- Industry benchmarks published internally (FiServ NPS, and churn rates). Not all metrics can go across clients in an industry, ARR might be measured totally different from Wells Fargo to US Bank based on product, but NPS, CSAT, churn rates should be about the same. We could then also tell clients the "correct" way to do it [list]
- Gainsight Advisory Services could use to guide conversation in discovery
- Building into GS reports would allow clients to see where they are in their industry and set a goal against industry average and industry leader
- If not in GS directly, still a great tool for GS to see internally to start conversation and COM's to take to QBR's
- Being able to show how clients have tracked towards industry benchmark in Gainsight would also be great value prop for sales to take to new opportunities and for renewal conversations. [list]
- Since having Gainsight, you have risen above the industry average NPS, you are the leader, etc
Industry Benchmarks in Gainsight Reports and Dashboards
+2Hi Erik, one of the challenges here is that benchmarks even in the same industry can vary widely based on the type of customer market they serve, the types of products/services offered, and even the length of the survey (in cases of NPS or CSAT). Even then, the benchmark is often only really useful for the first cycle, as once you have a quarter or year or other period to compare with, the most accurate benchmarks of progress will be your own company's data.
To put this another way, if your NPS score went down year over year, will your execs care if you cite some industry benchmark that you're above? Probably not - they'll want to know why the number went down and how to fix that given that you have a true "apples to apples" comparision using your own data.
Outside of that, we do have some self reported survey benchmarks that our GSAS team uses when providing directional guidance and on creation of metrics programs.
To put this another way, if your NPS score went down year over year, will your execs care if you cite some industry benchmark that you're above? Probably not - they'll want to know why the number went down and how to fix that given that you have a true "apples to apples" comparision using your own data.
Outside of that, we do have some self reported survey benchmarks that our GSAS team uses when providing directional guidance and on creation of metrics programs.
Hi Dan,
Thanks for the reply.
Agreed, the products they offer can be different but the clients they are seeking are often the same folks, so ARR may be tough to guage from Brand to Brand in an industry but churn should be similar, especially if we are telling them the best practice way to to measure churn. With enough data, you still get a usable range even with small differences.
Same on the NPS topic, you are right that the length of the survey can impact completion but we should be telling them best practice questions/frequency/when to send. Brands in the same industry do watch each other very closey and being able to show them where they fall in their industry is very important to them. And if they start to see their NPS/CSAT numbers below their peers, they start to look to us as Customer Success experts to tell them how to increase their NPS and CSAT with better questions, better process, better ways to manage risk
We did this at my last SaaS company and I was working with clients in FiServ. We told them where they fell in CSAT, NPS, interaction length, etc. And they really cared.
They may have different policies as to how their customer service agents interact with end users that may impact their interaction length, but they still cared about the interaction length they had vs others in their industry.
I think this could really be something we can bring as a Customer Success company.
Thanks for the reply.
Agreed, the products they offer can be different but the clients they are seeking are often the same folks, so ARR may be tough to guage from Brand to Brand in an industry but churn should be similar, especially if we are telling them the best practice way to to measure churn. With enough data, you still get a usable range even with small differences.
Same on the NPS topic, you are right that the length of the survey can impact completion but we should be telling them best practice questions/frequency/when to send. Brands in the same industry do watch each other very closey and being able to show them where they fall in their industry is very important to them. And if they start to see their NPS/CSAT numbers below their peers, they start to look to us as Customer Success experts to tell them how to increase their NPS and CSAT with better questions, better process, better ways to manage risk
We did this at my last SaaS company and I was working with clients in FiServ. We told them where they fell in CSAT, NPS, interaction length, etc. And they really cared.
They may have different policies as to how their customer service agents interact with end users that may impact their interaction length, but they still cared about the interaction length they had vs others in their industry.
I think this could really be something we can bring as a Customer Success company.
Also adding industry information may help with stickiness with the added value of seeing how they fit into their industry that they may not get from others.
Adding data they can only get from us is a value add to their data.
Adding data they can only get from us is a value add to their data.
+5Converted to an idea for better tracking
+9FYI Tim Schukar is working on a benchmarking initiative to capture this data :-)
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