ANN ARBOR, Mich., Nov. 20, 2013 /PRNewswire/ -- ForeSee (www.ForeSee.com), the global leader in technology-driven customer experience analytics, has been named a winner in the 2013 Best in Biz Awards, the only independent business awards program judged by members of the press and industry analysts. ForeSee received a gold-level award -- the highest honor -- in the "Most Innovative Company of the Year" category for medium-sized businesses. The company was recognized for its innovative Word of Mouth Index (WoMI), a groundbreaking metric that accurately measures customer word-of-mouth, including brand promoter and detractor behaviors.
This past May, ForeSee introduced WoMI as an evolution of Net Promoter Score (NPS), which has become the de facto measure of customer loyalty for many organizations. Because NPS fails to distinguish between positive and negative word-of-mouth -- overestimating brand detractors by 780% on average -- ForeSee created WoMI to more accurately measure customers' likelihood to recommend and/or detract from a brand. WoMI builds on and retains the simplicity of NPS but is designed to address today's more complex word-of-mouth measurement challenges. It still offers business leaders a single value for their dashboards, but it is based on more sophisticated analytics that enable executives to evaluate the customer experience across their organizations as part of a comprehensive measurement system.
The third annual Best in Biz Awards program, focusing on companies based or operating in North America, was the most competitive in its history -- with the highest number of awards submissions to date and the most distinguished judging panel yet assembled. More than 500 entries were received this year, from a wide array of public and private companies of all sizes and from a variety of industries and geographic regions in the U.S. and Canada.
"Winning an esteemed Best in Biz Award for WoMI validates the need for an evolution of customer experience analytics and recognizes that business today require a more accurate, precise and actionable way to measure customer loyalty," said ForeSee CEO Larry Freed. "We're ahead of the curve when it comes to omnichannel customer experience measurement, and evolving the method for capturing the voices of customers -- both promoters and detractors -- is critical for making accurate business decisions that impact financial performance."
Recently, Wiley published Freed's book, Innovating Analytics: Word of Mouth Index — Use the Next Generation of Net Promoter to Increase Sales and Drive Results, which explains the science behind the creation of WoMI as an evolution of NPS.
"The winning entries this year show a high degree of innovation combined with a keen focus on business and consumer services," said Jack M. Germain, ECT News Network, who returned to the Best in Biz Awards judging panel for the third time. "Often products seek a novel way to repurpose an already successful idea. This year's competition proves that products which bring new approaches to solving vendor and consumer needs can build a better business environment. This certainly raises the bar for next year's contestants."
Winners of the Best in Biz Awards were determined by an independent panel of 51 judges from top-tier news, business and technology publications, as well as broadcast outlets and analyst firms, such as Arizona Daily Star, Atlanta Tribune, Bloomberg Businessweek, Chicago Tribune, Computerworld, Crain's New York Business, Dallas Morning News, Detroit Free Press, ECT News Network, Entrepreneur, eWeek Channel Insider, Executive Travel Magazine, Fast Company, Financial Times, Fortune, Inc. Magazine, Miami Herald, Memphis Business Journal, Network World, PC Magazine, Reuters, San Francisco Chronicle, San Jose Mercury News, and USA Today.
- For a full list of gold, silver and bronze winners in Best in Biz Awards 2013, visit: http://www.bestinbizawards.com/2013-winners.
- Additional information about WoMI can be found here: http://wordofmouthindex.com/about-womi/.
- To purchase a copy of Innovating Analytics, please visit: http://www.amazon.com/Innovating-Analytics-Generation-Promoter-Increase/dp/1118779487.
About Best in Biz Awards
Best in Biz Awards recognizes top companies, teams, executives and products for their business success as judged by established members of the press and industry analysts. Best in Biz Awards honors are conferred in three separate programs annually: North America, EMEA, and International. Entries are currently being accepted in the third annual Best in Biz Awards 2013 EMEA (Europe, Middle East and Africa) program, until the final entry deadline on January 24, 2014. Any organization from any industry operating in EMEA may enter any of the more than 50 company, department or team, executive and product categories. For more information about the entry process and categories in the EMEA program, please visit: http://emea.bestinbizawards.com.
As a pioneer in customer experience analytics, ForeSee continuously measures satisfaction across customer touchpoints and delivers critical insights on where to prioritize improvements for maximum impact. Because ForeSee's superior technology and proven methodology connect the customer experience to the bottom line, executives and managers are able to drive future success by confidently optimizing the efforts that will achieve business and brand objectives. The result is better business for companies and a better experience for consumers. Visit www.foresee.com for customer experience solutions and original research.
For more information contact:
Sarah Allen-Short, 734-327-3852