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ForeSee launches WOM measurement tool
A new tool out from ForeSee takes Net Promoter Scores (NPS) to another level by incorporating word of mouth. Called the Word of Mouth Index (WoMI), the solution offers deeper measurements of WOM channels so that brands have a better grasp on customer loyalty.
According to Foresee's research 'traditional' NPS measurements aren't accurate enough because they do not measure between active and passive word of mouth. Because a customer is satisfied, for example, does not mean they will encourage their friends or social networks to try a brand/product.
"More than a decade ago, NPS was introduced as a metric that has been used to focus organizations around the customer and help executives track customer loyalty with a single number. Yet, it doesn't accurately represent negative word-of-mouth, and it's not an actionable metric or a predictor of growth," said Larry Freed, chief executive officer of ForeSee. "As customer metrics evolved along with social media and methods for spreading word-of-mouth, NPS hasn't kept pace with today's ecosystem that includes customer megaphones such as Facebook, Twitter and Yelp. WoMI is the evolution of NPS, offering a more precise analytic measure to address the sophistication of customers and provide today's businesses with an accurate number that works within a system of metrics to improve bottom-line results."
ForeSee has tested the solution over the past 18 months with nearly 300 companies. Their research found that other methods of NPS may overstate those consumers who might be brand detractors by over 250% (average).
Through WoMI brands can measure both the likelihood of a consumer recommending a brand and the likelihood that a consumer will detract from the brand.
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