Get Customers to Advocate for You
When deciding whether to give you their business, prospective customers trust one source of information above all others: their peers. To sell more, you need to get your current customers marketing and selling — advocating — for you. First, find the core customers who are passionate about your company. One way to do this is by asking the “net promoter” question: “How likely are you to recommend us to a friend?” Then, for those who respond with “highly likely,” make it easy for them to do so right then. Give them the option to easily post a recommendation to their Facebook friends, LinkedIn connections, and Twitter followers. Try giving them the tools to write a product review on a site important to your market. Or make it simple for them to upload a video singing your praises. Adapted from “Memo to the CEO: Customers Are the Key to Growth” by Bill Lee. Visit Harvard Business Review’s Management Tip homepage Purchase the HBR Management Tips book
Insurer RSA Braced For Revolt Over CEO Lee
Sky News understands leading shareholders in RSA have been sounded out about support for chief executive Simon Lee.
U.S. Service Firms Grow More Slowly, Hiring Weakens
(WASHINGTON) — Two reports Wednesday showed that U.S. service companies grew more slowly in March and private employers pulled back on hiring. The declines suggest businesses may have grown more cautious last month after federal spending cuts took effect. The Institute for Supply Management said that its index of non-manufacturing activity fell to 54.4 last month. That’s down from 56 in February and the lowest in seven months. Any reading above 50 signals expansion. Slower hiring and a steep drop in new orders drove the index down. A gauge of hiring fell 3.9 points to 53.3, the lowest since November. That means companies kept hiring, just at a slower pace. The ISM report covers companies that employ roughly 90% of the work force. (MORE: Survey Says Private Employers Added 158K Jobs in March) A separate report from payroll processor ADP also pointed to slightly weaker hiring in March. ADP said private employers added 158,000 jobs in March, down from 237,000 the previous month. Construction ...
Survey: US Manufacturing Grew More Slowly in March
WASHINGTON — A survey shows U.S. manufacturing activity expanded more slowly in March than February, held back by weaker growth in production and new orders. But factories hired at the fastest pace in nine months, an encouraging sign ahead of Friday’s report on March employment. The Institute for Supply Management said Monday that its index of factory activity slipped to 51.3 percent. The index fell from 54.2 percent in February, which was the fastest growth since June 2011. A reading above 50 indicates expansion. The index has signaled growth for four straight months. But the drop in March growth was bigger than economists expected. (MORE: Think There Are a Lot of Craft Breweries Out There Now? Just You Wait) Jennifer Lee, senior economist at BMO Capital Markets, said in a note to clients that the March decline might be the first sign that companies are worried about federal spending cuts that took effect on March 1. But Joshua Shapiro, chief U.S. economist at MFR Inc., cautioned that ...
US Jobless Claims Jump 16,000 to 357,000
WASHINGTON — The number of Americans seeking unemployment benefits jumped by 16,000 last week, the second straight weekly increase. But the longer-term trend in layoffs remained consistent with an improved job market. Applications increased to a seasonally adjusted 357,000 for the week ending March 23, the Labor Department said Thursday. That’s up from 341,000 the previous week, which was revised slightly higher. The four-week average, a less volatile measure, rose 2,250 to 343,000. Even with the gain, the average is only slightly higher than the previous week’s five-year low of 340,750. Economists pay closer attention to the four-week average because it smooths out week-to-week fluctuations. (MORE: Gas Prices Are Around 25 Cents Cheaper Than Last Year) Despite the two weeks of higher initial unemployment claims, “the overall trend of stronger labor market growth continues,” Jennifer Lee, senior economist at BMO Capital Markets, wrote in a note to clients. First-time applications ...