newfocus provide a range of strategic metrics with a view to provide:
Market Research Goal – For over 11 years, market research firm newfocus has partnered with an iconic superannuation business to conduct market research and customer research in Melbourne, Sydney and Adelaide. The market and customer research have been both qualitative and quantitative in nature in order to understand the satisfaction of members and employers.
The research has encompassed overarching member and employer satisfaction benchmarking and tracking research as well as specified research into specific industries and markets. One such project in which newfocus partnered with the client was a mixed-modal approach to understanding a key industry for the super fund.
Process: Market Research in Action – Qualitative stage: This research project involved conducting focus groups in Melbourne and Sydney to firstly understand more fully the needs, expectations, communication preferences and indeed awareness of the super fund in this core industry.
Quantitative stage: Building on this insight, newfocus then designed and launched an online survey with a national market, achieving an extremely high response rate (n>700) through the aid of reminder emails and the chance to win a prize…
Market Research Impact – . The market research provided the client with a deeper understanding of the key issues within the industry and how best to partner with members to overcome these issues. The quantitative market research confirmed some of these newly held assumptions and led to a variety of strategic and tactical recommendations… Read On
The Advocacy Score is an internationally recognised and empirically proven customer loyalty measure used for benchmarking and tracking and predicting future growth.
Advocacy Score can also be used to measure the effectiveness of word of mouth marketing, which has emerged as one of the most powerful channels especially with the proliferation of alternative communication methods such as online social networking sites and instant messaging.
How the Advocacy Score is derived:
The Advocacy Score is derived from asking ‘how likely are you to recommend organisation X to family, friends or work colleagues?’. Respondents who indicate their likelihood to recommend as either 9 or 10 are classified as Promoters. They have had very positive experiences with the organisation concerned, and are more likely to stay loyal and spread their positive experiences through word of mouth. Those who give a rating of 7 or 8 are classified as Passively Satisfied. Although they are not dissatisfied with the organisation, they do not have the emotional affinity and loyalty to the organisation and are at risk of being lost to a competitor. Individuals that rate between 0 and 6 are classified as Detractors. Detractors are dissatisfied, and are at the highest risk of being lost to a competitor and stifle potential growth of an organisation by communication of their negative experiences.
Advocacy Score is calculated by subtracting the percentage of Detractors from the percentage of Promoters.
Advocacy Score = %Promoters – %Detractors
Due to the reliability of using one single measure and the limitations that arise when using Advocacy Score alone, newfocus recommends using several measures to assess advocacy, satisfaction, commitment and purchase drivers which construct a powerful suite of performance indicators against key competitors.
newfocus has over ten thousand Advocacy Score benchmarks, collated over the last 5 years, which enables performance to be assessed against competitors and ‘best practice’ organisations across many markets.
This falls into customer satisfaction and ultimately customer satisfaction can aid with the reduction of customer churn. The customer satisfaction metrics can be used as by tracking customer satisfaction new processes can be developed and put in place to increase the quality of the customer service section of a business.