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Hey, everyone, what’s up? Welcome to Driven E-commerce At Work Podcast. This week, we brought to you an interesting topic, product service. Product Surveys are a great way to understand the customers, and also an opportunity for us to talk to the customers and show them that you know, we care for them. So we all know that B2C companies are using the product surveys to its fullest, but for B2B distributors, how are we using the product surveys to learn from the customers and then how we can implement all those learnings and insights from them into our product line, or maybe you know, for the feature roadmap? So one interesting data that shows that, you know, 52% of the development teams report that the roadmap for new introductions begins with the feedback.
But honestly, from a customer standpoint, surveys are always you know, long, boring, and do not add value to their life. So this being the scenario, what can brands do, you know, to make their surveys meaningful, engaging, and crisp and clear, with 100% response rate. So, the topic today is uncovering actionable data through product surveys for your e-commerce business. And there is no better person to talk about this. Our guest today is Albert Chang, Director of Product Marketing at Survey Monkey. So this episode is hosted by Chaitanya Mohan, the man behind 10 Minute Tuesday episodes that you’ve been hearing for the past couple of weeks. If you haven’t already, go check out his episodes, he dive deep into some basics. Some of the recent topics that he covered includes, you know, Facebook, Messenger, and abandoned cars. Alright, let’s get on to the episode now.
Thank you so much for joining us Albert. I know you’re joining us from the Bay Area, and extremely far. And thank you for taking the time to be with us today. So I see that with with your experience with Survey Monkey, you’ve been been there for almost five years now. And before that you were an antenna for 15 long years. So how was the journey there? And are there any insights that you’ve picked up along the way that you’ve been working with? or learning about the businesses and Survey Monkey deploying there? How is it been the whole journey for you? Sure.
Thanks, again, for having me today. Yeah, it’s been an interesting journey. I think, moving over to different industry alone, weather was a big change. But, you know, I’ve always wanted to be in the, you know, the internet and technology space. And so when this opportunity came up, I had to jump for it Survey Monkey is such a well known brand, and its ability to, you know, quickly change and adapt is just, it’s unbelievable. And so, you know, the pace and speed at which it moves was just very exciting and very different than what what I was used to, in the prior the prior position. So you’re coming to Survey Monkey, and kind of seeing it grow, it’s now grown to, you know, probably over 1300 employees now, and just really seen a change and mature and adapt. And even though it’s been you know, close to five years, it does seem like so many things had happened. And so it’s just an interesting journey of adapting where I think a lot of you know, folks may know that Survey Monkey is a survey tool, and that’s what they’re known for. But, you know, over the past few years, we’ve actually developed quite a large portfolio of enterprise products that people are just starting to learn about. And so I think that’s why it’s just very exciting the direction that Survey Monkey is going. But yeah, so I’ve just been, it’s been really fun and exciting to lead the product marketing team there. And yeah, I mean, in terms of Survey Monkey, just to give you a little bit of background. So, you know, we give organizations like around the world, a way to transform feedback into really business intelligence that drives growth and innovation.
And by doing so, we help you know, capture that help customers capture feedback, are really the people that matter most to them, right, and that could be trying to delight your customers every with every single interaction or, you know, enhancing the employee experience or disrupting, you know, an established market. And so it’s been a great, you know, pleasure to work with, to be a part of the Survey Monkey company, as it’s a market leading platform. Does it trusted and Well known, and we’ve have, you know, 70 and a half million active users, we’re answering 20 million questions every single day. In addition to that, just with, you know, with the recent times as well, it certainly has always been also very focused around DDI. So, you know, diversity, equity and inclusion, join the Justice collective, and they’re really focused on trying to make the world just a better place. And so with that, empowering the curious as the as the mission for for the company. It’s just been very, very exciting and encouraging, to see how Survey Monkey is helping businesses all around the world.
I think that’s, that’s such a great thing. I mean, you mentioned about the fact that, you know, the DDI and the fact that Survey Monkey has been evolving so tremendously on so many levels, you know, the the entire ecosystem is expanding in the last five years or so. So, and it’s very important, as he said that taking out the information, and then synthesizing that to make into actionable insights, which is, I think, quite the subject that we’ll be covering here today as well that how to deploy surveys, and use them as a source of an actionable insights, and then probably deploy them in your businesses so that you could bring realistic change. And you could do this rather faster. So I’d love for you to get into the presentation right away, and take us through the entire journey of what you have in store for us.
Great. All right, so let me hear you get started. All right. So, you know, first of all, let’s just first acknowledge that 2020 has been pretty much anything but predictable. With the global pandemic, it’s been such a, you know, difficult time for businesses in all industries, and all parts of the world. If there’s one thing that’s consistent, that, you know, it’s sort of expect that things will change and kind of continue to change. Now, whether that’s your, your customers, and their needs are always changing. Maybe it’s the way they do business. Or maybe it’s you like the the company that you work for, and the way you guys are doing business. So I’ve asked, you know, just think back, you know, when’s the last time you were able to sit down in person next to you next to a customer, right, and have a conversation like, that seems now so long ago, everything’s now you know, video conversation VCs, or just think about the last time where, you know, every year we have tons of these industry events that you would have to be a part of, or participate in. What happened to all those, like, all those have completely changed. Now they’re all virtual. And in my case, like, was the last time that I even went back to the office, like that was, you know, was seven or eight, maybe eight months ago. And so and even if you are currently in the office, I bet you the process has changed to ensure that you’re healthy, that you probably have to report to the office to say like, Hey, I’m healthy, but I need to, you know, be at my workplace. And so all of these have changed, right? And so 2020 is just, you know, it’s it’s, it’s, it’s an unprecedented, sort of unpredictable type of year, with the global pandemic and all the changes.
And so, you know, with that, businesses are impacted, right, we just mentioned a couple things there. And the ability is to we need to adapt and all the business are adapting to the new normal and trying to change to figure out how to do business. And in a recent Survey Monkey research report, we actually saw that and specifically, you know, we’re looking at when I looked at the manufacturing type of companies that 71% of manufacturing companies, as we’re serving across multiple industries, but if you look at the manufacturing industries, 71% of those companies adapted very quickly to the Coronavirus crisis, right, they had to change had to do something. And that 41% of them had to change the business strategy. So something changed where the way they did business had to change. And so those are just examples of like how you need to adapt and continue to change.
Along with that, as a result of that it really is the acceleration of the digital transformation. I think everybody is, you know, going through that digital transformation, but what happened was, when COVID-19 and Coronavirus came in it really accelerated because it forced companies to really think twice about, well, that plan that you had maybe that you were planning for next year, really to do that in the next month or so, in order to continue and survive. And so we did another separate research report called the CX research report. And that showed that, you know, 70 of all the of all the people we survey 75% said they had to accelerate their digital transformation initiatives and of that 80% Have them said their organization’s online interaction has increased. So there’s a clear change, companies and businesses are learning to adapt. And it’s causing this new cycle of like, Hey, we need to figure out how to do this in a better way, in a more digital way. And so as part of that report, listening to customers, and the customer feedback is essentially more important than than ever before. And so 87% agree with that to say, you know, customer feedback is just critically critically important. And then it makes sense, when you think about it, that if customer feedback is so important than, you know, 60% of them said, we had to add additional customer touch points, it was no longer okay to, you know, we talked to a customer once and we wait, you know, maybe a few months or six months or whatever, until the next possible interaction, well, we knew what customers knew that they had to increase the number of touch points to ensure that they understood the customer’s needs and challenges as again, it changes so quickly.
And it’s not just the, you know, CX functions, or the customer facing team, even at the C suite level, that at the executive level, when asked, you know, 54% of them said, Yeah, there has been increased focus on their CX programs by the C suite. So this is not, again, it’s not a temporary thing, this is something that continues to evolve. And the more invested you are, the more you know, putting the time and energy to really understand the customers deeply. That’s what’s going to help businesses survive, especially in this changing time that we’re in right now. As an example, one of our customers Chase At Box, a cloud storage and content management company, he had the following to say, right, so where COVID accelerated their need to get, you know, closer to the customer. But at the same time, their executive team was just becoming more and more involved with their customers. And so box Use Survey Monkey really to listen to their customers at scale, right, so they can get a pulse of their customers across their entire entire customer base. In fact, what they did was, they mapped out the entire customer journey.
And what they did was they inserted what they called listening posts along the way at moments of biggest risk, then they took that and they surface that feedback directly into Salesforce. And that’s where their sales and customer success is living in. So then they can understand what the customer needs and problems are. And then you provide a differentiated experience. And so, if you are sales or customer success person, you know, picking up the phone about the call a customer, you already knew ahead of time, what they were thinking what the challenges were, because if you take a look at all the feedback, and all that data, combine it with the data within Salesforce, they already kind of knew what was going to happen. So it was a great way to deliver a different type of experience for customers. And then along the way, they were able to highlight different ways to reduce churn, and again, to deliver this exceptional customer experience. So
With that, I thought, you know, it’d be good to share with you and everybody else here of how you can listen to customers throughout the entire buyer journey. So from awareness to consideration, and then moving to the purchase decision, making a decision and purchasing your product or services, and then to like retaining them right in the retention phase. And then finally, the advocacy phase. So in the awareness and consideration phase of the journey, you’re really there like creating and launching marketing campaigns and activities. And what you want to do is you want to get noticed, right? You want to attract new customers. At the same time, you’re likely hosting different webinars and potentially nowadays virtual events, to attract potential customers, right to have that opportunity to say, Hey, this is why we’re different this these are our products and services. And these are the reason why you should choose us. Well, in this situation, surveys can be very useful to measure the effectiveness of these marketing activities.
So like, What if I told you that, you know, if you were about to create a new marketing campaign, and I told you that, hey, if you survey you can kind of figure out and optimize and measure the effectiveness, even before launching the first campaign, right? Being able to essentially take your messaging, or your ad or whatever it might be to target a specific audience that represents your customer base, and then to get their thoughts and feedback. And then incorporate that into your campaign and optimize it so that you feel more confident that’s going to resonate with those customers even before spending $1 on paid marketing, or setting up everything and printing out all your messaging, you can do that prior beforehand.
And in cases of events or webinars, you know, even before an event or webinar, you could even as an option to like send a survey out to understand, what does your customer want to hear what’s most pressing what’s top of their mind. So that as you’re talking about it, you know that it’ll resonate with them, even after the event, to send a survey afterwards, because what you want to do is always learn constantly learning and understanding Well, what really worked well. And what were the areas that didn’t work well. And so you want to constantly improve to figure out what at the next webinar, the next event, what are the aspects that could be improved based on all these feedback. So service can be an effective way to really improve your market activity. And at the end of the day, what you want to do is deliver more leads, and deliver high quality leads. And so let me give you an example here. This is something that we did at Survey Monkey, right.
So as I mentioned early before, Survey Monkey has always been known to be an easy to use tool, very quick, very simple and easy. But over the years, as I mentioned, we’ve actually developed quite a few different enterprise grade products. And so and what we’ve realized is that the majority of our customers are actually using Survey Monkey for business needs business challenges, to try and drive growth and innovation. And so to kind of support that, the market team went on to develop a brand campaign, we updated our positioning and messaging, we thought about what we wanted to say how we want to come across to be more enterprise like. And so it’s interesting here, because there are different combination, right? How do you know which message is going to resonate, which color is going to resonate more, which image is going to resonate more. And so as you can see, there were quite a few combination that we could have. And it was kind of subjective, we all sat in a room and had our votes of, Well, which one do we think is going to be, you know, going to perform the best.
This example is actually very specific to the San Francisco area as part of a larger campaign where we had multiple marketing channels. But as one of the different channels, this was the, you know, out of home advertisement through a bus ads and other billboards and so forth. But specifically on the bus said, this is kind of a question that that we had. And so what do we do? We use a survey, right? Before we spend all the money and to launch all this, we Let’s spend us, let’s create a survey, target the audience and the geography that we were looking at, share with them these different concepts to get the reaction, right, did the message come across.
And so that’s exactly what we ended up doing. And so we ran the survey to this target audience. And this process really called concept testing. And these are one of the many different use cases that you can use service for. But concept testing is to essentially say, look, we’ve got a bunch of different variations. And we want to get our target audience’s reaction to it. And we actually looked at 11 different attributes. There’s a few of them that shown here in this example, but it can range from the overall appeal of that ad, the ability to recall, did you remember that? That was from Survey Monkey. The believability? Can you believe what the message is saying? uniqueness? Is this different? And stands out compared to other messages that might be out there? And is it persuasive? Does it make you want to do something right? does it want to make you look up Survey Monkey or try to resolve a particular problem? And so it’s a really interesting project, because one of the thing that was kind of contentious was the color. Interesting enough, you know, blue is generally known for, you know, enterprise, right, so that color is associated to like enterprise type of product.
But Survey Monkey brand color is a type of green. And so there was a question of like, well, if we want to be more enterprise, should we, you know, lean towards a blue color. And so that’s why that was one of the options. And we weren’t sure, right? And so that’s why by doing a concept test, and really reaching out to your customers or prospects, I should say, you know, what are that what do they say, what, how does it react to them, and when we found out was, it was pretty clear that green actually did very well, right, as you can see, as part of these results, that it did help us with the overall appeal. It was came out as professional and so forth. So I think, you know, if you think about heading into an executive meeting, where we have a bunch of we have a market campaign, a bunch of different variations, and we want to ask them like, Hey, this is what we propose. But what are the reasons behind it it was it a gut view? Is it based on experience and maybe a combination of all of that, but when you come in with data to say For that audience that’s going to see that you’ve already pre tested that in a way and got the reaction. And so it’s very clear that the majority of the people that are and the results are statistically significant to show that, hey, the color green is actually okay. And the message is we can tweak and change to optimize based on all the feedback.
And that’s a little bit about the taking the action, right? You can create a survey and get some feedback, but what do you do with it. So this is very telling, this is clearly showing you out of the different attributes, which ones are leaning more towards a certain concept versus another concept. And with that data, it helps you do to essentially make a data driven decision, along with the other things that you are trying to do. So, so that’s, that’s an example of, you know, really, using surveys to get feedback to take specific actions around that.
There’s actually another example, I’d love to share with you. And that’s with Chime. It’s an online banking business. That’s also in the States, excuse me. So they actually had, and they were in a situation where they had the opportunity to sponsor the Dallas Mavericks, right, and these are the professional NBA basketball team. But interestingly enough, they only had six hours to make that decision. And that’s a big, big decision. And so why they had a lot of different data from their marketing data to this data to see like, yeah, I might work. At the end of the day, there was still a question that they had to answer. Right. And so Chuck, which was the head of the user research team, there at Chime, said, you know, we need to understand the sentiment of how sports related how sports related to their opinion, of finances, right there in the finance space, this is NBA. And so they were trying to create that connection, like does it make sense or not. And so what they did was they used our product. And they use something called what our product called Audience, which is a sort of do it yourself online panel. And what they’re able to do was to target both nationally and local geography, to ask their customers if you question as to like how this would relate.
And in a matter of six hours, they got all their data, all their feedback, working with executives, to make the deal. And essentially, they actually did move forward with that. And they are currently now a sponsor for the NBA Dallas Mavericks team. So it’s just amazing how powerful surveys are to get that feedback in a timely way. I mean, there’s, I mean, it’s pretty unbelievable to have that once you did come back that quickly, to quickly do the analysis and make a call. And this is a major call, it wasn’t like, it was a large amount of money. So this was a major call that was done very, very quickly. So it’s just in sort of examples of how the power of surveys and getting that feedback to drive a specific action. Alright, so let me talk about the next phase. The next phase is essentially, when you find out, hey, you’ve gained a new customer, or potentially I’m sorry, but you may have lost another customer, to one of your competitors, right. Now, surveys here is a great way to learn about your prospects experience, and to really uncover the reasoning behind their decision. Right. Which when in turn, we take on that feedback and helped improve the sales experience, maybe gain and competitive intelligence as to like, what are the competitors offering? Why are they leaving us for competitors.
And ultimately, what you want to do is leverage surveys to get feedback to increase sales results, right you that’s at the end of the day, what we want to do is improve the win loss rate, and taking those findings and taking action on them. So you know, win loss surveys can can include questions to better understand the customer or the prospects decision criteria, what were they really concentrating on their reasoning for decisions that they didn’t go with your product or service and in this case, is just an example of one of our our other products get feedback? Is it was it the pricing and packaging was a missing certain feature? Was it the timing that wasn’t right? So what you really want to understand is the reason behind their decision, right? And what you want to try and do is find a pattern as you work with multiple multiple prospects and customers and opportunities come come by. Is there a theme Do you see something that’s that’s consistent across multiple customers that you can pick up on and make a change it could be around pricing. points, you want to understand your strengths, but also understand your weaknesses during the evaluations
And how do they rate their sales experience, there’s so many aspects of how quickly sales got back to the buyer how knowledgeable they are about the actual demo process, if there was one or samples, and there’s just so many different aspects of that process that you want to be able to capture their honest feedback, so that you can learn and may change. Now, you can see how useful and actionable some of these responses could be. And it might lead to changes in your sales process, or potentially some of your policies that you might have, or how you market your product, or even to some extent, if it’s consistent feedback, and you need to make a company strategy change. So all of this is just highly very, very valuable, tying it back into that specific opportunity, the contact and the salesperson all involved.
Now, one way of doing this is to make sure that you move the data around, just because you capture the data if it sits in there, and you’re the only one that sees it, well, what action can you take, in this specific example, taking that and driving piping it all in directly integrating with Salesforce, that’s probably a logical way of taking that data, connecting it to that sales or customer success, or whoever was working with that opportunity to prospect. And also understanding who that prospect was, what industry was war, the competitors. And so taking all that information together, that’s when you can really understand maybe there was a gap in this understanding where the salesperson thought, Hey, we did everything, right. It went, well, the customers happy. But at the end where they didn’t choose us, and you read the other side, like, Oh, they had a different set of expectation where the salesperson potentially did not meet the expectation. So understanding both sides, taking all that into account marrying the two data. And that’s how you’re able to take action. So the next phase is retention, it’s a well known fact that, you know, acquiring a new customer cause way more than retaining a current one, right? customers that are loyal and return year after year, are much more valuable to a business than customers that you know, come and go.
So the question is, you know, now that you’ve gained their trust, like they said, Hey, I want to buy a product, I want to buy your services. Great. The question now is, well, how do you track that happiness and loyalty? How do you maintain it? Right, they’re happy enough or or convinced enough to say, hey, I want to jump on board. But what you want to do is make sure that their continued happiness and loyalty remains the same or increases. And what you don’t want to see is that sort of decrease. So service can help you measure that happiness and loyalty at different milestones throughout their journey, whether it’s with the customer success team, or support team, or your company in general. So by doing so you can think quickly and identify any problem areas. Right? So let’s just say one of your customers had a really bad experience, right? And if you didn’t recognize that, one of two things could probably happen, right? One is because of the web, how commercialize it is, they can simply go to the web, on Twitter, or on some some social media platform and just blast and just say, I had a horrible experience about, you know, such as such as this company, and so forth, right? And so how do you get ahead of that, right?
This is 2020. And now people are able to just communicate so quickly and so broadly. And so having a pulse and more pulses, or, you know, again, back to that chase example of the missing pulse with box is right out to the interaction. Can we ask them how they felt how they, you know, how was the service delivered? Because if you recognize right away that there’s something wrong, you can get back to them? Right? If they tell you that I had a horrible experience, what can you do as a company as a service as an organization to get back to the customer that had a bad experience to resolve it? Right. And if you don’t resolve and it happens time and time again, then yeah, at some point, they’re good to go to advertise that they had a poor experience, or, you know, worse yet, I mean, they might even leave you, right? They might say, you know what, I am not going to renew my contract with you. And I’m going to decide to go with a different company. So, you know, so measuring your customers happiness and loyalty throughout the way and taking steps to address any concerns that may come up. That’s the way that you’ll be able to increase your renewal rate or contract renewal rate, as well as increase your revenue.
Now one of the most popular ways to do this is to measure your customer satisfaction and loyalties by asking an NPS question or a Net Promoter Score in your survey or an NPS survey. In fact, fortune recently stated that two thirds of the Fortune 1000 uses NPS as an NPS question, simply ask customers, how likely are you to recommend a product or service to a friend or colleague, and provide them with essentially an 11 point scale to choose from where zero is not not at all likely, and 10 is extremely likely. So customers then fall into one of three categories. Customers that answer at nine or 10 are considered promoters. These are loyal customers, right? These people will go out of their way to tell their friends, their colleagues about how amazing and awesome your product and company is right? And really help you bring new customers. And ultimately, what you want to do is try to get as many promoters as possible. Now, customers that answer this NPS question with a seven or eight are considered passive. You know, these customers are indifferent. You know, they really don’t have any strong loyalty to you. They can go either way. They can maybe become a promoter in the future, or they can even become a detractor. So they’re kind of sitting in that middle. And so customers who answer this question between 0, a 0 to six, are considered detractors.
Now, these are your unhappy customers, right? And they’re at that risk of either sharing their bad experiences, or simply just leaving you, right? And they’re just like, um, you know, they don’t want to continue the business relationship with with your company. So now just calculate your NPS score, use as you take the percentage of promoters and you subtract away the percentage of detractors. And that leaves you with this NPS score. So anywhere between minus 100, all the way to positive 100. So now, you might be asking, so what does that mean? Like, I get a score? Great. It might be negative 20. It could be 10. Could be 50. Like, what does that? What did I even mean? And what to do with this? How do I then improve my score? So let’s first by understanding what an NPS score is, right? So if I ask you, is it NPS score of 50? Good? You know, what about NPS score of 10? The answer really is it depends. And what I mean by that is, it depends on what you’re benchmarking to, right. There’s a different is a combination of different NPS benchmark scores, so you can look at yourself and your historical NPS.
As you see your NPS score slowly climbing quarter to quarter and over time, that’s a good sign, that means you’re making improvement. So that could be a relative score to say, we’re making progress. It could be your competitors NPS score. So if all your competitors score are higher than you, then you know, there’s a gap missing, that you’re not meeting expectations, not creating loyal, loyal customers, and people are probably leaving so. And the other ways, of course, if your scores higher than the average of your competitors, then that’s a good side. The other way of looking at it is you’re at your industry average. So within your specific industry, what is the typical NPS score? And so those are the different ways to kind of benchmark to understand well, with this score, how am I doing? How am I compared to the industry, to my competitors, and to my previous historical data, or historical NPS scores? Now, the second is to really understand the drivers, the key factors that’s influencing your customers likelihood to recommend or not recommend your product and services right. Now these come in, in form have additional questions after the main NPS questions to help you understand why why are you a promoter? Why are you a detractor? What is it about it? Right? So you want to understand which aspects of your services or products are influencing how likely a customer is to recommend you to others?
So you know, as an example, maybe customer service maybe highly correlated to detractors. So we found like all the detractors, like the leading factor that’s highly correlated to that might be customer service. And so that’s like, oh, let’s understand why even further now. One of the open textbox responses What have we seen? Let’s dive into that area. So allows you to focus your effort the organization’s effort around we to work here more, because that is causing more detractors. And that’s not what we want. Again, keeping an existing customers is a lot, lot better than trying to find new ones. So that’s an example of how you could leverage NPS to find out where in the experience you need to focus on but also where it’s really working, and are creating promoters and using that as a way to promote to new customers.
I’ll give you another customer example where we had a customer Greyhound, right is one of the largest provider of intercity bus transportations, they transport I think, 16 million passengers by bus every year. And so they were able to use Survey Monkey and NPS surveys to really increase number one, their survey response rate, it jumped to I think was like under 20, or about 18%, all the way up to 94% response rate. And then use that learning to really improve their NPS, their net promoter score. So in a matter of a few months, they actually were able to take the feedback, act on it, and increase or improve their NPS score by 15. points. So it’s just examples of you know, how do you how do we even measure it? Well, NPS is a way of doing it. It How am I doing? How am I compared to previous and other competitors? And then what can I do to improve it? And that’s where the driver analysis or understand those key factors as to why people love your product and services, and why they don’t like it?
All right. So now in the advocacy phase, here, we really want to turn customers into ambassadors, right. And by using your customers voice instead of your own, you’ll be able to build trust, right? So in another Survey, Monkey research, we found that, you know, 82% of people trust the voice of the, of the custom of other customers over the brand or product copy. Right. I think there’s another research done a while back on from the news and research that found 92% of buyers trust their peers, over advertisers, right, we’re constantly getting a lot of the messages. And so, you know, making decision based on what other people and other customers and other colleagues have, think about that product or services is a huge influence on how you make that decision. And this is also why social proof is so important, and really helps you bring in new customers, right the other day, this is this is a cycle, as you create a customer, make them happy. Now you want them in turn to use their voice to, to capture and to attract other new customers. So I mean, how does this all kind of work? So here are a couple examples. In this example, at Survey Monkey, we’re talking about collaboration, how people can work together on a survey. And so these are additional capabilities that we have. And by serving our customers and asking me asking them about their opinion about, well, how effective is this product? Or, you know, how does this product or service help you deliver business growth, you can actually turn those responses into what we call tech facts, like these are statements or, or quotes and testimonials. There’s a bunch of different things that you can leverage the survey feedback and turn it into something else that you can leverage as a marketing collateral.
So here’s an example where we’re promoting our sort of collaboration capabilities. And as you can see here, on the right hand side, you see that tech fat claiming that 80% of our customers create better surveys and get better results when they collaborate. So that’s an example of a of a statement that that we created. Another example here is actual quotes, right? And so you know, how can use survey responses to create the social proof for your webpages. And this case, here, we’ve have three Customer Quotes, highlighting the positive impacts of using Survey Monkey. So all of this is done through a survey based product, we actually it’s called tech validate, which allows you to capture customers captures their sort of sentiment and their quotes and stories and turn them into marketing collateral. Again, leveraging social proof to help attract and influence and convince, persuade new customers to come in and be interested about your products and services.
So that’s a little bit about kind of that journey that we took from awareness consideration really thinking about Wow, before we like launch, all these Market campaigns, can we listen to our prospects and customers? Can we understand what they want to hear? Or can we understand how they react to this, and take that feedback and take action, change things, optimize, so that you know that your message will resonate? When you think about the purchase cycle. This is the part where the win loss surveys and analysis is key. understanding why you’re winning, taking that back, enabling the sales team and letting them know that these are the reasons why customers are buying for with us, and to leverage that into their sales pitch. But also understanding why are we losing? How do we react to that? How do we you know, when a competitor comes in with a certain strategy, how can we react to that? How do we flank that away? So there’s different strategies that can happen by taking the feedback, but turning them to action by enabling the sales team, again, maybe try to change the way you market things, but to understand where that sales process could be improved.
And then when we think about retention and NPS score, really, this is a critical piece to understanding, especially in 2020, your existing customers, how are they feeling? Are you exceeding their expectations, right customers today wants you to exceed their expectation, not just meet it, but exceed it. How are you doing in that regard? How is your customer service and support? How is your product doing? And so all of these, again, listening post allows you to get a gauge of where they’re at. And it allows you with an opportunity to change that, if they’re unhappy about something that’s the opportunity to get in front of it. So you can address those concerns. And the advocacy stage is turning happy customers and using their voice to help you in your business. Right? customers. Again, the the promoters are just super excited and happy to just talk about your product. And so that’s great, you have somebody willing to talk about it. And you as as as the marketing or part of the organization is trying to leverage their voice to help, again, sell your product and services. So that you know hopefully you’ve you’ve seen a few example, again, service can be used in so many different ways. But these are just a few examples how service can help you listen, understand the feedback, and really take action throughout the buyer journey. throughout this presentation, I mentioned a few stats if you quote a some research that we did so want to also share that with the audience here, that in 2020, we’ve did our own research, the survey monkey does their own research with our own products to really understand what’s going on out there in the world. And so here are a few links to some of the research reports that we recently did. And so happy to share that out and let the audience take advantage and read up on all these all these reports that were created.
And finally, just want to say thank you, thank you for having me here to talk to you all. And as as you might expect, I would love to have your feedback. This is a QR code. If you take your iPhone or Android phone out, if you go to camera mode, you should be able to pick up this QR code. And I’d love to hear your feedback should open up a survey. Otherwise, if you if your QR code is not working, you can also type in the survey link into your web browser surveymonkey.com/r/dckap. So thank you very much. Thank you much for listening.
Thank you so much. I think that that was so dense and so important, the way the things that you mentioned about the entire customer journey, the entire processes of how most often what happens is that we keep data in silos and then it doesn’t allow to flow from department to department. And then it creates inefficiencies where people are not aware of that. And particularly working in places where you know, data is extensive, like customer data is so important, because these are customer centered products if you’re selling. So you made a good point. And I just had a few questions that were coming in through which I’d like to ask if you have the time, if you would like to answer them. Yeah, yeah. So one of the things that one of the things that becomes increasingly difficult for any company that is starting out and they can in the face of understanding how to define the product line or product launch or pricing or things like that, this very product related questions. How do you define a strategy in which a b2b or b2b business B2B or B2C business I’m sorry, can really sit down with some major principles and take those principles to guide their initial strategy. Obviously, when they start gathering the data, they could start manipulating it to get more insights, but how does one start from scratch in a bit in a way where they want to identify and bring their product to market.
Sure. So, you know, the first step is essentially identifying the problem that you’re trying to solve, right. And the reason why that’s important is because by identifying the specific problem you’re trying to solve, it allows you to move into sort of the targeting phase, right? If you understand the problem you’re solving, then you understand the type of people that have that problem. And the reason why that’s important is also then you need to reach out to them. And so even at Survey Monkey, before we start any new product or feature, but we want to do is understand a is the market for it be what is the problem that we’re trying to solve that has value, right and values the key ingredient, which is, if you don’t see any value, then people aren’t willing to pay for it? The third is that understanding like who’s that target audience who is a people that have these problems, and we need to reach out to them? Because by reaching out to them, you want to understand, what are they doing today? Right, without the product you’re trying to build? How are they resolving it today? Are they doing it in a very awkward and manual way? Are they using multiple tools to try to close them together? Or is it all pure manual? Like, what do they do today, so that you can understand, these are why you have a big problem there. Also all these other problems that exist with your target audience today, then it’s a lot of research and user interviews and so forth. Right? So it’s that research phase, you know, speaking with them, either in person, or VC, but also the generally speaking, we have, you know, qualitative analysis, all by quantitative analysis, all the quote, like there’s all these iterations of understanding. Alright, we’ve spoken to a few folks, these were some of the challenges.
But does that represent the larger target audience? And do they all feel the same way? And so that goes back to your quote analysis, which is more larger survey style, right? So you send a survey out to a broad group, that focus around your target audience, to understand the learnings from those user interviews, does it reflect the audience that I’m trying to trying to target. And based on that data, then it goes back into using it to say, what the large audience said this, let’s go back again, to revise based on user interviews. So there’s this sort of back and forth of understanding the customers problem, the challenges, what they have available, what they’re ultimately trying to do, how they want to do it, what other you know, criteria or things that you need to consider. And it may be different in different industries, and so forth. So there’s a lot of information that needs to be sort of collected. But again, survey is a great way we use surveys, even to set up user interviews, is you can use surveys to do that. And like, well, would you be interested to speaking with us? What time slots are available for you? To quants study of doing much more much more of an analytical study of understanding who are these customers? And at the end, as you evolve your product to different phases, you know, what are the main benefits and value prop that they’ll they’ll resonate with? What are the pricing point price points and willingness to pay? And there’s so many aspects as you you know, go through it product development journey.
One thing I also want to add a you mentioned before, your question actually was about breaking out silos kind of want to touch on that a little bit. But that is definitely one of the things that that we’ve seen is, too often somebody in the organization has the data you need, and you don’t even know about it. And so how do you get that out to the rest of the organization is critical. Like, it’s great that you have the data, but if you if you will know about it, you can’t take action, and those so there’s kind of three different ways that we see, to get across that silo right to like, break down the silos. One is, if you need to take an immediate action, how do you automatically notify that person? So in an example, where you have an existing customers that got all of a sudden are really frustrated, basically, that we captured through a survey? How do we quickly let your customer success person know about that? Right?
And so what you can do is the minute you get it, you can automate connect it to let’s say, Salesforce, or automate an email to notify somebody that the minute that response came in and we saw like, Oh, they had a bad satisfaction score. Let them know right away so they can reach out to understand Oh, why what happened? So using technology in a way to break down that sounds the first thing this in an automated way? The second is, well, where do you work today? Do you work in a collaborative environment where you’re on let’s say Microsoft Teams Are you in slack? Like, how are you collaborating within your organization? The reason why that’s important is because as you’re receiving feedback and data, you could then take that information and pipe it into the collaboration tools that you’re used to today. So that’s actually what a lot of companies do and what we do as well. So on any given sort of minute, we have, you know, surveys that are that we send out to our millions of customers. And we get survey responses, you know, constantly throughout the day. And what happens is, we automatically integrate that into what we use here at Survey Monkey, slack to populate so that anybody in that Slack channel can see, in real real time, all their feedback, and what people can do is have conversations around it, like, Oh, I saw that that’s the second time we’ve seen that, or, oh, that’s a known issue, we’ve already fixed that. Not sure why the customers still seeing that problem. So it’s very immediate, right? And is broadcast this to a large set of set of people.
The third way is integrating with your other data, your operational data, what do they end up buying? What do they end up doing what’s in your Salesforce or other market automation tools to combine the two together, because what you’ll get is, what did the customer do, but also why they did it. And so by taking the two together, you get the full picture. And that’s ultimately what you want to do, you want the full picture of the customer of like, you said something about this, and then you took the action to do this. And the two together makes a whole lot more sense than them separated. So you know, really keen on moving the data around to the way you and your organization work. So for example, that might be tableau, maybe use Tableau as your, you know, to create dashboards to really understand insights and track things. If you took feedback into along with your other data, combine the two, that could be much more meaningful and much more insightful. So, so I want to just kind of touch on that. Because when I heard that word silo, like, Oh, that’s exactly part of the challenge that that we’re trying to tackle is to move the data around so that it’s not stuck with one person, one team or one function.
Now, I think you’ve made some great insights that because this is one of the core problems that comes with having a lot of data at your disposal, but not being like that into actionable insights, which I think is one of the cornerstones for any business to not only, you know, meet their short term goals, but to eventually evolve, and keep growing as a company, because this data will keep coming in. And since I’m not using it and not using them for, you know, being productive, or to just, you know, please your customers, that could be a long term problem. One of the interesting things that you mentioned, while we were going through the net promoter score on that very subject was that, you know, the the people who are on the nine and 10 of the scales, they can do promote product, you know, they they become the brand ambassadors, so to speak, and then they try to bring in more people. So they increase word of mouth marketing, inherently. So, what So, so the question, which Here comes in broadly is that, how do you take skeptics, and you make them loyalists, if you try to understand about for for the brand, at least, because this is something this is a very small chasm that needs to be bridged, because if I mean, it’s a big chasm, obviously, but then it’s a prominent one, if you bridge this, you probably have somebody who’s working for you on your behalf for your brand. So turning a skeptic and turning them into a loyalist means that there must be something that a business can do by understanding the customer and the journey, and then finding those points or lampposts and then working on them could, you know, make the change. So how does, how do you go about that?
Yeah, no, I mean, I would go back to the driver analysis, which is when you have detractors, like why what’s causing them to, to answer that question in that way. And it’s actually it can be very, very insightful. And it could be a brand attribute a specific aspect of a product or service that they receive, and it can change quickly. And this is why, you know, constantly, you know, making sure you have a pulse of what the customer is feeling. Because if one day, you know, they might be in the passive in the middle of the next day because of a really bad experience that could often drop down to a detractor and you want to go the other way. So it’s a couple things. One is understanding the drivers of why they became a detractor, like can you resolve for some of the issues that they have? Right, and we talked a little bit about the beginning where you want to exceed their expectations? Well, obviously, you’re not exceeding them because you’re not even potentially meeting their expectations. So I think the first step is to really figure out you know, What’s leading them to answer the question as such to become a detractor, and that can come in various different ways, right? One is okay, so you’ve got a score from the NPS survey like, oh, okay, this customer is a detractor. And they said, again, back to the example of customer service, they said customer service was, you know, one of the reasons why they felt like, you know, that’s why they wouldn’t recommend your product or service to a friend. Well, from that experience, that you can go back and say, Well, what what was the interaction? Let’s take a look at that address, talk to the customer service or support success person that was work with the customer to understand well, what happened?
Was it maybe it’s a product related issue? It was it was something that caused a poor experience. Was it you know, response time, was it the way that the direction went? So first step is just to resolve that. But again, that’s not going to make a customer, as you say, you know, an ambassador or a promoter. So the first step is to address that. So they we can bring them slowly back up to hopefully passive. From then on, it’s the consistency, I think that’s the main part is the customer experience, from all the different touch points matter, right? It’s not just Oh, how many times they caught support to, you know, ask a question. It’s everything from the emails that we send to the webpages that they visited to any other touch points that you might have, is to be consistent, to deliver an exceptional experience, so that they are truly satisfied and happy, and then become become loyal, right? At the end of the day, they need to see how the company products and services are helping them to do their job to drive business and growth, to enable them to be innovative.
Like if, you know, that’s, that’s kind of the view for for some monkeys, we’re able to help them better understand the customers, their employees or prospect to enable them to grow and be innovative. Like, that’s our kind of charter of like, of enabling success. And the more we can do that, the more that we can exceed our customers expectations, the more likely they will slowly move up from the different NPS groups. Now, you know, an individual or a group, you know, it varies depending on you know, your size of your customer base, there are different activities that can kind of tackle broad based things, or, you know, maybe you have one very, very important customer, and you absolutely want to make sure that they are are very happy with your services products, and how you come across as an organization. So, it’s, it’s, you know, may not happen overnight, but you understand what are the challenges that they’re seeing, and that they’re facing, to address those in the best appropriate way. And then to continue to be consistent, and exceeding their expectation, that’s what’s going to be able to turn them or turn a skeptic into a promoter.
I think that’s, that’s, that is so true. And it’s so insightful. The back, I just had one last question. And this will be a quick one, because we’ve sort of discussed this consistently throughout this in this, this this entire presentation. So a lot of the New Age internet or modern internet that is coming up, the mega trend I see is that it’s it’s a lot about building communities online. So a lot of a lot of if you go on to the Reddit page, or if you go on to any of those people are unbundling the ideas. It’s all about finding people who are like minded and building communities on that. So in in any situation like this whenever, I mean, this is talking about a decade from now, or maybe five years from now, maybe we don’t know when how things will change, because nobody predicted 2020. But the way we see the trend going is that communities will take a much stronger place in all environments. I mean, whether it’s workplaces, or just social media or other things like that, whichever they will come in the future. So information, product information, or through surveys or all that kind of information. How does that complement communities? And how can communities take most advantage of this kind of information that they get through surveys or through you know, these various sources? Basically, how can communities thrive more? Or can How can communities be built around this kind of information and how we can get them?
So I guess, so maybe add some one part first, which is about how people get information. I think one of the trends I was just, I was reading another industry paper Does, does talking about how in the B2B world more you know, customers or prospects are more and more likely to read up on your webpage to read up on information before they even you know fill out a form or had the first sales call So it’s not that they would just call, you know, the your phone number or do a leave form to say like, I just want to talk to somebody because I want to know about your product, they probably did a bunch of research and again, more so today than ever before. And I think the trend will continue. Because of the web, right? The Internet, it’s just so accessible. And the way they think about making purchasing decision is really on again, what other people say like the social aspect, and your colleagues and friends. And again, as you mentioned, the communities, people will then enter the community to see like, what are what is the community by what are the see the strengths and weaknesses of these, of these product, because again, we went back to the trust factor, I will trust my community and my colleagues, much more so than the company that’s selling that product or services.
So this, this trend that’s happening is all about making sure the information you’re providing is accessible, that is providing the right set of information to those customers that they can make a call or compare against other competitors. But that community, that voice is also very important. So you know, a couple different things, in addition to that is one, you want to listen to those communities. And so, you know, more important than ever, you know, listening with a social listening tool to understand what are people say? What are they you know, is there a new sort of thread that’s talking about how great or awful your product and services are, and what you can do about that, because it’s just going to spread. And because of social media and the web, how quickly things can get out of hand, especially within that community of people who are diehards, or people really are, are thinking about your product and service in your space. They want to talk about it, right. And so one is listening to them as well to understand what they have, and but also is providing the information that’s available. I think, as B2B businesses move forward, to continue to make sure that they have relevant information on the page and not just a single lead form, right? They want, you want to provide additional information, so that customers can learn more about your products and tools to drive interest and get them to that consideration phase so that they will reach out to a salesperson and have a deeper conversation about the value that you your organization, your product and services can bring to them.
No, that’s absolutely true. And I think these were some of the subjects that bother a lot of B2B businesses starting out are in the long faces as well established themselves. And now they’re just looking to go to the next level that they just don’t know how. So thank you so much, Albert, I think you’ve you’ve actually answered our questions beautifully. And with so much insight that I think our viewers and us can deploy and you know, go on to the next level and improve our businesses and strategies in the coming decade. I mean, obviously, and this year, obviously, we don’t know how this will help. Yes. So one of the last thing is that if any of our viewers or anybody who is what will be watching this video, when we publicize this on our socials, and all these other spaces would like to reach out to you. Is there any social that you use that they could reach out to you? Or just any kind of connectivity that?
I mean, actually, you know, I would say, you know, to follow the Survey Monkey social handles, you know, we actually monitor that very, very closely. If you have any questions, I would love to take those questions to the community, you know, and so that we can all have that conversation publicly. So maybe Yeah, juicer. Survey Monkeys, social media handles.
Alright, sounds great. So thank you so much for joining in. And I hope you have a great day.
Thank you. Thank you to you and to DCKAP for having me here and it’s been great time.
Again, if you have a few minutes, please click on that QR code or if you look at the the URL surveymonkey.com/r/DCKAP. We’d love to hear your feedback on this presentation. Some of their vacation that that was provided here.
As well works wonderfully. I just opened up my browser. That’s There you go. Wow, that’s great. Well, and that’s a that’s a net promoter score, I bet. Anyway, the
Once I get through this, thank you so much for joining us, but it’s been a great,
Great talking to you too.
Thank you so much for watching and listening to this episode of driven e commerce network podcast. This show is brought to you by DCKAP. The company well known for its e commerce product, so it’s for b2b distributors. Make sure you subscribe to our show on Apple podcasts or Spotify. Catch you guys very soon with another interesting episode. Until next time, See you.
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