client retention, increased customer referrals, clear direction on building company strategy, planning budgets, and creating a total sales transformation that keeps ahead of the needs and wants of your clients.
Research shows that NPS leaders across all industries have outgrown their competition nearly three times. NPS was introduced by Fred Reichheld and Bain & Company in 2003 and has been adopted worldwide across most industries. This best practice survey is especially powerful in highly commoditized and mature industries where there is less differentiation and customers have many choices. It’s a perfect fit for the print and digital industry.
NPS measures more than satisfaction — it measures client loyalty and it captures the entire customer experience with your organization. The feedback on both economic and emotional value clarifies the quality of the relationships you have with your clients and provides insights to identify client risk and uncover opportunities to introduce innovation so that you are able to deliver on your customers’ needs and wants, today and in the future.
Client Retention Is the New Acquisition
Consider this: the probability of selling more to an existing customer is 60-70%. The probability of selling to a new prospect is 5-20%. Research shows that it’s six to seven times more expensive to acquire new customers than to resell to existing ones. If you are only retaining 90% of your clients in terms of revenue and would like to grow by 15% year over year, you will need to grow 27.9%. Strong client retention also results in a higher company value and acquisition attractiveness, both from the buyer’s perspective as well as the seller’s.
Retaining loyal customers can result in cross-selling additional products and services, benefits from referrals and the promise of strong references.
Do you know if customers are struggling with response times, experiencing unacceptable customer service or questioning your ability to meet their needs? NPS can assist in identifying loyal customers and areas of risk, while providing fact-based and data-driven answers.
Be Recognized as 'Best in Class'
If you think you have loyal customers and your NPS scores come in at the top of the industry, you could qualify as a Best of Print & Digital winner. This award is the acknowledgement of a customer-centric model and is a true testament to the quality, service and innovation a company provides. Having data-driven testimonials from clients is more beneficial than any internally created marketing materials. A Best of Print & Digital award can help to accelerate your marketing program and substantiate a company’s claims.
If you believe your company won’t qualify for the award, it is even more important that you participate. This process will provide you with step-by-step actionable insights into exactly what is lacking in your customer relationships. It will highlight your strengths and weaknesses, and serve as a starting point to become an industry leader by understanding where you are today and what your customers expect.
To obtain genuine feedback and actionable insights into your customer retention, register today for the 2017 Best of Print & Digital program. By visiting www.bestofprintanddigital.com, you can start taking the actions needed to benchmark and increase your customer loyalty and retention.