Satmetrix' own, Deborah Eastman delivered a presentation that was chock-full of common sense and hard-won insight with the theme: "Increasing Retention & Repurchase through an Integrated Account Management Program".
Some highlights were:
- Account relationships are complex and traditional sales methodologies give a biased view of what's really going on in your accounts. You might want to read that again, it's not as simple as it sounds. Deborah gave the example of some sales folks saying, "I play golf with that guy all the time - he loves us!" Yet, when the NPS numbers come back, it shows an entirely different picture. The lesson here is grabbing a few brewskis and circling around the green with a key account does not a high NPS core make.
- Watch your language. Deborah also hammered home that B2B account management programs should not be treated, viewed or referred to as research. An Integrated Account Management (IAM) program is not research - it's operational. They are also not surveys. Surveys are about you. Take note: if you start referring to your IAM or CX programs as surveys, so will everyone else. Refer to it as customer feedback...it might seem like a small nuance but people associate different things (and it's not always the association we want) with the word 'survey'. Stay mindful of this.
- A good benchmark for B2B response rates is at least 50% - settle for no less. And, lead with your response rates. It's a bit off-the-mark to boast an NPS score of 80% and only have a 3% response rate. Not only are you missing the picture, but you're missing the value having the complete picture provides to your organization.
- Don't forget your communication skills. Relay feedback to make sure you understood the feedback you're getting. It takes no time to pick up the phone and say, "Hey Bob, based on this last round of feedback, I understand X, Y and Z. Is that correct?" And, in fact, having conversations like this has led to more sales and repeat business. Relationships net you more diagnostic information and more information leads to better solutions.
- That said, don't be tempted to look at CX programs as just sales efforts - CX should affect the company structure.
- Keep in mind, too, that every person is not the same. Within one account, there are generally three types of people: decision-makers, influencers and end users. Be clear about what side of the fence you fall on with each group. End users may love your company, but if the decision makers don't, there's trouble in paradise. Look at how your NPS maps to each role.
- Closed loop should happen with everyone -- not just detractors. Take the time to close the loop with promoters and passives -- and even non-responders. There's value in getting to the bottom of the numbers with real, live conversations with people. Ask promoters exactly how they came to be a promoter and then don't be shy about asking for referrals. Remember, closed loop conversations can generate income!
- Link NPS to reference and referral programs. Marketing is usually looking for great case studies, PR is looking for customers/clients to talk to the media and sales is always looking for referrals - make sure these teams are cross-pollinating content.
- Don't forget to leverage your wins! Have a balance. There's nothing wrong with focusing on areas of improvement, but it's a bit demoralizing for your team if all you're doing is fixing or pointing out what's broken.
- When you can, map NPS goals to overall corporate goals. The idea being that the corporate goals already have energy and attention and NPS while having its own focus will benefit from the updraft.
- Don't relegate NPS to an annual cycle. NPS needs to be on a quarterly cycle right along with sales results and forecasts. Focusing on NPS annually makes it more of an 'exercise' than a way your organization does business.
