• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
InfoQuest Intro PowerPoint
 

InfoQuest Intro PowerPoint

on

  • 1,057 views

The InfoQuest Business Process Review gathers in-depth information about your products, your services, your support teams, your business relationships, and the relationship between your company’s ...

The InfoQuest Business Process Review gathers in-depth information about your products, your services, your support teams, your business relationships, and the relationship between your company’s performance and your customer’s expectations.

Statistics

Views

Total Views
1,057
Views on SlideShare
1,051
Embed Views
6

Actions

Likes
0
Downloads
6
Comments
0

1 Embed 6

http://www.linkedin.com 6

Accessibility

Categories

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    InfoQuest Intro PowerPoint InfoQuest Intro PowerPoint Presentation Transcript

    • The Old Chapel Chapel Hill Clayton West Huddersfield HD8 9NH 01484 868 390 www.infoquestcrm.co.uk Profit Through Knowledge An Introduction To InfoQuest
    • $ What is it? Opens Clear Lines of Customer Communication Increases Market Share Builds Stronger Customer Relationships and Loyalty Reduces Migration & Attrition Strengthens Brand Equity Generates Predictable Top and Bottom Line Impact The InfoQuest Business Process Review gathers in-depth information about your products, your services, your support teams, your business relationships, and the relationship between your company’s performance and your customer’s expectations. It is driven by a unique customer satisfaction survey process. No phone, no paper, no internet, no face-to-face interviews, and none of the flaws and weaknesses those undermine the accuracy and usefulness of those methodologies. Instead, you gain a methodology that promotes candid and accurate feedback that lets you see your business the way your customers see it. You also gain fully attributable responses, which enables you to use it as a powerful relationship building tool. And most importantly, it delivers the highest average response rate in the world, making it the only survey that let’s you target your top revenue accounts. Identifies and Removes Obstacles to Sales According to our Sr. VP of Sales, who has conducted numerous customer surveys over the years, the process generated the most insightful and actionable information he has ever experienced…..in-depth information for building mutually profitable relationships.   Jeff Knapton, Vice President Marketing Indalex Aluminum Solutions
      • Response Rate
        • Under 50% at best. Rapidly declines as number of questions increase.
      • Accuracy
        • Little thought given after first few responses. Extremely prone to interviewer induced influences on responses.
      • Candor
        • Cassandra Phenomenon undermines honesty of 70% of respondents.
      • Number of Questions
        • 5 minutes, 10-12 questions, to maintain any sort of response rate.
      • Perceived Value
        • Highly intrusive and almost universally disliked. Associated with telemarketing. Culturally unacceptable in various countries.
      • Perceived Anonymity
        • None.
      Telephone is an excellent vehicle for qualitative data collection, gathering detailed input on a very limited focus; a product’s market potential or features, for example. Time limits apply, but a skilled interviewer with a very narrow focus can gather valuable information. Telephone Survey Internet Survey As to customer satisfaction, loss of candor and practical limits on number of questions make it poor vehicle for anything more than a cursory overview. May be used for quick transactional surveys, but can only scratch the surface on a full business evaluation.
      • Response Rate
        • 15-20% average. Response rates have been steadily declining for fifteen years.
      • Accuracy
        • Low response rates produce same “far end of spectrum” influences as paper.
      • Candor
        • Depends on format. Paper survey on a computer screen suffers same influences as written survey.
      • Number of Questions
        • Shorter is better, but 30-50 or more questions feasible. Completion status must be visible or respondents will tire and cancel out.
      • Perceived Value
        • Associated with SPAM. Frequently blocked by filters, recognized sender’s lists and firewalls.
      • Perceived Anonymity
        • Typically assumed to be traceable, undermining honesty.
      What it isn’t Like paper, a web survey is an option for a company with a very large customer base and little to no revenue stratification between accounts. Like paper, they are also quite inexpensive to conduct. The primary obstacle is low response rate, which disallows a focus on your top revenue generators. They are also nearly impossible to conduct without email addresses for all desired participants, which many companies do not possess.
      • Response Rate
        • 5-10% Average. The longer the survey, the lower the response.
      • Accuracy
        • Low response rate is dominated by “far end of the spectrum” responses - those who would be delighted to endorse your company, and those who are giving you one last chance to get it right.
      • Candor
        • Format is prone to patterned responses and compared answers. People become more concerned about the “appearance” of their answers than what their answers are.
      • Number of Questions
        • 1-2 pages is practical limit.
      • Perceived Value
        • Overused. Soulless. Associated with junk mail.
      • Perceived Anonymity
        • None due to common use of bar codes or other arcane coding systems.
      Paper is an inexpensive option for a company with a very large customer base and little to no revenue stratification between accounts. The data may be flawed, but even a 5% response rate can at least produce a statistically valid result. Paper Survey Face to Face Interview But, when accounts are stratified (the so-called 80/20 or Pareto Rule), a vastly higher response rate is needed. Without it, you disproportionately hear from those at the far ends of the opinion spectrum. Your ability to focus on the accounts that drive your company’s revenues is sacrificed.
      • Response Rate
        • Similar to phone for mid-management, far less for senior management.
      • Accuracy
        • Note-taking (recorders are frowned upon) is undermined by need to interact and promote discussion. Results heavily influenced by memory and interpretation.
      • Candor
        • If anything, Cassandra Phenomenon is magnified.
      • Number of Questions
        • Clipboards and forms are frowned upon, so interview must be conversational. Interviewer tends to lose control of discussion.
      • Perceived Value
        • Tend to be lengthy and are highly intrusive on busy executive schedules; participants feel they are absorbing as much cost as interviewer.
      • Perceived Anonymity
        • None.
      What it isn’t Send in the reps in and pose questions to the customer; let them massage and then record responses; let the sales manager filter the information; then spend weeks trying to figure out how to turn the data into an actionable report. Between the intrusion factor for everyone involved, the wildly expensive cost of travel, and undermined candor and accuracy, this approach may offer some minor PR value, but has nearly zero worth as a research tool.
    • Critical Design Criteria
      • A high response rate is critical. Not only are response rates below 50% prone to being inaccurate, to gain maximum benefit from any survey, you need to hear from the customers who drive your revenues.
      • When respondents believe, even suspect, that their identity is or may be known, seven out of ten people will not openly express negative opinions out of concern over possible ramifications. Thus at least a perception of anonymity is crucial for generating accurate results.
      • Notwithstanding perceptions of anonymity, in reality you need attributable results . Not being able to determine who said what is like buying an automobile with no wheels. Yes, you have something, but it’s just not going to take you anywhere.
      • Various influences on accuracy must be eliminated . The effects of patterned responses, comparison of prior to current answers, interviewer-induced biases, low response rates, and the Cassandra Phenomenon all need to be mitigated or removed.
      • Use an unambiguous and non-subjective metric . Avoid numeric and alpha scales, as well as anything that may be open to interpretation. Focus on the one metric that has proven ties to economic performance - Totally Satisfied.
      • Avoid use of composite scores . Avoid adding different responses together to create a “satisfaction index” or “composite” or anything else that dilutes or distracts actual responses. Totally Satisfied customers spend two and half times what a Somewhat Satisfied customer spends, and fourteen times what a Somewhat Dissatisfied customer spends. Looking at results in any other way is simply delusional.
      • Always keep it actionable .... ......versus merely interesting. If you can’t actually do something with the responses you get, don’t waste time and money asking the question.
      • Make sure that effective prioritization tools are available. U nderstanding what customers think is only half the battle. Why they think it and what is most important to them is the other half. You’ll spend anywhere from 2-10 times the cost of the survey addressing the issues it identifies. Make sure you are addressing the right issues.
      When we created InfoQuest, it was with the express intention of mitigating or eliminating the flaws and weaknesses attendant to the more “conventional” survey methodologies of the day. That was in 1989. Today, getting maximum u tility and benefit from a customer satisfaction survey requires the same elements, features and considerations to be part of any survey design criteria. A couple of decades have passed, but not too much has changed.
    • The InfoQuest Survey A survey of 36 to 60 questions and statements is reduced to a deck of cards, each about the size of business card, and then placed inside the InfoQuest survey “box”. After the survey is delivered by mail, the participant reads each card, then simply drops it into one of the five labeled compartments to record their answers. Each participant is also given the opportunity to provide additional open-ended written comments, which the majority take advantage of. Postage paid return mail material is included with each survey. Average completion time is 10, perhaps 15 minutes. Customers you select to participate are pre-validated through a multi-step process that raises awareness of and interest in the process. Following our recommendation to offer to share relevant highlights of the survey adds further interest, which contributes to what is the highest average response rate on the planet - just a bit over 70%. And that’s a global average. InfoQuest surveys have been delivered to customers in 77 countries and in 25 languages. Each survey is uniquely coded to provide attributability of responses, but because most participants will be unaware of those codes, they feel free to respond frankly and candidly. Average Global Response Rate is just over 70%. Average Global Response Rate is just over 70%. A New Approach As you know, through our association with American Express corporate, we have had access over the years to a variety of customer survey programs. After comparing those results to the InfoQuest process, I can unequivocally say that the information we received from your program vastly exceeds anything we have ever received from any other type or means of survey. I confess that when I first heard about InfoQuest and what you claimed it could do, I was skeptical as to whether it would work. I am skeptical no longer. You made a believer out of me and I thank you for it. “   Barry Friedman, CPA, Managing Director American Express Tax & Business Services
      • Response Rate
        • 70% global average since 1989; the highest in the world.
      • Accuracy
        • Unique design eliminates “far end of the spectrum” effects, score-keeping, patterned responses, comparisons of answers and interviewer-based or -induced biases.
      • Candor
        • Perceived cloak of anonymity eliminates the effects of the Cassandra Phenomenon, so customers feel free to tell you exactly what is on their minds.
      • Number of Questions
        • 36-60 without loss of response rate.
      • Perceived Value
        • Unique, innovative and different. Stands far above the crowd in terms of creating a perception of value.
      • Perceived Anonymity
        • The vast majority of respondents assume the survey is being conducted anonymously.
      If you have a stratified customer base wherein a large portion of your revenues are being generated by a small portion of your customers, your survey needs to generate a high response rate, it needs to gather candid feedback, and the results need to be accurate. This is the survey that can do all of that. It is the only one that can. InfoQuest – Truly Unique A One of a Kind Approach This past May we had our six-month surveillance QS 9000 audit. During the management section of the audit, the auditor asked if we had performed a (customer satisfaction) survey. As you can imagine, I was all prepared and offered your report as proof. As the auditors flipped through the report their interest in your specific process and company continued to grow, to the extent that they wanted to keep the book so they could further study it during lunch. As it turns out, their supervisor has been asking them to build a database of “Best in Class”. They felt that your survey was the BEST they had even seen, and wanted to not only add it to their database, but wanted information about your company sp they could suggest (recommend) it to their other ISO 9000 and QS 9000 clients. Our auditor is TUV America and TUV Product Services of Danvers, MA.” Les Hyatt JM Ney Company
    • Advantages
      • Is the survey “box” a gimmick? Sure it is. But there is sound structural thinking behind its design. Among the reasons it works so well:
            • ACCEPTANCE - Unlike the drudgery of other survey formats, most customers view the InfoQuest survey as fun - sort of like a game.
            • DELIVERY - Telephone surveys are easy to avoid. Paper surveys are frequently screened by assistants as “junk mail”. Web survey emails fall prey to Spam filters. InfoQuest , on the other hand, with its unique appearance, and because the customer always knows in advance that it’s coming, almost always makes it to the intended recipient.
            • VISIBILITY - Conventional surveys, if they are not discarded upon receipt, frequently get lost under mountains of paper. Emails about web surveys, if not responded to within 36 hours, probably won’t ever be. The InfoQuest approach is a visible attention getter that is large enough to avoid getting lost, and viewed as too valuable to throw away.
            • EASE OF USE - InfoQuest is not intrusive - surveys are conducted at the convenience and leisure of the customer. Because all return mail material is provided in the package, even sending it back for processing is an easy task.
            • TRACEABILITY - Each survey is uniquely coded, enabling us to track the identity of each respondent. That, in turn, allows full insight into individual customer responses. However, because most customers will be unaware of the coding system, they will assume the survey is anonymous, thus giving them the freedom to tell you exactly what is on their minds.
            • ACCURACY - InfoQuest produces highly accurate results. Score-keeping, patterned responses, comparisons of answers and interviewer-based or -induced biases are eliminated. Most importantly, because customers tend to assume their responses are anonymous, which mitigates the effects of the Cassandra Phenomenon, their replies are much more candid than other methods.
    • The InfoQuest Reports Summary of Overall Customer Satisfaction EXECUTIVE OVERVIEW – Summary of Overall Customer Satisfaction This chart gives you an executive overview of top line scores by performance category. From this perspective you can easily see the areas in which your customers see you as doing well, and where they see need for improvement. Call it the 30,000 foot view. From here, we begin to lower the elevation, breaking things down into increasingly granular components. “ IBM Rochester determined that if customer satisfaction level increased one percentage point, an additional $257 million in additional revenue would be generated over five years. The ratio of revenue growth between very satisfied and satisfied customers was 3:1.”   American Society For Quality, February 2003
    • The InfoQuest Reports SUMMARY OF CUSTOMER OPINIONS – Overall Satisfaction Every InfoQuest survey measures responses to four key questions that collectively provide a broad overview of Overall Customer Satisfaction. The most important of them, pictured to the right, is “On an overall basis, how satisfied are you with our company? Responses to this one question represent the heart and soul of your survey. Everything else is support material to help you understand why people responded to this question the way they did…….and what to do about it. “ Totally Satisfied” customers have a repurchase rate that is 3 to 10 times higher than that of “Somewhat Satisfied” customers. This is documented by research as Xerox and in other industry studies.” “ All or Nothing; Customers Must be “Totally Satisfied”, Steve Lewis, Marketing News. Chicago: Mar2, 1998. Vol. 32, Issue. 5, Page 11
    • The InfoQuest Reports SUMMARY OF CUSTOMER OPINIONS – Ease of Doing Business The ease with which customers do business with your company can have a tremendous impact on where they spend their money. The existence, number and type of issues in this area (if any) differ dramatically from one business to the next. Difficulties may be the result of policies or procedures that need streamlining. They are sometimes the result of customer inability to penetrate an entrenched bureaucracy. However, more often than not, when troubles arise, it is the result of failures attendant to points of human interaction…..in their many and varied forms. The Forum Corporation of America analyzed the causes of customer migration in 14 major manufacturing and service companies and found that 15 percent migrated because of quality issues, and another 15 percent changed supplier because of price issues. The remainder, 70 percent, moved on because ‘they didn’t like the human side of doing business with the prior provider of the product or service’. Tom Peters, The Pursuit of Wow
    • The InfoQuest Reports SUMMARY OF CUSTOMER OPINIONS – Customer Loyalty A customer's Willingness to Recommend Your Company is a measure of loyalty, but of nearly equal importance, it is an expression of confidence in your company's current and future performance. A customer who would not hesitate to offer a recommendation or referral is not only satisfied with the job you are doing, but is confident that if they stake their credibility to your name, you are likely to also perform well for others. “ By examining contract renewal rates (Johnson Controls) found a one point increase in the overall satisfaction score was worth $13 million increase in service contract renewals annually.”   American Society For Quality February 2003
    • The InfoQuest Reports SUMMARY OF CUSTOMER OPINIONS – Performance Categories The typical survey collects detailed response data on anywhere from 8 to as many as 15 performance areas, or “categories”. In each case, a Satisfaction Question establishes a performance benchmark for the category, and series of 3 or more “statements” operate as drill downs to provide insight into why customers feel the way they do about the subject. Questions and statements may be selected from the InfoQuest Library of Categories and Questions, or they may be custom designed for you own needs.
    • The InfoQuest Reports Whenever questions from our Library of Categories and questions is utilized, we’ll show you how your results compare to those in our international database. We also offer a growing list of industry specific comparisons. SUMMARY OF CUSTOMER OPINIONS – Benchmarks You can also create your own benchmarks and comparisons, tracking results over time, or by whatever internal measurements you may need - regions, product lines, customer type – the possibilities are nearly endless.
      • “ InfoQuest provides us with detailed customer-specific information, unavailable by other means, that has been used to increase sales. It produces a return on investment that promotes frequent use of the process. We also find it to be an invaluable tool for marketing communication.”
      •  
        • Nick Hartle, Manager
        • Worldwide Strategic Accounts
        • Greene, Tweed & Company
      The InfoQuest Reports Problem Identification – By Customer PROBLEM IDENTIFICATION – By Customer Knowing you have opportunities for improvement is one thing. Knowing precisely where those opportunities lie, and to what extent, is quite another. The Problem Identification Matrix, or “Dot Chart”, provides your first insight into customer and account specific issues. Each entry on the chart represents a dissatisfied response to a specific performance related satisfaction question. This view enables you to begin identifying where you have ticking time bombs……and where you do not.
    • The InfoQuest Reports PROBLEM IDENTIFICATION – Other Views Problem Identification – By Account Revenue Problem Identification – By Account Potential The cost of losing a customer can be huge. A company’s failure to maximize sales from a customer can be just as costly. These versions of the “Dot Chart” not only show you which of your top accounts are at risk of loss, they also give you clear insight into why. “ Its “Totally Satisfied” customers were six times more likely to repurchase Xerox products over the next 18 months than its satisfied customers.”   Why Satisfied Customers Defect. By: Jones, Thomas O.; Sasser Jr., W., Harvard Business Review, Nov/Dec 95, Vol. 73 Issue 6, p88, 14p
    • The InfoQuest Reports INDIVIDUAL CUSTOMER RESPONSES – InfoQuest is “a powerful sales weapon due to its incredible precision. Because selling to identified needs is always much easier, customer feedback via this process has more than once saved a sale by getting customers to tell us the truth.” Paul Rondina Digital Equipment Corp. You receive one page for every respondent showing all of their responses. Six of every ten respondents also send back open-ended written comments, adding further detail and clarity to their opinions. Together, it is a virtual MRI scan of your most important customer relationships.
    • The InfoQuest Reports MANAGEMENT SURVEYS – How in touch with customer sentiments is your management team? Are they able to look at themselves through your customer’s eyes, and if so, do they see the same things your customers see? Get ready for a wake-up call. Management Surveys are sent to your executive team and they are asked to “predict” how they think your customers are going to respond to the survey. We then process the results to show you how everyone did.
    • The InfoQuest Reports PROFITMAX STRATEGIC PROFILE * – * Note – minimum 100 responses required to employ this technology ProfitMax uses a branch of the artificial intelligence technologies called Neural Networks (essentially, pattern recognition software) to identify and quantify those performance attributes which, if improved, will generate the greatest positive impact on Overall Customer Satisfaction. The average company will spend 2-10 times the cost of a survey dealing with and addressing the issues it identifies. With that kind of money at stake, the actions you take had better be the right ones. Available nowhere else that we know of, this powerful tool shows you where to put your time, energy and resources in order to generate the greatest return on investment.
    • The InfoQuest Reports PROFITMAX STRATEGIC PROFILE * – * Note – minimum 100 responses required to employ this technology “ The depth of information created was incredible and its utility invaluable. We are proceeding with additional (survey) programs.” Bob Briselli, Master Black Belt DuPont Coatings and Color Technologies Impact results from Chart 2 are plotted against existing levels of customer satisfaction from Chart 1, and the resulting amalgamation is presented on what we call the Payoff Profile. By focusing efforts on those performance attributes with both a high level of impact and and a low level of satisfaction, you direct your energies toward areas with the greatest potential return. Or as others have stated it, the Payoff Profile shows you where and how to get the biggest bang for the buck.
      • “ InfoQuest’s ability to identify the revenue impact of performance improvements will help us plan, justify and implement the activities that will generate the highest return. This dollar and cents return data has been key to mobilizing our local organizations to take action.”
      •  
          • Lynn Brown
          • Sr. VP Sales & Marketing
          • Hydro Aluminum North America
      The InfoQuest Reports THE REVENUE INDEX – Based on a statistical model we developed from the analysis of over 20,000 sets of global survey responses, the Revenue Index illustrates the correlation between your current levels of Overall Customer Satisfaction and the degree to which you are maximizing revenue potential among your existing accounts. Bearing in mind that the Revenue Index is a model, not an absolute, it is nevertheless an effective way to calculate and monitor the revenue impact of changes in your operation.
    • Post Survey Workshop Scores being applied to action items developed at a workshop held for Manitowoc Crane Group, Singapore in September 2005. Senior Management Staff of Pitney Bowes Sweden with their final action items. Stockholm, November 2005. The InfoQuest Brainstorming Workshop provides a means by which your entire management team: 1) Participates in a detailed review of the survey results. 2) Splits into teams, each of which are charged with identifying 20 items that, if successfully implemented, could be expected to improve customer satisfaction. 3) Then, as a full team, discusses, debates and “scores” each action item based on five criteria: Speed of Change (faster is better) Cost of Change (more is NOT better) Benefit of Change (cost, PR, simple good sense?) Level of Approval Required (close to home preferred) Probability of Success (is it realistic?) When the workshop is complete, usually 6-8 hours after it begins, you and your management team emerge with: 1) A full understanding of precisely what your customers had to say. 2) Ownership of a detailed action plan – typically 50 or more action items – which the team created. Your InfoQuest moderator, who will guide you through the process, is there as an observer. At the end of the day, it is your action plan, which increases the team;’s level of buy-in and commitment. . 3) Through the scoring mechanism, you have a stratified list of short-term, mid-term and long-term objectives. Implementation can usually begin the next morning. 4) All of it is in direct response to the voice of your customers .
    • Preparation for Launch 1) Select survey content the Library of Categories and Questions, and/or design custom questions. We will assist in either case. 2) Supplemental Information Form content is created. We will need a high quality electronic version of your company logo with which to brand the survey. 3) A Customer List must be assembled into a spreadsheet. All basic contact information (name, title, business mailing address and phone number) must be provided. Any segmentation criteria (region, product line, sales rep, etc.) needs to be provided as well 4) Language requirements, if any, need to be identified and secured. 5) A Customer Notification Letter, on your letterhead, is sent to everyone on your contact list. This starts the process. Telephone validation calls, seeking permission to send surveys, commence within a few business days. Letters should be signed by the most senior name and title available in the company. 6) Ten weeks after letters are mailed (twelve weeks for an international survey), reports are in your possession. Library of Categories and Questions
    • Benefits “ Without a doubt, InfoQuest has been one of the most effective sales and marketing efforts we have ever undertaken. This is one of the few times where enhanced customer relationships and increased revenue can be directly attributed to a marketing expense…….and it resulted in a significant return on cost. I am pleased to tell you that Trelleborg Sealing Solutions Worldwide considers InfoQuest’s analytical information and candid customer feedback to be an integral component of our annual strategic planning process.”   Tim Callison, President, Marketing Americas Trelleborg Sealing Solutions
      • Identifies customers who are susceptible to overtures from competitors, enabling you to isolate and correct problems before they become critical.
      • Identifies areas of subtle discontent, unmet needs and unfulfilled opportunities that can, have, or will cost your company sales.
      • Generates direct sales access to an expanded list of decision-makers.
      • Analytical tools available nowhere else in the world include the Revenue Index , which correlates customer satisfaction to revenue maximization, and the ProfitMax sm Strategic Profile , which identifies and prioritizes the key drivers of Overall Customer Satisfaction.
      • Helps focus your company’s resources to achieve maximum sales benefit, while clear, unambiguous benchmarks enable you to monitor progress and improvement over time.
      • Helps you maintain business relationships in the face of corporate ownership and personnel changes.
      • Perfect for ISO, QS and other quality processes with customer satisfaction benchmarking and tracking requirements.
      • Improves overall customer satisfaction and loyalty to your company, resulting in increased profitability.