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The Single Most Important Question In Business
As business owners, we hear all the time that word-of-mouth is the best form of marketing. As a result, we focus on building our referral network – the group of people that know what we do, and can act as advocates for our business into the broader community. This is what word-of-mouth marketing is all about. (And if you don’t believe me, go and visit your local BNI.
It follows then, that one of the biggest opportunities for referrals is to make sure our customers are happy. We need to make sure that we are giving our “smiley” happy customers every opportunity to recommend our business to their friends – empowering them to be “fans” of our business.
Satisfied clients, actively recommending your business to their friends will certainly help to grow your business – but it is something that can be difficult to measure.
I recently came across some interesting research by Frederick F. Reichheld in the Harvard Business Review titled “One Number You Need to Grow.”
Essentially, this explores the relationship between customer satisfaction and top-line growth, concluding that the single most important question that should be asked as part of any customer satisfaction program is: “Would you recommend this business to a friend?”
This applies to all business, large and small. Big business is getting on board this research, and some are starting to measure it with an approach known as Net Promoter Scores – or NPS for short (Oh, how we love acronyms – LOL!)
If you’re interested, you can find out more about the science behind Net Promoter Scores here.
In the meantime, I have two important questions for you:
- Would your customers recommend your business to their friends?
- When was the last time you asked your customers this question?
There are four ways you can engage with me:
1. Subscribe to these emails and get them once a week in your inbox so you never miss a video from me.
2. Join the Trades Business Toolshed Facebook Group where you can watch these videos, ask me questions or talk to your peers.
3. Attend my next Tools Down workshop.
4. Book yourself a 10-minute chat with me. We’ll talk about whether coaching is right for you now and if it is, we’ll go further into the process before you have to make your mind up.
See you later.