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When you ask any business owner the key to their future success, the customer should always be one of the first discussion points. So it wasn’t a great surprise that the IT Service Provider Benchmarking Study found that customer satisfaction (67%) and profitability by customer (43%) were the top metrics for assessing the health of their business.
The interesting underlying trend was the typical measures service providers are using to gauge their most valuable clients. According to the survey, 33% of ITSPs are basing value on net profit, followed by 28% tracking against gross revenue, and 26% on annual renewal/longevity. Surprisingly, only 10% of service providers were tracking based on satisfaction ratings.
The survey also revealed some interesting trends in terms of the way service providers are collecting feedback from clients:
Obviously, there is a significant gap between the high number of providers who aren’t collecting client feedback at all and the other spectrum who gather data at every interaction.
Given the dramatic shifts in business models and services delivered, soliciting regular feedback is becoming imperative. With client needs and technology continuing to evolve, feedback loops are critical to ensure your technicians are meeting expectations. In addition, collecting regular client feedback often uncovers intelligence on client needs and future opportunities for new service offerings.
As one would expect, higher satisfaction ratings typically lead to higher renewal rates. According to the data, annual client renewal rates are greater than 90% for more than two-thirds of the respondents, and more than 70% for 19% of respondents.
Healthy renewal rates are a key consideration when assessing the well-being and longevity of a business. It costs a firm much less to retain a good client than it does to win a new one. That being said, not all clients are created equal, so it’s essential for firms to not assess on satisfaction alone. Monitoring client profitability is critically important as well.
To learn more about the changing metrics around customer feedback and other emerging topics, download our free E-book, “Metrics That Matter: An Intelligent Approach for IT Service Providers.” A deeper look at the survey data will also be shared via a global webinar on 09 May 2013.
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