Next Level Northwest has helped a number of small- to mid-size businesses in northwest Chicagoland create jobs, expand facilities and grow revenue through entrepreneurial education.
A net promoter score measures customer experience and helps predict business growth. It can be a challenging obstacle to overcome. The consultancy who created it, Bain & Company, sets the bar even higher for B2B companies—anything less than 60 percent is considered a red flag. That's why it was pretty big news for Bales, a metal surface solution company, to learn that their NPS has gone up four points from 2019 to 77 percent and maintained the high level throughout the pandemic. The average NPS score in manufacturing is a meager 53 percent—but why does all of that matter at all? Because companies with a high NPS score tend to grow four to eight percentage points above their market's annual growth.
There are nearly 200,000 middle-market businesses representing one-third of the U.S. economy. While definitions of this group vary, the National Center for the Middle Market categorizes it as businesses with top-line revenue between 10 Million and 1 Billion. These companies are private and public, family-owned, geographically diverse, employ approximately 48 million people and span across all industries.
It's hard not to get excited about something new - a fresh start, a birth, a new year. 2020 is over, so how can we take the lessons we learned and use them to our advantage this year?Our first
Anchor Harvey has been featured in the industry news and podcasts quite a bit in recent months and with good reason. This 100-year-old aluminum forging company has faced down what could have been a disastrous year due to the pandemic.
Ten years ago, when Elk Grove Village embarked on a journey to be Beyond Business Friendly, the Village leadership committed on every level, using the tagline as an authentic mindset to approach policies, strategic initiatives, and employee hiring and retention.
Red Caffeine had earned Crafts Technology seven placements with target audience publications with two interviews that turned into mini-feature articles. Before the press release, Craft had not engaged with the media; now, they have seven new contacts to work with plus a video and documented story to turn into a case study to use as a foundation for their long-term lead generation plans.
We all remember the adage that it costs five times more to acquire a new customer than retain a current customer. The coronavirus pandemic has put an even greater emphasis on client retention given spending is at an all-time low. Customers are the lifeblood of your company. The following are three ways to support client retention and keep revenue flowing.
Growth is the biggest challenge in any business, regardless of industry, with or without a global pandemic. In a world where external forces are impacting business success like never before, conventional wisdom and experience can no longer guide growth strategies.
Red Caffeine worked with the Elk Grove Village economic development team and a steering committee of business leaders to launch a new website that helps local businesses respond to and recover during the novel coronavirus pandemic.
