We might be the new kids on the block but our story goes way back to 2007 when we (SmartMeasures co-founders, Libby Dale and Mike Crooks) first worked together on a major online customer engagement program in a large corporate.
The key intent of the project was to get customers better connected via the use of digital channels.
Our valuable learning from that undertaking was that the more engaged online customers are with a business and the lower the number of operational issues (outages, delivery problems, product quality, billing errors and so) on they experience, the greater the likelihood they will remain long-term.
We now had the framework for demonstrating the link between customer engagement and customer retention! This learning was only to morph into a business idea – SmartMeasures – several years later.
Mike and I were looking at developing a product in the online self-service space and were holding broad-ranging discussions with the marketplace. The repeated request was for software that would help retain customers and therefore reduce churn.
Finally the light-bulb moment: We already what was related to customer retention. It was time to put our knowledge into action!
We would provide the market with a software solution that was not only capable of determining which customers were at risk of churning but software that would trigger the appropriate treatment plans to maintain that customer.
Better still, the combination of artificial intelligence (AI) and automated treatment plans would allow SmartMeasures to do what was not humanly possible and take detection and remediation of customer risk to a whole new level.
Rather than take a ‘one size fits all’ approach to managing risk, it would enable users to intervene on a case by case basis and apply treatment plans to suit the level and type of risk detected. This would cut out the annoyance for customers of being placed in a generic retention campaign that had little or no relevance to them.
SmartMeasures would also ensure that monitoring and remediation happen in real time, not well after the event, improving the odds for retention.
All up, it would allow deeper insights into the health of a business’s customer base than would ordinarily be possible!
Fast forward February 2018
SmartMeasures has now been officially launched onto the world stage.
Although very early days, the feedback on our product has been positive and enthusiastic, particularly for businesses where customer churn is a problem and where access to data across business systems has been difficult.
Business managers love the fact that SmartMeasures can monitor the customer health across all systems (billing, product, customer CRM, operations and so on), rather than just marketing systems and call centre data. This broader reach, they say, gives them a more balanced and accurate measure of customer happiness.
Says one of our customers: “It has been difficult in the past to get a measure of customer happiness without sending customers surveys, which annoys customers and response rate is low. Using SmartMeasures, we have a measure of customer health without asking the customer.”
Those wondering if artificial intelligence (AI) was ever going to deliver some benefit, are excited about how SmartMeasures is utilising the power of AI to accurately predict customer churn. As Boston Consulting Group found in a recent survey, 85% of executives believe AI will allow their companies to obtain or sustain a competitive advantage, but most don’t even have an AI strategy in place yet.
Other customers tell us that being able to ‘see’ the health of their entire customer base gives them greater confidence about those who are staying and at the same time, SmartMeasures delivers defined treatment plans to address those who have been flagged as ‘not so happy’.
Large enterprises tell us they like the rigor that SmartMeasures enables with regards to contacting the right customers with the right conversations and not annoying the rest.
We look forward to SmartMeasures delivering significant savings to the industry over the coming years.
SmartMeasures is owned by The Working Octopus