By Amir Hartman,
Co-Founder, Mainstay
How effective is your customer reference program? Believe it
or not, most companies don’t know the answer to that question. That was one of
the surprising findings of the new survey of customer reference programs sponsored
by the Customer Reference Forum’s Metrics Special Interest Group and
Mainstay. Specifically, less than 17% of
programs were able to say they knew the impact of referencing activities on
revenue.
One piece of good news from the survey is that corporate
reference programs have made significant strides in operational efficiency and
responsiveness to requests from company stakeholders. This year, despite flat
to declining budgets, programs again delivered impressive volumes of reference
collateral and orchestrated a busy schedule of reference activities.
Growing Pains
But as important as these efficiencies are, we believe
reference programs – if they are to stay relevant -- have to move beyond their
current role as mere fulfillers of requests and evolve into a proactive,
value-creating organization focused on the success of the business and its
customers. This will become more urgent as more B2B companies embrace
subscription-based business services that make it easy for customers to defect
and switch to competing services.
From this research, and our recent book Ruthless Execution, Mainstay
has developed a road map to describe this evolution. In this road map,
early-stage reference programs are labeled "value inhibitors" because
they are pre-occupied with "filling orders" and are all but invisible
to senior management.
As they mature, programs often transition to "value
neutral" -- recognized by the business as efficient service providers, but
still lack the proactive, strategic perspective and mechanisms needed to move
the needle in terms of business performance.
Best-in-class customer reference programs are those we call
"value creators." Frequently reporting to senior business leaders,
these programs focus on enabling customer success and have created systems for
measuring performance against strategic business goals. Proactive by design,
these programs drive innovative customer-engagement and value-realization
initiatives.
Learn More
Download the full report: Making References
Matter: Annual Customer Reference Program Benchmark Report, January 2015.
"I registered for Annual Customer Reference Program Benchmark Report for January but i have not got a mail till now".
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