Industry Average says you can expect a 10-15% response rate on surveys…

Posted by Jordan Barta on Mar 23, 2018 8:41:47 AM

 

WHAT?! How can that be possible? Surveygizmo.com stated that the industry average is “… 10-15% response rate for external surveys.” (External surveys is referring to outside your organization.)

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That’s mind boggling.

You spend all this time and money crafting a survey and only get 10% response rate. Meaning for every 100 clients you survey, you get 10 responses… Is that even enough data to accurately reflect your client base?

Simply put, no. That sample size is not enough data to understand what your overall client base is thinking and furthermore, clients respond to a tailored service model that addresses their unique needs and without understanding what those needs are we can do little to properly serve them. 

So… How do you increase response rates to get the unique feedback needed?

  1. Educate - Your client MUST know that the assessment data is going to be used to tailor the client service model to their unique needs. Marc Pierce, the CEO of STAMP, a B2B assessment tool, says that “socialization to the clients that an assessment is being sent to them is extremely important.”
  2. Motivate – Account managers should be motivated to drive engagement as an expression of the mutual partnership between your organization and your clients. Incentives for account managers to drive client completion, regardless of whether the feedback is positive or negative, works quite well. Furthermore, incentives for customers can drive completion as well – Amazon or Starbucks gift cards, discounts on current services, etc.
  3. Communicate – Having transparent conversation only increases happiness among businesses and their clients.Notify the client prior to the assessment being sent out, confirming their receipt of the assessment, utilize reminders to encourage completion and confirm completion.
  4. Incorporate - Including bi-yearly, quarterly and even monthly assessments verbiage in your client agreements/contracts will ensure a significantly higher response rate – reiterating your investment in tailoring your service model to your clients needs.
  5. Address – It is paramount that following an assessment of any kind that the feedback obtained is addressed with your clients. Obtaining this kind of feedback and failing to appropriately respond will only cause the issue to fester with your clients and their future response rates to drop.

These are just a few things you can do to ensure a significantly higher response rate. A response rate that will give you and your business legitimate feedback. With that feedback, you’ll be able to increase client retention and decrease churn. 

Tags: customer success management, CX, customer experience, success management

STAMP is nominated as a ‘High Performer’ in the G2 Crowd Grid for Customer Success!

Posted by Jordan Barta on Mar 13, 2018 1:40:11 PM

What is G2Crowd?

G2Crowd is the YELP of software. This is where businesses rate and post their reviews of the software services they utilize. G2Crowd works hard to earn and maintain the trust of the community by validating these reviews.

Why does this matter?

STAMP has been tested and it has been approved by other businesses like you! Customer Success is a very important market-space, which includes capabilities for capturing customer data, providing feedback and assessment results, showing red flags on data related to interactions and is a scale-able solution for any sized business.

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Customer success software is used by businesses to ensure thorough interactions with their B2B customers. STAMP has been rated a 5 out of 5 stars on G2Crowd.com. ‘G2 Crowd’s mission is to provide the insights business professionals need to gain confidence in their buying decisions and become more successful in their jobs.’ Organizations of all size are across a wide variety of industries rely on customer success tools to obtain the ‘voice of the customers’.

In 2017, the overall market for customer success management software is growing at an alarming rate. Based on the everchanging landscape of sales organizations, companies are investing more money in customer success and retention solution. Customer success initiatives are extremely important to preserving and expanding revenue, boosting customer advocacy, and sustaining corporate profitability and growth.

STAMP has found itself in a very unique place because their solution does something that other organizations can’t do. The reporting capabilities STAMP provides its customers has never been seen in this marketspace before.

Tags: g2crowd, customer success, CX, customer success platform, customer success management

How To Boost End-User Completion of STAMP Assessments

Posted by Jordan Barta on Mar 9, 2018 3:25:00 PM

In the world of assessment, surveys and obtaining the voice of the customer, a high completion percentage is a critical goal. We obviously want stellar reviews! As a STAMP administrator, you have a few different ways of engaging with your customers prior to sending them their STAMP assessment.

Just as Customer Success Managers work to coach and guide their customers to fully utilize their products, we are on the same mission. We want you to be able to coach and guide your account managers so they can convey the importance of completing these STAMP assessments. 87% of the businesses we work with obtain high completion rates after they’ve socialized the importance of completing the assessment to their customer.

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AM represents Account Manager – This could be customer success managers, sales rep, customer service, implementation, service; anybody that interacts with your clients.

If you’re talking with your clients on a weekly, monthly or quarterly basis, you shouldn’t have any issues receiving a high response rate on your STAMPs.

I looked at past STAMP socialization, and the ones that always proved the most effective were the ones that started a few weeks prior to launching their STAMP. The client would choose their start date and then we would work backwards.

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Here you can see the in table that the client began socializing with their internal employees a few weeks prior to sending out the first email. Also, you can see that the client also proactively reached out to their clients to make sure they were aware of the future STAMP Assessment. The greater the socialization, the higher response rate.
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PRO TIP: This is just an example! Some clients have shortened the time frame, some have lengthened the time frame, some have decreased outreach and some have increased outreach.

Now, we have had client do zero pre-notifications prior to sending the assessment. We do not recommend doing that, however, if you’re team is going to follow up immediately after, that could be a good approach.

Within STAMP, we are able to track the email and STAMP metrics!

WHY DOES THIS MATTER TO YOU?

Well, we are able to see how many people have opened the email and how many have clicked the email. Also, we can track how many people have not started the assessment, how many have started but not completed and how many have completed.

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To increase completion, you are able to run dashboard reports that show you all of this data. You can see which accounts need an additional ‘touch’ to finalize the STAMP. This will greatly boost end-user completion.

Companies are finding it increasingly beneficial to include these results into their account managers compensation plans and even offer bonuses. This is a huge opportunity for customer success account managers and sales representatives to earn additional income. This type of incentive could drive a HUGE uptick in client retention, client upsell and lower client churn rate.

In addition, an interesting concept which one of our clients has done is; REWARD the account manager with the most opened email, most completed assessments and best overall assessment scores. Competition is a great way to get account managers bought back into their accounts. By making it a challenge, you encourage the account managers to follow up.    

Finally, we’ve even had client work the quarterly STAMP review into their partnership agreement. Within their agreement it states that they have agreed to taking a STAMP assessment up to six times in a year. This also greatly increases user adoption.    

Another critical factor in obtaining high completion rates for subsequent campaigns is that you quickly take actions to address the negative feedback received. You have to demonstrate that you take customer success seriously and are willing to invest in strategies and tactics to act on what your customers are telling you. One surefire way to see low response rates is to fail to take action!

In closing, socialization to your account managers and onto your/their clients is key to ensure a successful STAMP campaign. It’s a win/win for everybody when you’re able to obtain the voice of your customer and they’re able to feel like they’re being heard.

Now go out there and socialize the important of utilizing STAMP and make sure you take action to address the results!

Tags: success management

3 Important Questions You Should Ask in Your Assessment

Posted by Jordan Barta on Mar 9, 2018 3:19:40 PM

Here are the 3 most important questions you should always ask your business customers to increase your account retention.

  1. How likely are you to recommend this product or service to a friend/colleague?

This is single handedly the best and most important question to ask your customers. When you recommend products or services to your friends, you don’t mention average companies; you mention the ones that exceed expectations.

If you find out a lot of your clients are giving you 9’s and 10’s, you know that you’re doing something right. We call those people ‘promoters’. Keep doing what you’re doing and encourage these clients to recommend your business to other businesses.

If you get back 7’s and 8’s, you know that you’ve got a little work to do. These are ‘passive’ clients and they typically have the mindset that everything is okay and there isn’t a big enough need to switch vendors. However, if you reached out to these clients to write a review or introduce you to other businesses, they would most likely decline.

If you get back any number between 0 and 6, you’ve got yourself a detractor. These clients are going to be the ones that give you negative reviews and that don’t recommend your business. You need to come up with an action plan to move them to passive or promoters. These clients are often the ones that leave and go to the competition.

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Why does Net Promoter Score matter?

Client Retention and client churn can happen for other reasons outside of the net promoter score. However, this metric gives us great insight into the voice of the customer. If a client is a promoter; we know there is a very good chance they’ll renew our contracts. If a client is passive; we know we have work to do, but we also know that the client is relatively happy. If a client is a detractor, we know that we must provide them with additional support to prevent losing them.

  1. Which other options did you consider before choosing our product and/or service?

This is a great question to ask immediately after the sales cycle. Also, you could use this question if you upsold a current client on additional services. We want to get a clear understanding of what other companies the client was considering prior to choosing us. Was it a specific feature? Did the price sway the client? Did the online reviews help us?

The answer that they provide will help us plan for the future. In order to stay ahead of the competition, we have to obtain a clear understanding of what matters most to our accounts.

 

  1. What else would you like us to know?

 

This is a nice opened ended question which allows your customers to provide additional feedback. We find that if you have not asked more than 15 questions prior to getting this one, you will typically get a transparent response. If you have exhausted your assessment taker, the likelihood that they answer this truthfully diminishes.

Also, you’ll want to take into consideration where the customer is within the product lifecycle. Are they a long-standing client? Did they just go through onboarding? How many other projects do they current have on their plate?

The answers you receive to these questions will likely vary, but often patterns will emerge. Be prepared to create action plans on the outcome of the assessment.

In addition, a few other questions that we often suggest to include:

  • If you could change just one thing about our product or service offering, what would it be?
  • How satisfied were you with your last experience with us?”

These are great questions to ask and can easily be switched out for #2 and #3. These are a little more specific and they don’t require as thoughtful of a response. If your customers are willing to fill out long assessments, you can easily include these.

Prior to sending your customers assessments, always make sure they’re aware they’ll be receiving one. We see the highest response rate in our assessments once the company or account manager has socialized the assessment to their clients.

Ultimately, it comes down to obtaining actionable information and then executing the strategies and tactics to retain your customers!

Tags: CX, customer success, customer experience

Customer Experience is more than you think

Posted by Jordan Barta on Mar 9, 2018 3:11:12 PM

In recent conversations with customers from a multitude of industries, we have concluded that customer experiences and success can fall into a magnitude of different categories. Depending at which point in time you require feedback from the customer, you’re going to receive different feedback.

In 2014, Gartner stated that, “by 2016, 89% of companies expect to compete mostly on the basis of customer experience.” As we’ve all seen, the majority of companies have failed miserably at this. We’re long past the year 2016 and there are a lot of companies that don’t monitor customer experience… at all.

First and foremost, we need to take into consideration; What is customer experience? How do you know? How do you measure it? How do you obtain actionable steps to act upon the feedback? Don’t worry, we’re going to cover all of that.

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To paint you a picture, we’re going to use a few common ‘touch points’ that the majority of businesses utilize to help you measure the different customer experience levels:

  • Sales
  • Implementation/onboarding
  • Account Management/service

(Additional categories were: renewal, account management replacement, upsell, offboarding, initiative change, product advancement and upgrade)

Sales: Your sales representative just ‘closed the deal’ and now the client is continuing through the process of implementing the account. Why did they win the business? How does the customer feel about the entire process? How did the sales representative portray themselves/the company?

Implementation/onboarding: Sales sold the deal and now it’s time for Implementation or Operations to take the lead and get the client onboard. Is the implementation team aware of the client’s business objectives? Did sales over promise and under deliver? Have the timelines been kept?

Account Management/Service: Typically, most existing accounts will be managed by this functional area. Is the client receiving the support they need to be successful? Do they get their answers in a timely matter? Are they happy to be a recommendation or refer business? Are there opportunities to radiate sales or services?

At any point in all three of these categories, the customer experience could be bad, fair, good or great. You don’t objectively know until you ask for feedback. You could receive great feedback in two of the three areas; now you know that you need to improve on the third area. You could be losing clients because one of the three categories isn’t doing their job correctly. You won’t know until you ask and you need to do so using an objective and systematic process.

To compete based on customer experience, we first must be able to measure customer experience. We need to gain access to the voice of the customer. Many companies claim they do this by meeting with clients and asking for their feedback, but this data is often filtered and biased. This is where STAMP comes in. STAMP helps businesses systematically determine what is most important to their customers and shows how well they are delivering against the customer’s needs, it identifies the key actions they should take to improve satisfaction, it alerts them when they are underperforming, and tracks performance over time.

The results? Increased account retention and satisfaction!

This customer success platform can be used at each and every touch point through out the life cycle of a client. Having a clear understanding of how the client feels at each interaction allows the company the opportunity to grow and get better. Transparency between customer and company contributes toward the longevity of the partnership. There is a long list of competing companies that would bend over backwards to earn your customers’ business. They chose you…for some reasons…and you need to know what those are!

Now it’s your turn to deliver on your promises, obtain their voice and follow through by creating a better customer experience at all stages of customer interaction.

Tags: customer success, customer experience, CX

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