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.)

Questionss

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

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.

picture for article.png

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.

time frame.png
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.
SMXL

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.

email open.png

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

Request STAMP demo

info@stampcsm.com Tel: 312-981-2102

20 Newport Center Drive 

Newport Beach, CA 92660

© 2018 by Stonegate Advisors, LLC.