In this time of heightened uncertainties, it is sometime tough, even disorienting, to ascertain key focus area for a business. It’s no different at Merkle Sokrati either. We continue to get bombarded with myriad of voices from our 100+ customers, 700+ Sokratians, our partners, the parent groups, executive team members and government regulators.
Over the years, we have learned to tune in on key themes from the voices, and identify major initiatives to serve our customers even better. Thought of sharing our learning here and gain insights from this larger community through this blog.
We work in a highly dynamic environment of digital, in an extremely competitive markets, hence achieving either of – scaling revenues, building newer offerings, or improving customer experience, is an uphill challenge. At Merkle Sokrati, we have been able to do all of the three, and at an unprecedented pace. Make no mistake, it has been ton of collaborative effort across internal teams and partners, but our customers’ feedback has been the lodestar that guided us throughout this fulfilling journey.
We have been doing a quarterly Net Promoter Score (NPS) survey for over 5 years now. As you can see in the chart 1, the average customer rating has remained over 7.5 (out of 10) for almost all quarters with healthy response rate. In addition, we transform the ratings into NPS (see more here), I’m pleased to share that our NPS has consistently been that of the top 5% of Fortune 500 companies (see reference here).
For clearer stories to emerge from this numeric feedback, we create various views, such as:
• Weighted rating by business size of client accounts
• Rating by new vs. existing clients, business lifecycle, industry, geography, etc.
• Rating for Merkle Sokrati’s service line, capability, team, etc.
• Response rate by POCs vs. CxOs
• Trend of rating and response rate across time period
• Customer interviews to gain more insights
This systematic rigor and our abilities to reinvent ourselves have helped us to reduce our revenue churn rate by about 35% YoY (chart 2) over the past 5 years.
We have learnt a great deal about our customer needs through this feedback, and, in our endeavour to support them even more, we have continuously expanded our suits of offering around our DNA of analytics, digital and technology. Over a decade back, Sokrati started with Search marketing with speciality in eCommerce, and now we have built deep expertise across Media and MarTech solutions in collaboration with global Merkle & DAN teams (see chart 3). We have also crafted a bundled solution to enable small and medium-sized businesses to achieve their growth ambitions via digital.
It has been our privilege to work with so many household names and emerging start-ups over the past decade, and we are equally excited to have the opportunity to contribute to our customers’ growth story in the coming decade.