CareerBuilder's Customer Health Score Tool
Company: CareerBuilder, Norcross, GA
Company Description: With 28 years of experience in job advertising, today CareerBuilder is a human capital management Software As A Service organization. We strive to empower employment.
Nomination Category: New Product & Service Categories - Software
Nomination Sub Category: New Product or Service of the Year - Software - Big Data Solution
Nomination Title: CareerBuilder's Customer Health Score Tool
Tell the story about this nominated product or service (up to 650 words). Describe its function, features, benefits, and performance to date:
CareerBuilder is the only end-to-end human capital management company covering the entire candidate lifecycle and employee lifecycle for businesses. As the global leader in its industry, CareerBuilder specializes in cutting-edge HR software as a service to help companies with every step of talent acquisition and management. CareerBuilder works with top employers across industries, providing solutions for talent and labor market analytics, job distribution, candidate sourcing, tracking, on-boarding, HRIS, benefits administration and compliance. It also operates leading job sites around the world.
Transforming Customer Retention Strategy With Big Data Analytics:
Most companies find out about their customer churn when a customer cancels their account. However, signs of churn actually occur further back in the lifecycle when a customer becomes frustrated, stops logging in and decides to quit using the product completely.
A best practice for a company to be proactive in managing churn is to rely on user intelligence to identify when a customer gets stuck, find out why, and then help them overcome those challenges so they can continue successfully on their customer journey. That is why we created a Customer Health Score within the Customer Care Organization at CareerBuilder. This tool is comprised of 3 main categories:
1. Sentiment score - filled out after meaningful customer contact (Client Business Review, Renewal, On-site) by the Success Rep on the account.
2. Product score - calculated by rolling up the scores of all the modules our client has purchased – Job Postings, Resume Database access, etc…
- These sub scores are weighted by the Monthly Recurring Revenue each product carries on the account.
- Each Product Score includes metrics related to performance and usage of that product:
- Performance - Quantifies the ROI (Return on Investment) a customer is getting out of their product.
- Usage - Quantifies the customer’s adoption of the product.
3. Experience score – A measure of the quantifiable customer experience data points (Support Tickets, Sales Rep Turnover on the account, etc…)
Accomplishments gained from our Health Score:
This tool has dramatically changed the relationship between our Sales and Success teams. It provided our Sales team with the confidence and buy-in needed regarding our customer data. Then our Success team takes the data to provide insightful recommendations to better support our customers’ needs and to find the right product fit.
Our Success teams work more efficient in their ability to understand specifically where the gaps are with our customers WITHOUT having to run an extensive amount of reports which takes up time and resources. We can tell in 10 secs where to focus our attention on because we see that the client could be at risk due to product usage dropping.
With a department of 100 post Sales Customer Success Managers saving 4 hours of time per month per CSM is the equivalent of 400 hours, or about $11k per month = ROI of $132k annually (assumes a $28/hr. labor rate) and is the 3rd highest viewed report within the company, behind 2 sales incentive reports.
We also have numerous examples of how the Health Score has assisted us identify where products are falling short of client expectations and has given us the opportunity to quickly identify where the breakdown is. A variety of things can happen, but being able to have one place to go and easily find an answer has been paramount in removing any potential negative perceptions our clients have on a certain product before they cause them frustration. This tool has It has truly transformed how our Success teams run their books of business.
In bullet-list form, briefly summarize up to ten (10) of the chief features and benefits of the nominated product or service.
1. The Health Score tool is made up of: Product scores, Experience scores, Sentiment scores. It can also show utilization scores by product type.
2. Our Success organization surpassed the industry benchmark for Software & Apps (*according to Net Promoter Network) by achieving an unprecedented 47% NPS score in 2016
3. In 2016, we recognized a 26% increase with our contract renewals when a Success Manager was involved with the customer throughout their life cycle.
4. Developed reporting dashboards to understand the impact of Customer Success throughout the different Sales Groups
5. Simplified reporting to provide more concise data to the client
6. The Health Scores strongly correlates with customer renewals
7. Solid trending data helps translate data into insights, and insights into actions!
8. Success new hire trainings now include Health Score tool training
9. Quarterly Business Review calls include Health Score trending data analysis and recommendations
10. Success team Health Score tool utilization at 100%