Leverage Your Survey Results into Business Growth with ClearlyRated’s Financial Impact Report Published by Nathan Goff - February 24, 2021 In today’s data-centric world, it can be tempting to gather data about everything. And while it’s easy to see how client satisfaction data helps us learn more about our clients’ experience with our firms, we hear all the time about just how overwhelming it can be to look at all that aggregated information and figure out what to do with it. As one firm leader put it: “It’s great that I have the data, but what do I do with it once I have it?” Effective Action Doesn’t Have to Be Complicated Here at ClearlyRated, we understand that it’s not just gathering the data that’s important—you have to be able to act on it. But if you’re not a survey expert yourself, how do you know what action to take? Luckily, we’ve got over a decade of experience translating data into real business insights for B2B firms just like yours. With our Financial Impact Report, you can see your firm’s opportunity to address at-risk revenue, your best options to grow your most satisfied accounts, and the real-dollar impact of your reputation-building efforts at a glance. And thanks to the financial modeling we’ve done with actual client data from firms in the industries we serve, we can confidently predict the real-dollar benefit that results from taking action on your NPS survey data, helping you prioritize the course of action that’s likely to contribute most to your business development efforts and your firm’s bottom line. How the Financial Impact Report Helps You Translate Your Data into Dollars It makes intuitive sense that high client satisfaction results in a financial benefit for your firm, and our client research confirms that there is a clear—and predictable—correlation between NPS and revenue. Click here to learn more about the link between NPS and revenue in the staffing industry >> Our Financial Impact Report applies modeling generated from that data to your firm’s NPS survey results, translates your data into a dollar amount, and—critically—links you to lists of the relevant accounts with a single click, making it easy to reach out and take the action indicated in the report. Take Advantage of Multiple Avenues to Manage Risk and Grow Your Firm One of our key intentions with the Financial Impact Report is to highlight all of the different ways you can use your NPS survey results to improve, share, and benefit from your efforts to provide world-class service at your firm. This is how ClearlyRated’s Financial Impact Report simplifies that process. 1: Maximize Client Retention After their results come in, the most immediate point of action for most of our clients is following up with the Detractors that have been identified through our NPS survey. In case you’re new to the NPS® methodology, Detractors are survey respondents who rate your firm between 0 and 6 on the Net Promoter scale, indicating that they would not recommend your services to a friend or colleague. A majority of our clients report that they have identified at least one at-risk account through our survey, and our research indicates that firms can typically recover one-third of the detractors they identify through our survey program. When these results surface—and they inevitably do—you should follow up with them as soon as possible and do what you can to make the situation right. In this category, the cost of inaction is high: Our research shows that Detractors are 40% less likely to order from their firm the following year. If they do stay, they’re likely to decrease their spend by 17%, as they shop around, looking for a firm who can address their service concerns. The Financial Impact Report aggregates all the information you need to take immediate action and highlights the revenue at stake, enabling outreach while helping you set revenue expectations for your organization based on the detractor recovery rates from our model. Take Action: Reach out to your Detractors, understand the cause of their dissatisfaction, and do what you can to make it right. 2: Address Declining Trends in Satisfaction While most firms intuitively understand the importance of addressing immediate service concerns, our experience has shown that it’s harder to tease out those accounts where proactive action could prevent future dissatisfaction. ClearlyRated’s Financial Impact Report does that work for you. With a single click, you’re able to see a list of accounts with declining satisfaction trend lines—former Promoters who now indicate they are not as likely to recommend you to a friend or a colleague. And while the financial impact of a Passive isn’t quite as significant as that of a Detractor, they do have a tendency to decrease their spend on an annual basis. But the real threat to your firm is just how easily a Passive can transition to a Detractor with a small slip in their service experience, which could potentially mean a further reduction of spend down the line. Learn more about the impact of Passives on your staffing firm’s bottom line >> Take Action: Investigate the survey responses your clients have provided and work to understand how their experience with your firm has negatively impacted their satisfaction. 3: Upsell Existing Accounts While it’s easy to see the impact of addressing at-risk revenue, one of the most overlooked avenues for expansion lies with your most satisfied clients. Strategically, these are the accounts that present the most opportunity to expand revenue—our data indicates that promoters increase their spend by 8% in the following year. The Financial Impact Report generates a list of your most satisfied clients, helping you target your expansion efforts towards the accounts that are most likely to reward your efforts with a “yes!” Take Action: Confidently reach out to your satisfied clients with upsell, cross-sell, or expansion offers. 4: See the Impact of your Online Reputation We believe that good business is driven by good service, and we stand behind that. But we also know that part of the struggle to drive growth is about getting your firm in front of prospects and proving that service commitment in a way they find believable. Especially in the post-Covid economy, online reputation is key to success in that effort. When you survey with ClearlyRated, your firm gains access to an online profile page that displays star ratings, testimonials, and your “Best of” award status. Our Financial Impact Report aggregates the impact of these combined features, presenting you with easy-to-understand analytics and attaching the traffic you’ve attained to its associated dollar value. Learn how accounting firms use ClearlyRated to build their online reputation >> Take Action: Reach out to your Account Manager to request a ClearlyRated Profile SEO Audit and then follow the steps we provide to improve your firm’s search engine optimization (SEO). 5: Validate the Value of Your Program to Internal Stakeholders While it can be overwhelming to distill your data into concrete forward action from an operational perspective, it can be even more difficult to communicate that operational value to internal stakeholders and decision makers, who may be inclined to see things differently than you do. Especially when times are uncertain, the value of your work and your insight into client satisfaction might be hard to enumerate. Our Financial Impact Report allows you to simplify the process of proving out the value of your survey program to the other stakeholders in your organization. In a single—automatically generated!—email, you have all the information you need to compare the current and future impact of your survey program with the investment you’ve made into gaining insight into client satisfaction. Take Action: Share the Financial Impact Report in a PowerPoint presentation highlighting your team’s recent wins. Our Client Data Helps You Take Action on Yours It’s natural to have questions about where our financial models originate and whether you can expect to have similar results at your firm. While every firm is different, and your exact outcomes may differ from our predictions, we’re confident that our models—which are based on thousands of NPS scores and years of financial data—will be instructive for your firm. Know your firm’s ACV? Run some calculations for yourself based on our model >> We protect billions of dollars of revenue for North American B2B firms in staffing, accounting, HR Services, and more, and we’d love to help you understand how our model can help you link your satisfaction data to your financial growth goals. Learn more about how our financial models can identify opportunities for expansion at your firm or get in touch! We’d be happy to walk you through the exact impact you can expect when you launch a NPS satisfaction survey at your firm.