client feedback program - client opinions

Listen Hard and your clients will reveal the secrets to GROWING your Business!

Client Feedback Program

Listen Hard and your clients will reveal the secrets to GROWING your Business!

About Client Opinions

3

Our Mission

* Provide an automated, measurable, and continuous

method of obtaining client feedback

What We Do

Why

* To ensure client research is a proactive and on-going part

of the way a company does business

* To help businesses anticipate problems, capitalize on

opportunities, and deepen business relationships

4

Our 10 Core Beliefs

#1 You can't avoid getting client feedback.

#2 Your only choice is… how you get feedback, proactively or reactively?

#3 Listen hard and your clients will reveal the secrets to growing your business.

#4 Internal feedback is necessary but not sufficient.

#5 If you can't measure it...you can't manage it.

#6 The ROI on new business from an existing client is mostly "R“.

#7 Existing clients are your best prospects.

#8 Clients are the DNA of your business....learn about the building blocks of your company.

#9 Asking clients for their feedback is the highest form of respect you can offer.

#10 A systematic client feedback process is a strong "competitive differentiator".

5

Representative Clients

Listen Hard and your clients will reveal the secrets to GROWING your Business!

The Business Challenge

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The Benefits of Client ResearchAccording to Our Clients

46%

47%

49%

65%

69%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Other

Provides unbiased

feedback

Builds client goodwill

Proactively identifies

potential

problems/opportunities

Helps you better

understand client needs

Percentage of Respondents Selecting

What is the primary benefit of fielding a client feedback survey?

Source: Client Opinions Research, 2007

Identifies cross selling opportunities

Identifies clients at risk

Educates clients

8

Why These Firms Chose to Outsource to Client Opinions

1. Third Party Objectivity assures that the survey process is objective and bias free.

1. Candid Feedback results in more candid and honest feedback.

1. Minimizes Distraction allows you to focus on your core competencies.

1. Execution Client Opinions will focus on the execution of the program to make things happen.

1. Benchmarking enables comparisons of your organization with competitors.

1. Expertise taps the knowledge of experts in survey design and implementation. The principals have over 50 years of experience working with financial services. Our firm has

worked with over 200 financial service organizations.

Listen Hard and your clients will reveal the secrets to GROWING your Business!

The Client Research Process

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The Client Feedback ProgramResearch Components & Timeline

Month 1 Month 12Month 6

Initial

Baseline Survey

15-20 questions

Annual

Tracking Survey

15-20 questions

Interim Flash Survey

3-5 questions

Ongoing

Win/Loss

Survey

Ongoing

Win/Loss

Survey

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How It Works:The Client Research Process

Step 1 Program Planning

Step 2 Survey

Development

Step 3 Survey

Deployment

Step 4 Data Analysis

Step 5 Reporting

Step 6 Consultation

& Review

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Roles & Responsibilities

Steps Client

Opinions

Your Organization

1. Program Planning

2. Survey Development

3. Survey Deployment

(email and/or mail)

4. Data Analysis

5. Reporting

6. Consultation & Review

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A Few Things You Will Learn

1. Overall Satisfaction. How satisfied are clients with your organization?

2. Willingness to Refer. Which clients would/would not recommend your organization?

3. Brand Image. What thought comes to mind when clients think of your organization?

4. Business Support. Client satisfaction with your support of their business needs.

5. Product Awareness. What products/services that you offer are clients aware of?

6. Product Satisfaction. How satisfied are clients with your specific products/services?

7. Process Improvements. How could your organization’s processes be improved?

8. Competition. What competitors are clients using to support their business?

9. Competitive Differentiation. What do clients perceive as the biggest competitive advantages

your organization offers? Competitive disadvantages?

10. Client Enthusiasm. What would make clients enthusiastic about your organization?

11. Suggested Improvements. Client suggestions on how to serve them better.

What should your organization start doing? Stop doing? Continue Doing?

12. Education. What topics are clients interested in learning more about?

13. Interest in Prudential Programs. What new products, product enhancements, or programs

would clients most like to see?

14. Individual Client Response Profile. How each client answered each question.

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Final Reporting & Actions

Making sense of the data can often be overwhelming and difficult.

How can we organize feedback into meaningful business insights?

Strengths Weaknesses

ThreatsOpportunities

RevenueMomentum

RetentionNew Business

Listen Hard and your clients will reveal the secrets to GROWING your Business!

Sample Report

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Brand Image

When you think of ABC, what immediate image/thought comes to mind?

23%

24%

33%

40%

71%

75%

0% 20% 40% 60% 80% 100%

Creative

Innovative

Breadth of products

Thought leader

High touch client service

Cutting-edge technology

17

Awareness of Products/Services

1

2

3

1

2

3

Unaware Aware & use Aware, but dot not use

Which of the following ABC core products/services are you aware of and/or

using to support your business?

Unaware Aware & use Aware, but dot not use

Product A Product B Product C

2%

76%

22%7%

52%

41%

5%

48%47%

18

2006 2008

Very Satisfied 19% 35%

Satisfied 46% 48%

Somewhat Satisfied 27% 13%

Not Satisfied 8% 4%

(% r

es

po

nd

en

ts a

nsw

eri

ng

“s

ati

sfi

ed

/ve

ry s

ati

sfi

ed

”)

2006 2008

Overall satisfaction (% “satisfied/very satisfied”) with ABC has

improved

from 65% (2006) to 83% (2008).

Trends for Overall Satisfaction

65%

83%

0%

20%

40%

60%

80%

100%

19

Change in Overall Relationship w/ABC

1

2

3

4

5

How do you feel about your overall

relationship with ABC today vs. a year

ago? # of

Respondents

% of

Respondents

Far better 12 7%

Better 42 26%

About the same 91 57%

Worse 15 9%

Far worse 2 1%

TOTAL 162 100%

Far

better

7%

Better

26%

Worse

9%

About the

same

57%

Far worse

1%

20

Satisfaction with Business Support

Please rate your level of satisfaction with the quality of the following:

(% rating “satisfied/very satisfied”)

41%

45%

45%

48%

76%

95%

97%

0% 20% 40% 60% 80% 100% 120%

Client Education

Reporting/Statements

Online Capability

Communication

Client Service

Industry Knowledge

Technology

21

Satisfaction with Business SupportData Breakout

Please rate your level of satisfaction with the quality of the following:

# of

Respondents

Not

Satisfied

Somewhat

Satisfied Neutral Satisfied

Very

Satisfied

Very Satisfied/

Satisfied

Technology 150 0% 0% 3% 12% 85% 97%

Industry Knowledge 151 0% 0% 5% 14% 81% 95%

Client Service 156 0% 11% 13% 14% 62% 76%

Communication 153 5% 15% 32% 26% 22% 48%

Online Capability 155 7% 15% 33% 27% 18% 45%

Reporting/Statements 147 8% 12% 35% 25% 20% 45%

Client Education 155 11% 18% 30% 24% 17% 41%

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Importance*

Strategic Improvement Focus AreasS

ati

sfa

cti

on

**

(%

rati

ng

“s

ati

sfi

ed

/ve

ry s

ati

sfi

ed

”)

100%0%

0%10

0%

(% rating “important/very important”)

Doing the Right Things Right

3

1

2

Elements of Service:

1. Technology

2. Client Service

3. Industry Knowledge

4. Reporting/Statements

5. Communication

6. Client Education

7. Online Capability

**Please rate your level of satisfaction with the quality of the following:

A positive working relationship, education and responsiveness are key areas to improve.

*Please rate the importance of the following:

547

6

23

Business Growth Opportunities

Clients interested in additional services

Victoria D.

Bob M.

Anne S.

Mr & Mrs. Paul W.

James B.

Bill S.

Conner T.

Daina S.

Donald C.

Andrew P.

Jane & John M.

Lindy R.

Larry M.

Lee S.

Chris G.

Matt W.

Juan G.

Kenneth H.

Scott R.

Ricky N.

Ellen R.

Michael S.

Alex G.

Chad D.

Mike M.

Nancy & Rick W.

Ed & Cheryl P.

Clients who would definitely recommend ABC

Service A Service B Service C Service D

Mr. & Mrs. Paul W. Victoria D. Anne S. Tammy P.

Tammy P. Anne S. Bill S. Scott R.

Larry M. Tammy P. Larry M. Chad D.

John D. John D. Ellen R.

Michael S. Scott R. Nancy & Rick W.

Louise M. Louise M.

Referrals

Requests for Information

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Potential Product Feature Enhancements

How necessary are the following potential enhancements from a product

feature standpoint?

# of

Respondents

Not necessary

to have Nice to have Must have

Feature A 49 4% 63% 33%

Feature B 49 6% 74% 20%

Feature C 49 2% 84% 14%

Feature D 51 5% 10% 85%

(% a

nsw

eri

ng

“m

us

t

ha

ve

”)

85%

33%

20%

14%

0%

20%

40%

60%

80%

100%

Feature D Feature A Feature B Feature C

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ABC’s Competitive Advantages

The biggest competitive advantage that ABC has relative to other providers is…

# Comments % Comments

Product Uniqueness 47 40%

Service/Support 18 15%

Price/Cost 16 14%

Technology 12 10%

Other 24 21%

TOTAL 117 100%

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Use of Competitors

3%

3%

4%

8%

8%

15%

17%

0% 5% 10% 15% 20%

Competitor F

Competitor G

Competitor E

Competitor C

Competitor D

Competitor B

Competitor A

In addition to ABC, which competitors do you use to support your business?

(% indicating use of a specific competitor)

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Suggested Improvements

Clients identified a suggested improvements (44) for ABC overall.

A Few Representative Comments*

Client Service related (18) Product related (15) Process related (11)

I’d like to see more information posted

on the website including easy access to

common reports & statements we use

on a regular basis.

I am delighted with the

improvements the company has

made in terms of technology and

scalability of the platform over the

last 12 months.

As a new client, I found the

implementation process to work very

smoothly, but it would be helpful to

have an organization chart with

contact information for key employees

that helps me understand who does

what within the firm.

I think it’d be really helpful to have an

annual client conference where I could

meet other clients of the firm where we

could meet and discuss solutions to

common issues.

We would appreciate more

assistance with sales & distribution,

perhaps using a web-based

technology platform.

The client service process seems to

be working well with the exception of

communicating turnover of your staff

which I think could take place in a

more expeditious fashion.

( ) = # of client comments in grouping

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Gap Analysis

ABC’s Management ABC’s

Clients

(1=Low and 5=Very High)

0

Please rate your level of satisfaction with the quality of the following:

Technology

Industry Knowledge

Client Service

Communication

Reporting/Statements

Client Education

Online Capability

Areas of

Alignment

between

Management &

Clients

Areas Where

Management

Feels Differently

29

ABC Should Start, Continue & Stop…

ABC Should Continue Doing….

CommentContinue doing the quarterly client conference calls and monthly education webcasts. I find these programs to be

extremely valuable in allowing interaction with my peers and staying on top of industry trends and innovation. Keep up the

good work!

What organizational/business changes could we make that would make you truly

enthusiastic about doing more business with ABC?

ABC Should Start Doing….

CommentAbout the only thing that I can think of is the length of processing time and lack of transparency that exists when a client

service order is requested. It seems to me that faxes are often lost, misplaced and then it ends up taking additional time

to complete the service order.

ABC Should Stop Doing….

CommentDelaying the account opening process. Most of my accounts have been opened without a problem, but I currently have

three accounts that have taken a month to open. It is a joint rep account and because the data was entered by the other

rep I am unable to help correct problems via my computer.

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Individual Client Response Profile Shows how each client answered every question to pinpoint issues

31

Dashboard – Taking Action Service Level Targets

2008 2009 Goal Action Needed Owner

CORE SATISFACTION METRICS

Overall Satisfaction (Referenceability) 83% 100%

SATISFACTION DRIVERS

Website (% clients satisfied/very satisfied)

-Content

-Navigation70%

28%

80%

50%

Client Service(% clients satisfied/very satisfied)

-Responsiveness

-Clear understanding of goals

-Accessibility of staff to answer questions

-Industry knowledge

-Communicating effectively

45%

85%

56%

67%

83%

80%

100%

80%

80%

100%

Reports & Meetings(% clients satisfied/very satisfied)

-Quality of in-person meetings

-Quality of reports/statements

-Timeliness of reports/statements

-Frequency of in-person meetings

85%

80%

77%

83%

100%

100%

80%

100%

# Clients expressing interest in services 35 requests Follow-up with each client

Management

to Complete

32

This study was independently conducted by:

www.clientopinions.com

205 Telluride Trail

Chapel Hill, NC 27514

Phone: 919.913.7182