Foresee results
Encyclopedia
ForeSee is an international customer experience analytics firm based in Ann Arbor, Michigan
. Using the methodology of the American Customer Satisfaction Index
(ACSI) which was founded at the University of Michigan , ForeSee continuously measures satisfaction across customer touch points and delivers critical insights on where to prioritize improvements for maximum impact. ForeSee's original research on retail, e-government, financial services, and other industries is regularly cited in major news and media outlets and in academic and analyst research.
as co-lead. The two investment firms currently join CFI Group as investors in ForeSee Results. Also in 2007. ForeSee Results acquired the Chicago-based usability consulting group Red Spade. In 2008, ForeSee Results acquired a technology from Vancouver based Nitobi that they developed into CS SessionReplay. In August, 2011, ForeSee shortened its name (from "ForeSee Results" to "ForeSee") and updated its iconic red logo, seen on millions of online and offline customer surveys each year.
(ACSI) is an international indicator of customer satisfaction on both the macro and micro level —. The ACSI:
ForeSee owns and applies the methodology of the American Customer Satisfaction Index
(ACSI) to measurement of the customer experience across critical customer touch points, including brick-and-mortar locations, call centers, websites, mobile experiences, and social media interactions.
Survey data is continuously analyzed using ForeSee Results’ proprietary calculations based on the ACSI methodology. Clients receive regular reporting and analysis.
Overall satisfaction scores are reported on a 100-point scale, and the ACSI model questions determine which drivers of satisfaction have the greatest impact on future behaviors, such as likelihood to return to the site, recommend, purchase online or offline, etc.
The survey pop-ups can be blocked by configuring the Ad Block Plus extension in Mozilla Firefox
and Google Chrome
browsers to block */foresee-trigger.js
ForeSee also has industry-specific benchmarks, including retail, financial services/insurance and federal government. Clients can also compare satisfaction levels against Fortune 500/200 benchmarks and against benchmarks of specific elements of the customer experience. Syndicated research by ForeSee, e.g., the Top 100 Online Retail Satisfaction Index, provides another means to compare performance.
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
. Using the methodology of the American Customer Satisfaction Index
American Customer Satisfaction Index
The American Customer Satisfaction Index is an economic indicator that measures the satisfaction of consumers across the U.S. economy. It is produced by the American Customer Satisfaction Index, a private company based in Ann Arbor, Michigan....
(ACSI) which was founded at the University of Michigan , ForeSee continuously measures satisfaction across customer touch points and delivers critical insights on where to prioritize improvements for maximum impact. ForeSee's original research on retail, e-government, financial services, and other industries is regularly cited in major news and media outlets and in academic and analyst research.
History
ForeSee was co-founded in 2001 by Compuware Corporation, a multi-billion dollar computer services corporation, and CFI Group, an international consulting firm. In 2007, ForeSee Results announced the completion of a $20 million financing, led by Updata Partners with Investor Growth Capital Investor ABInvestor AB
Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family through their foundation asset management company FAM. The company owns a controlling stake in several large Swedish companies with smaller positions in a number of other firms. In 2006 it had...
as co-lead. The two investment firms currently join CFI Group as investors in ForeSee Results. Also in 2007. ForeSee Results acquired the Chicago-based usability consulting group Red Spade. In 2008, ForeSee Results acquired a technology from Vancouver based Nitobi that they developed into CS SessionReplay. In August, 2011, ForeSee shortened its name (from "ForeSee Results" to "ForeSee") and updated its iconic red logo, seen on millions of online and offline customer surveys each year.
ACSI Methodology
The University of Michigan’s American Customer Satisfaction IndexAmerican Customer Satisfaction Index
The American Customer Satisfaction Index is an economic indicator that measures the satisfaction of consumers across the U.S. economy. It is produced by the American Customer Satisfaction Index, a private company based in Ann Arbor, Michigan....
(ACSI) is an international indicator of customer satisfaction on both the macro and micro level —. The ACSI:
- Measures over 200 companies representing nearly 50% of U.S. Gross Domestic Product (GDP).
- Reports scores on a 0-100 scale at the national level and produces indexes for 10 economic sectors, 43 industries (including e-commerce and e-business) and more than 200 companies and federal or local government agencies. Produces scores for the causes and consequences of customer satisfaction and their relationships.
- Predicts macroeconomic growth. Researchers have found a strong relationship between the ACSI and some important macroeconomic indicators. For instance, the National ACSI score has proven to be a strong predictor of Gross Domestic Product (GDP) growth, and an even stronger predictor of Personal Consumption Expenditure (PCE) growth.
- Predicts stock prices. In a 2007 paper published in the Journal of Marketing, a hypothetical, back-tested portfolio of stocks chosen based on their performance in ACSI was shown to significantly outperform the New York Stock ExchangeNew York Stock ExchangeThe New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
(the Dow), the NASDAQNASDAQThe NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
and the S&P 500S&P 500The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...
. - Proves the cause-and-effect relationship between customer satisfaction and financial performance at the company level, in terms of market value, revenues and cash flow
ForeSee owns and applies the methodology of the American Customer Satisfaction Index
American Customer Satisfaction Index
The American Customer Satisfaction Index is an economic indicator that measures the satisfaction of consumers across the U.S. economy. It is produced by the American Customer Satisfaction Index, a private company based in Ann Arbor, Michigan....
(ACSI) to measurement of the customer experience across critical customer touch points, including brick-and-mortar locations, call centers, websites, mobile experiences, and social media interactions.
Applying the ACSI to Customer Experience Measurement
ForeSee applies the ACSI methodology to capture voice of customer data through scientifically designed and deployed surveys on websites, on receipts, in kiosks, in call centers, and through other customer touch points. The ACSI methodology allows companies to identify which specific aspects of the customer experience have the greatest impact on overall loyalty, positive word-of-mouth, and future purchases.Technology Behind Online Survey
ForeSee gathers customer input from an online survey that typically is presented to a random sample of online site visitors who accept an invitation to provide feedback. The survey contains two types of questions: ACSI model questions (where respondents rate overall satisfaction and different aspects of the web experience, e.g., search, on a 10-point scale) and open-ended or multi-choice “custom” questions. The survey can usually be completed in 2.5 to 3.5 minutes.Survey data is continuously analyzed using ForeSee Results’ proprietary calculations based on the ACSI methodology. Clients receive regular reporting and analysis.
Overall satisfaction scores are reported on a 100-point scale, and the ACSI model questions determine which drivers of satisfaction have the greatest impact on future behaviors, such as likelihood to return to the site, recommend, purchase online or offline, etc.
The survey pop-ups can be blocked by configuring the Ad Block Plus extension in Mozilla Firefox
Mozilla Firefox
Mozilla Firefox is a free and open source web browser descended from the Mozilla Application Suite and managed by Mozilla Corporation. , Firefox is the second most widely used browser, with approximately 25% of worldwide usage share of web browsers...
and Google Chrome
Google Chrome
Google Chrome is a web browser developed by Google that uses the WebKit layout engine. It was first released as a beta version for Microsoft Windows on September 2, 2008, and the public stable release was on December 11, 2008. The name is derived from the graphical user interface frame, or...
browsers to block */foresee-trigger.js
ForeSee Benchmarks
ForeSee has a national benchmark of more than 600 organizations in the private and public sectors, allowing companies to measure their performance against a national average.ForeSee also has industry-specific benchmarks, including retail, financial services/insurance and federal government. Clients can also compare satisfaction levels against Fortune 500/200 benchmarks and against benchmarks of specific elements of the customer experience. Syndicated research by ForeSee, e.g., the Top 100 Online Retail Satisfaction Index, provides another means to compare performance.
Major Research
ForeSee Results releases several major national research reports and indices each year, including:- The Top 100 Online Retail Satisfaction Index (measuring customer satisfaction on a 100-point scale with the top 100 online retailers by sales volume)
- The Top 40 Online Retail Holiday Index (measuring customer satisfaction with the Top 40 retailers each holiday season)
- The ForeSee Online Banking Study (examining what issues are emerging as the most important in e-banking)
- The quarterly ACSI E-Government Index (measuring citizen satisfaction with more than 100 federal government websites)
- ForeSee is a sponsor of the American Customer Satisfaction E-Commerce Report (released every February and measuring e-retail, e-travel, e-brokerage, and e-auction sites) and the E-Business Report (released every August and measuring search engines, portals, and news and information sites)
Board of directors
- Claes FornellClaes FornellClaes Fornell is one of the world's leading experts on customer satisfaction measurement, stock portfolio returns on customer satisfaction, and the impact of aggregate customer satisfaction on economic growth. He is the Donald C...
, Ph.D., Chairman - CFI Group Worldwide - Larry S. Freed, President & CEO - ForeSee Results
- Barry Goldsmith, General Partner - Updata Partners
- Noah Walley, Managing Director - Investor Growth Capital US
- John Cattier, Managing Partner- CFI Group Worldwide
See also
- Customer Experience AnalyticsCustomer Experience AnalyticsCustomer Experience Analytics uses software to identify and analyze customer behavior patterns within and across multiple access points.CEA solutions use sophisticated data modeling techniques to analyze customer experiences with a company...
- Customer SatisfactionCustomer satisfactionCustomer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation...
- American Customer Satisfaction IndexAmerican Customer Satisfaction IndexThe American Customer Satisfaction Index is an economic indicator that measures the satisfaction of consumers across the U.S. economy. It is produced by the American Customer Satisfaction Index, a private company based in Ann Arbor, Michigan....
(ACSI) - Web analyticsWeb analyticsWeb analytics is the measurement, collection, analysis and reporting of internet data for purposes of understanding and optimizing web usage....
- Customer Relationship ManagementCustomer relationship managementCustomer relationship management is a widely implemented strategy for managing a company’s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing,...
- Market ResearchMarket researchMarket research is any organized effort to gather information about markets or customers. It is a very important component of business strategy...
Further reading
The following is a partial list of academic research that has utilized ACSI data and drawn from ACSI findings.- Fornell, Claes, Sunil Mithas, Forrest V. Morgeson III & M.S. Krishnan, (2006), "Customer Satisfaction and Stock Prices: High Returns, Low Risk", Journal of Marketing, Vol. 70, January, 3-14. ). http://cfigroup.com/resources/articles/Fornell0106JMArticle.pdf
- Fornell, Claes, David Van Amburg, Forrest Morgeson & Barbara Bryant, (2005). The American Customer Satisfaction Index at 10 Years. Ann Arbor: The Stephen M. Ross School of Business.http://www.theacsi.org/
- Anderson, Eugene W., Claes Fornell & Sanal K. Mazvancheryl, (2004), "Customer Satisfaction and Shareholder Value," Journal of Marketing, Vol. 68, October, 172-185.
- Fornell, Claes, (2001), "The Science of Satisfaction," Harvard Business Review, Vol. 79, 3 March, 120-121.
- Fornell, Claes, Michael D. Johnson, Eugene W. Anderson, Jaesung Cha & Barbara Everitt Bryant, (1996), "The American Customer Satisfaction Index: Nature, Purpose and Findings," Journal of Marketing, Vol. 60, October, 7-18.
- Anderson, Eugene W., Claes Fornell & Donald R. Lehmann, (1994), "Customer Satisfaction, Market Share and Profitability: Findings from Sweden," Journal of Marketing, Vol. 58, July, 53-66.