In the last decade or so, the number of data and information vendors servicing professionals and institutions, particularly in the finance space, has grown exponentially. These new businesses have created valuable new technologies and brought a breadth of serviceable data to the finance world. Data and intelligence that in the right hands and under the right management, is paying dividends and has become a staple in the arsenal of financial firms and institutions.
Having said that, all of this information is also causing a great deal of chaos for individuals in these firms responsible for vendor management. CISO’s (Chief Information Security Officers) and Legal Departments are burning out at a record rates trying to keep up with cyber-security concerns and ever evolving user licensing agreements. A lot of the intelligence and data coming in from vendors is either overly hyped or redundant and there’s recently been a concerted effort by these financial firms to ‘thin out the herd’ so to speak, and be more selective in their data vendor selection process.
In today’s ‘relationship economy’ flooded with very similar competing vendors, personal relationships and active client satisfaction monitoring is going to be what makes certain vendors retain their clients and grow their brands. Not only is it important for these vendors to maintain an open dialogue with their clients and to be informed, in real-time, when a client is unsatisfied about something, but it’s even more important that they be able to collect and analyze client opinions, suggestions, and competitive intelligence.
This is where NPS® comes in. Implementing an NPS based client satisfaction program can be a huge boost to client retention and can be a great predictor of growth and churn. Depending on your industry, you could be losing 40% of your customers yearly to churn. Data and Intelligence companies work hard to win their clients. Their continued success will be determined by their commitment to keeping them.