BlackLine Systems moves customer issues out of the red
In a sense, customers who complain are easy. By moving quickly and thoughtfully to deal with any issues they raise, the average business has the opportunity to maintain and even strengthen the relationship.
But customers who do not complain are the ones that a business should worry about. This silent majority is the real engine behind any organisation’s growth, but without a strong understanding of this group's sentiment, a business misses an opportunity to rescue at-risk customers and gain organic growth from its Promoters.
Blackline Systems is a case in point. By listening to feedback, the accounting SaaS (Software-as-a-Service) noticed that customers often experienced minor issues with its software but did not mention them until renewing or upgrading. While this did not necessarily mean that the organisation was losing these customers, it did mean there was an opportunity lost to really cement the relationships, nurture Promoters, and grow word of mouth buzz.
To ensure that all kinks are solved and customers confident with the service, BlackLine’s solution was to offer all customers a free eight-hour consultation at any point after the initial implementation of the software was completed.
Since implementing this relatively small but highly effective program, the business has seen impressive corresponding lifts in its NPS, and increased revenue from existing customers including Southwest Airlines, AT&T, and Boeing. The Build Network
OCBC puts the O! back into bank account creation
Not so long ago, OCBC (the Overseas Chinese Banking Corporation) in Singapore was on the wrong side of the customer satisfaction bell curve. But in an effort to turn this around, it did not develop new products and it did not launch a glitzy marketing campaign. Instead, it took a much more boring path - and listened to its customers.
Noting that it took a whopping 150 tasks to create a new account, the bank put a renewed emphasis on process, with the aim of dramatically simplifying account opening tasks and therefore improving the first interaction a customer had with the bank. The organisation embedded a software system that enabled representatives to learn from the history of other clients to offer targeted products, and that continually experiments and learns from previous data.
In the words of the original post, not only is the account opening process now dramatically simplified, “With every new interaction, the OCBC system gets better, stretching out its advantage over its peers.”
The focus on process has helped OCBC catapult from being below the industry average NPS to being the leader in the Singaporean market according to a Bain study. And in loosely related news, investment advisor the Motley Fool has recommended OCBC as a potentially attractive investment, based partly on its customer service. Fast Company
AT&T nurtures Digital Life in home security
According to telco AT&T, the security industry in both under-penetrated and in transition. And so the business has made a leap into the industry with Digital Life, a recent product that allows customers to control home security and other appliances with their smartphones, tablets or computers.
This foray into home security has some naysayers who claim AT&T will be unable to deliver professional services to the same degree as smaller companies and independents. But AT&T is using Net Promoter to track customer loyalty for the product and says it is pleased with the results so far.
If it can find success, the prize is considerable. In an under-penetrated market, according to a spokesperson, “We have all the pieces in place; a fully integrated solution, a big foundation of customers and retail centers across the country.” Security Info Watch
- LPL Investment Holdings has reported an NPS of +54 at its earnings call. The organisation also announced that when it implemented Net Promoter in 2007, it scored in the middle of pack, but is now among the highest in the brokerage industry. Seeking Alpha
- Atlanta-based direct response marketing agency Response Mine Interactive (RMI) has reported an NPS of +63. Press release