Best of Print & Digital: Win the Battle for Clients
Butler Street, a leading management consulting, training and research firm specializing in client and talent development, in conjunction with NAPCO Media, the publisher of Printing Impressions and Print+Promo magazines, are pleased to announce the Best of Print & Digital winners for 2017. The program recognizes companies in the industry that are considered best in class by the clients they serve, and the benchmark used to determine the leaders is the internationally recognized Net Promoter Score (NPS).
The Best of Print & Digital is all about measuring customer loyalty and knowing how to compete. NPS is determined by asking one simple question — “On a scale of zero to 10, how likely is it that you would recommend [company] to a friend or colleague?” The Net Promoter Score is generated by subtracting the percentage of customers who answered six or below (the “detractors”) from those who rated the company a nine or a 10 (the “promoters”).
NPS was introduced by Fred Reichheld and Bain & Co. 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 where customers have many choices. Sound familiar?
Calculating the score is just the beginning. As part of the survey process, Butler Street Research provides participants with a specific set of actionable insights designed to help companies identify and engage the detractors, passives and promoters within their customer communities. By following the Butler Street NPS process, companies will improve client retention, increase customer referrals, and grow both revenue and profits. In addition, the data and feedback provided as part of the survey enables participants to set clear strategies, improve budgeting, and stay ahead of the needs and wants of their clients.
Winners of the Best of Print & Digital awards place a heavy emphasis on client loyalty within their organizations, and research shows that NPS leaders across all industries historically outgrow their competition by nearly threefold. NPS measures more than just satisfaction; it captures and articulates the entire experience that customers have 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 — helping to uncover opportunities to introduce innovation so that you are able to deliver value against your customer expectations both today and into the future.
To qualify for a Best of Print & Digital award in 2017, companies must have received a Net Promoter score of at least 40 in conjunction with a minimum customer response rate. Only the top scoring companies in the printing industry achieved this distinct honor.
Of the eight qualifiers this year, four are repeat winners, with the average Net Promoter Score of the group coming in at 62 — an increase of nine points over last year. And their results prove that their focus on the customer is paying dividends.
Here’s What Some of the Winners Are Saying
“We are big believers in NPS and its ability to measure customer loyalty,” offers John Falconetti, chairman and CEO of Drummond Press (Click here to read the profile on Drummond Press). “Winning the Best of Print & Digital award in back-to-back years is a significant achievement for us. Butler Street’s program gave us the opportunity to objectively measure and establish a loyalty benchmark — and, through focused actions, improve our score by 23% this year.
“Because of this effort, we are posting industry leading growth year-over-year,” Falconetti says.
Stuart Boyar, Cooley Group president and president elect of the Print Services and Distribution Association (PSDA), adds, “We are thrilled to be recognized by our customers as one of the elite providers in the print and digital industry. We’ve always felt that we have unparalleled customer service, and the Best of Print & Digital survey has substantiated that. Because of this survey, we were able to identify multiple opportunities for growth and have a clear roadmap for continued success.”
As these executives have found out, focusing on client loyalty works. The probability of selling more to an existing customer is 60-70%, while the probability of selling to a new prospect is only 5-20%. And research shows that it’s six to seven times more expensive to acquire new customers than to resell to existing ones. Retaining loyal clients will result in cross-selling additional products and services, more referrals, and strong references.
It’s important to note that the benefits of the Best of Print & Digital program are not just for those who scored well. Even if you don’t cross the minimum score threshold in your first year, the insight you will gain is immensely valuable. Ask yourself these questions: Do you know if customers are struggling with response times? Are they experiencing unacceptable customer service or questioning your ability to meet your needs? Just as important are questions such as: Which clients would gladly provide a reference if you asked? Where do you have opportunities to grow in your current base?
NPS can assist you in identifying your most loyal customers and those where you have excessive risk, so participating is the first step. The Best of Print & Digital award recognizes those companies that are at the very top of the industry from a client loyalty perspective.
It’s also a process that can help you start on the path to better company management, building a culture of loyalty, and experiencing the growth that is available to all printing and digital competitors.
The winners in this year’s Best of Print & Digital program set a high standard, and their growth metrics over the last year substantiate the value of using NPS. “This year’s winners have raised the bar higher for the industry,” says Mike Jacoutot, Butler Street’s founder and managing partner. “They have proven the difference that exceptional customer experience makes and, as a result, are poised for increased client loyalty and future profitable growth.”
It’s easy to get started. Begin the process right now by visiting www.aremyclientsloyal.com. Butler Street will provide you with a step-by-step, actionable process that will highlight your strengths and weaknesses, and serve as a starting point to becoming an industry leader.