This week Erik Beikart, CFO of CustomerGauge, sat down with me to discuss what excites him about the current NPS market, as well as how the c-suite is paying more and more attention to the benefits of retention.
What excites you about the direction CustomerGauge is heading?
Monetized NPS® excites me as it gives a unique and clear message to the market. It focuses on retaining customers, which is, of course, what a CFO likes to hear.
A happy customer—promoters in NPS lingo—will stay longer, buy more and promote your company, all free of charge. In addition, they will contribute to a much more reliable revenue and EBITDA forecast, as up-sells are simply more predictable than revenue from new customers.
As CFO, I am interested in our own customers' NPS scores, particularly in relation to the revenue a customer represents. In addition, it offers me insights into whether my financial forecast is reliable or if the sales forecast is achievable.
In a few words, describe the culture of CustomerGauge.
Open, warm, direct, efficient, performance-based and rewarding.
We are all passionate and believe in our solution. We embrace an open culture where people feel safe to take initiative, so they can flourish and thrive. We make sure to celebrate our successes and uphold company traditions. We also nurture a warm environment where employees really feel welcome and their expertise recognized and appreciated by all.
CustomerGauge just celebrated it’s 10 year anniversary. Where do you see CustomerGauge in another 10 years?
In 10 years, I see CustomerGauge as a worldwide leader in NPS and process improvement. I also think we will have considerably grown the Monetized NPS marketplace, and increased our own size tenfold, while also keeping our customer focus.
There is a huge market out there for what we offer our customers. For a company to really take their customers seriously, they need to know what their customers think of them, and then act quickly to close the loop once they receive their response. This not only earns a customer’s respect, but their loyalty as well, and ultimately enables companies to grow their bottom line. This is what the CustomerGauge software offers, and we’ll continue doing that moving forward.
Companies like Apple and Tesla continue to delight their customers, and have a bright future in today’s economy. CustomerGauge enables all companies to do the same, and delighting customers can pay off big time in terms of company growth.
What are trends that you see continuing in the industry as a whole?
The C-Suite understands that losing 10% of your revenue each year is not acceptable, which is why retention is increasingly on their agenda. That’s a whole lot of money to be losing if your annual revenue is €100 million. Increased interest in the financial impact of retention through the use of Monetized NPS software directly affects the customer retention market. Direct and real-time customer feedback, amplifying the voice of the customer and extending mass customization will continue to become more important to organizations, both in B2C and B2B.
Customers want to see that somentining is done with their feedback and suggestions for improvement. Organizations that are eager and agile enough to do exactly that will be able to prevent churn and grow revenue from their existing customer base.
What’s the most unique thing about CustomerGauge as a company?
We are passionate about what we do, we understand NPS deeply and our number 1 priority is to support our customers in improving their customer experience. The customers we serve are diverse and forward thinking and we have a truly global team in both Boston and Amsterdam.
What’s your favorite CustomerGauge tradition?
Every Friday we all have lunch together. It’s great to have the whole team together to discuss business matters in a relaxed setting.
In addition, our Christmas event is a good time to reflect after a year of hard work, while also looking forward to the next year. In particular, at last year’s event, we had the whole company together and did a massive scavenger hunt. Later that night, we awarded outstanding performers over a great Christmas dinner. It's these type of cultural events that really define who we are as a company and as a team of individuals.