Measuring success - are you brave, or do you shy away?

A while ago I spoke at an event that reviewed the results of the “Client Relationship Management – The truth in professional services” benchmark study, and was reminded of a pretty important point.

Only 28% of firms covered said they made serious efforts in setting success measures for their Client Relationship Management programmes and activity. At the same time, the analysis showed that setting success measures was one of the factors with the highest association with gaining real financial & strategic benefit from CRM. For the 72% of firms that don’t do this, its worth rethinking because

Defining success criteria makes any CRM strategy or vision real – it determines what is important and makes people think and focus on how to achieve that. No success metrics means the CRM vision = a nice wish list
A set of success criteria keeps momentum going. This is particularly so when allied to milestones and an effective plan (of tasks AND outcomes). It gains ongoing commitment.
For marketers, effectively engaging with senior stakeholders in a firm on measures of success, and demonstrating you are serious, often gains a greater level of ongoing support.
It drives real focus and reduces the real risk of “success being declared” as soon as fee earners can access “the new system” – which of course is just part of the deal.
It encourages accountability from all those who should be engaged in making CRM work in a firm.

Of course, any of us in marketing or IT who are centrally concerned with CRM programmes can be reluctant to commit to measures. Does putting our heads above the parapet in this way consign us to greater risk?

Well, no, not really. Not putting metrics in makes it much less likely that the CRM effort will succeed and be seen as a success by the firm. The outcome will be pretty clear to most even if not formally measured by metrics. Conversely, using metrics to show leadership and accountability for success will improve the overall result – for the firm as a whole and those centrally engaged in the effort. So I think it reduces risk....

(BTW Drop me an email here or at robin@thrivingcompany.co.uk if you'd like a pdf copy of the study)

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Comment by Robin Dicks on May 23, 2011 at 13:59: Becky, you may a good point. Of course, client satisfaction surveys core role is often to really gain a much clearer sense of what a firm needs to do or change to become more successful, but they always provide opportunities to grow the relationships with clients and, in many cases to extend what the firm does. One of our recent clients is also using some of the results of the rigorous client survey done earlier this year as part of its communications with its clients and prospects. Always worth thinking about this point (and indeed as part of the comms mix!)

Comment by Becky Daw on May 10, 2011 at 16:26: Robin,

This is a great subject. I have conducted annual client satisfaction surveys, they prove to be a great way to manage employee performance and most importantly client satisfaction. It is essential in this current economic climate that all businesses ensure that they are not only attracting new clients but are ensuring they hold onto their existing ones. I have won new clients based on being able to share the results of our client satisfaction surveys to demonstrate exceptional customer service.