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The ultimate question

Most companies seek to lead their competitors in market share.  But alas there is usually only one company with the largest percentage of market share.  While there are many factors that contribute to gains in market share, some of them such as advertising and discounting are quite expensive to maintain.

Why not take advantage of the goodwill you have developed with your very best customers?  Bain and Company, a global consulting firm, identified these customers as promoters.  These customers are the least price-sensitive, have the highest repurchase rates, and are responsible for between 80 and 90 percent of positive referrals to your company or brand.

In addition to promoters, they also identified two other categories of customers: passives and detractors.  All three categories emerged from ratings customers gave to companies in response to the question, “How likely is it that you would recommend this company to a friend or colleague?”

Bain and Company research over a ten-year period confirms that, in most industries, companies with the highest ratio of promoters to detractors in their sector typically enjoy both strong profits and healthy growth.  Mmm…maybe there’s something to this customer service stuff after all.

Interested in learning more?  Pick up the book.

Order Delight Your Customers: 7 Simple Ways to Raise Your Customer Service from Ordinary to Extraordinary by Steve Curtin or purchase from select retailers, including Barnes & Noble.
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