I was co-founder and CEO of a company called Peach New Media prior to starting PropFuel. We had 40 employees and about 200 clients, mostly associations.
There were times when our executive team would talk about a new service or a better way of doing things and we thought “What our customers would say about this?“
One thing that would be more valuable is asking questions that would drive more revenue or more profit. And, this is true whether you’re an association or a business.
I have yet to meet in association that isn’t interested in or struggling with revenue. Running an association is very similar to running a small business.
So, what kind of feedback would drive increased revenue and profit?
Here's one way to drive revenue from a feedback campaign:
1. Get your Net Promoter Score - Start by asking your stakeholders if they would recommend you to their peers. This is the question that drives your "net promoter score". Check out my recent blog post on understanding the net promoter score. But that alone does not help you drive revenue. That’s only the first step.
2. Read the Feedback - The net promoter score will tell you who your Promoters are and who your Detractors are. We want promoters. We do not want detractors. Analyze the data from a global perspective and then drill down to the individual level to read what your promoters and detractors said. That’s the easy part.
3. Contact your Detractors and Promoters - Now the real work begins and this is where the revenue opportunities exist. Pick up the phone and call your detractors or at the very least email them. Do the same thing with your promoters thanking them for their business and asking for referrals. This is the gold. You will find revenue and retention here, guaranteed!
Aside from the NPS, here are some other questions you can ask periodically to drive revenue and improve margin:
- What other product(s) or service(s) do you wish we offered? (Because you probably do offer what they think you don't.)
- How can we better help you grow your business?
- Is there a company similar to yours that you think would benefit from our services?
- What could we change to make our product(s) or service(s) better?
- Are you planning on renewing when your contract is up?
Ultimately, we want to use feedback as a mechanism to spark a conversation, because we can probably all agree that it’s not the feedback that makes change, it’s the dialog that comes out of the feedback.
Take a look at how PropFuel can help drive feedback on a continuous basis 365 days a year, set up a time to see a demo with me.
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