Hale: Calibrate survey length to the customer's financial and time investment
Tom Hale · SurveyMonkey's Secrets to Keeping Customers Happy for 20 Years · Oct 9, 2018 · at 15:54
Tom Hale, President of SurveyMonkey, speaks at SaaStr Annual 2018 about customer feedback psychology and survey length optimization.
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“It's pretty important to recognize what level of investment your customer's willing to give you, right? And to calibrate that. If you're Uber, it's about 30 seconds, and maybe 10% of the time. If you just spent a million dollars on our enterprise software product, I'm gonna guess you're gonna give us a little bit more. Maybe we can ask you know, 20 questions or something like that, and we can probably ask that pretty frequently. So calibrate that level of investment.”
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More from Tom Hale
Hale: Choosing between relational and transactional NPS is a false dichotomy
“Some say relational NPS is better for B to B SaaS. Some people say transactional NPS is better for e-commerce sites. I say phooey. Both are good. So, I think it's a false dichotomy. I think you should ask both.”
Hale: Only one in three businesses truly prioritize customer centricity
“We recently conducted a survey, this is like within the last four or five months, asking how many businesses really, really believe that customer centricity was really important, and it was about one in three.”
Hale: NPS leaders outgrow industry competitors by a factor of two
“In fact, in every industry, the NPS leader tends to outgrow the competitors by a factor of two.”
Hale: NPS promoters deliver three to eight times the LTV of detractors
“Promoters provide three to eight times the lifetime value of detractors, because why? Well, they cost less, they stay longer, they retain, and they refer friends.”
Hale: NPS promoters demand half the discount in sales negotiations
“Promoters demanded half the discount. When they talk to our sales accounts.”
Hale: NPS functions as a risk management metric during business transitions
“This is an example of using NPS, not just to drive growth, but to map, to minimize risk. And so what we did is we looked at the NPS of our customers and measured it as we were making this four-quarter transition between, you know, subscription and transaction,…”