Quidco a Pro for Luxury Brands, Yo
Everybody loves a little cash back after a purchase. But lest they dilute brand value, luxury brands have traditionally been hesitant to compete on price, let alone stoop to discounts to drive sales. However, the rise of consumer choice via price comparison sites has recently brought about a rethink to performance marketing strategies.
This trend has been gaining steam across the UK for some time now, where it is just as common to see names such as Tommy Hilfiger, Ralph Lauren, or Jimmy Choo on price comparison sites as it is on billboards in the city centre. And the news is not necessarily bad for the brand. According to Quidco, a cashback website: “We do a lot of Net Promoter Score analysis and more than often we find that (luxury) customers using Quidco have a higher NPS than those that shop direct.”
Major luxury brands such as Hugo Boss, Armani and Diane Von Furstenberg, which are all working with Quidco, apparently agree. These brands offer online cashback between five per cent and 9.2 per cent, and Hugo Boss offers eight per cent exclusively to Quidco shoppers, which has helped boost its five-star customer rating on the site. The Drum
Sequoia advises Net Promoter for "Hellacious Growth"
Silicon Valley VC business Sequoia Capital has invested in a number of the world's biggest tech successes (and failures) since the 1970s, including Apple, Oracle, Cisco, Yahoo!, Google, and LinkedIn, and more recently, AirBnB, DropBox, and WhatsApp.
Sequoia partner and former Zappos number two Alfred Lin recently told a gaggle of portfolio CEOs that one of the key ways to drive the kind of growth that the VC business is looking for is by using Net Promoter not just to close the loop on customer issues, but also identify what you are doing right. According to the post, "That was a key part of the winning formula at Zappos during his time there as chief operating officer. Do more of what dazzles your happiest customers, and CEOs can turn strong expansion into hellacious growth." Forbes
iiNet CEO: We're not a telecom biz
Australian customers generally think of iiNet as a telecom that is number three in the ISP business in Australia and number two in DSL. But when he was asked if he would "remain" in the telecom sector after leaving iiNet, the company he founded, outgoing CEO and fervent adherent of the Net Promoter philosophy Michael Malone corrected the journalist. "I've always thought we were in the customer service field," he said.
The business which he founded in his parents' garage 20 years ago now has 2,000 staff, AU$1 billion in revenue, and "an almost slavish devotion to the Net Promoter Score (NPS), which currently sits at 60 percent as of 2013." ZDNet
ING Australia reports that it has retained the number one position in NPS The Adviser
Software business Electric Cloud has claimed an NPS of +50. Electric Cloud
American First Credit Union (AFCU) has achieved Net Promoter Scores of 81% for Member Services and 88% for Lending Sales. Yahoo! News