Enabling customer success with Stonegate's STAMP solution
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So, what does Customer Success mean? According to the Customer Success Association: “The choice is becoming clear. You either actively manage your customer relationships as strategic portfolio assets, or you effectively cede control over them and your company’s future to chance and/or the competition. Customer acquisition is only the very first step in what must be a long-term, scientifically engineered, and professionally directed strategy.”
McKinsey states that, “Several recent trends indicate that we’re at the beginning of a new era—call it Customer Success 2.0—in which many companies are focusing on growth in addition to churn”.
Marc Pierce, Stonegate’s founder and CEO explains, “While many companies have initiatives underway to obtain the voice of the end-consumer, few companies systematically reach out to their business customers or clients to see how well they are delivering against their needs.”
Successful businesses thrive on consistent client feedback, but Stonegate’s research found that less than 5 percent of company leaders systematically capture the voice of their business customers.
Stonegate, a company that has been entrenched in the healthcare marketplace for over 13 years, recently launched its newest offering, STAMP. STAMP helps business leaders systematically determine what is most important to their business customers. The platform shows how well they are delivering against each customer’s needs, identifies the key actions they should take to improve customer satisfaction, alerts them when they are underperforming, and tracks performance over time.
Not only are health plans using STAMP with their employer customers, but also their channel partners such as brokers and benefit consultants.
STAMP can work independently or together with a company’s existing Customer Relationship Management (CRM) software. STAMP addresses a major gap in current CRM software, as today, feedback entered in these systems is self-reported – often resulting in biased and inconsistent data with which to make intelligent decisions. Stonegate began its journey 13 years ago working with most of the country’s national, regional and local healthcare carriers. The applicability of STAMP extends to almost every other B2B sector.
STAMP creates an easy to read dashboard on each and every customer that goes beyond showing a B2B Net Promoter Score, enabling company leaders to quickly identify those areas that need the most attention (click for sample dashboards: https://www.stampcsm.com/stamplanding2). A Customer Sentiment score is also created for each client to allow executives to quickly see the overall status of each account. STAMP has proven to deliver a positive ROI; multiple clients have seen significant increases in their B2B Net Promoter Scores as well as retention rates.
Tina Satterfield, Vice President of Marketing for HM Health Solutions and STAMP client explains “The dashboard shows how well companies are delivering against customer needs in the categories that are most important to their clients. This is an excellent, user-friendly tool to gauge client loyalty and defection risk.”
STAMP also provides an account manager dashboard, enabling companies to see how well each account manager is performing relative to their colleagues. This enables leaders to identify areas to focus education and training efforts to develop a more productive team.
QUESTIONS TO ASK YOURSELF
WHY NOT USE MARKET RESEARCH SURVEYS?
Many organizations use or have used market surveys to collect customer feedback, but these are often expensive, sporadic and time-consuming and don’t provide results at an account-specific level like STAMP does. The response rates are often low and the results are outdated and don’t provide actionable feedback.
HOW OFTEN SHOULD WE ADMINISTER THE STAMP ASSESSMENT?
A common question is how often should the assessments be performed. The short answer is as often as you are able to take action to address the performance gaps. After all, it’s great to collect feedback, but as noted previously, for Customer Success to truly be effective and successful, companies must develop playbooks and action plans to address the gaps between importance and performance. Typically, health plans are administering the assessments twice a year; a few months before open enrollment and then a month afterward. This enables enough time to address any identified problem areas before renewal and also to see how the open enrollment went. In addition, you can use this opportunity to ask questions around expanding your partnership.
HOW LONG DOES IT TAKE TO IMPLEMENT STAMP AND WHEN DO WE SEE RESULTS?
STAMP is a cloud -based SaaS application and the typical implementation takes two to four weeks of elapsed time and minimal effort (4-8 hours on average) is required from the client. The typical assessment only requires 5-8 minutes of the customer’s time and results are available immediately. Customer participation rates average in the 60-80% range. Each client is assigned a Client Success Manager who will help you maximize the participation rate from your customers.
WHAT ARE TYPICAL RESULTS AND HOW MUCH DOES STAMP COST?
Many clients are seeing increases in account retention rates of up to 5 points and increases in their NPS score of 15-20 points. STAMP can cost as low as $45 per assessment and many clients are realizing a 100% ROI in the first year!
CASE STUDY: A Major Health Plan
The client previously used standard NPS surveys to gauge client satisfaction in each of their markets. Their most recent survey showed that the NPS in certain markets were lagging and trending downward; however, our client was unable to explain the variance or identify the causes for the decrease.
After adopting STAMP they were able to assess every midsize and large employer client and channel partner in each of their markets. In total, STAMP dashboards were produced on each of their 1,200 employer clients and 500 channel partners.
STAMP immediately identified that issues in lagging regions were caused by a select set of companies that noted deficiencies in their product offerings; in addition, the feedback identified that an insufficient number of their internal account managers were skilled in consultative problem solving.
The client was able to reach out directly to the companies that expressed issues about the product and helped refine their offerings to meet the unique needs of their employee populations. In addition, the client retooled their account management teams, instituting comprehensive training for under performers and hiring new staff with consultative skill sets.
“In the year since launching STAMP,” Pierce says, “Stonegate has licensed the software to 25 major corporations. For comparison, Salesforce.com acquired 30 small businesses in its first six months after launch by giving it away for free. We are very encouraged to be generating revenue this early.” Pierce continued, “We complement platforms like Salesforce, Microsoft Dynamics and Hubspot, believing every business-to-business CRM customer should be using software like STAMP to make better and real-time business decisions.”
To watch a 90 second video, please click this link:
To request a demo and be contacted by a STAMP executive, please click here: https://www.stampcsm.com/stamplanding3
Founded in 2005, Stonegate provides licensed software products, data solutions, and market intelligence to help its clients better acquire and retain their customers, fueling top line growth. For more information on STAMP, visit https://www.stampcsm.com/