Strong customer relationships helps Ipreo outshine the competition.
From the start, Ipreo IHS Markit, a global provider of market intelligence, data, and productivity solutions to Corporate and Investment Banking clients, recognized the value in building a strong foundation with deep client relationships.
Based on their collective experiences working for highly successful client-centric organizations, Ipreo’s leadership team understood these relationships would be a significant success driver and, ultimately, serve as a critical competitive differentiator.
With a goal of having world-class client service, Ipreo first sought to hire people with behaviors and personality traits best suited for its high-touch, consultative service offering. Beginning in 2007 the company instituted rigorous training programs and created a corporate culture based around productivity, accountability, and establishing true partnerships with clients.
Then, in 2009, Ipreo formalized its feedback efforts by partnering with an independent third party consultant to help identify new opportunities to refine the client experience as well as provide expert guidance on maximizing value proposition.
“Thanks to Satrix Solutions, we’ve seen a steady climb in every client performance metric we measure, including our Net Promoter Score. I believe Satrix Solutions is the most powerful tool in our arsenal due to the positive impact their Satisfaction Survey and Sales Win/Loss Analysis programs have had on our operational performance.”
– Chris Taylor, EVP & Managing Director, Ipreo
The Winning Strategy
A relatively new entrant to the field in early 2007, Ipreo faced an uphill battle as three major players dominated 80 percent of the market. Ipreo made a strategic decision that delivering a unique service experience and establishing real partnerships with clients would be its competitive advantage.
In an effort to drive accountability across the firm and separate from competitors, the leadership team sought the help of an outside expert to evaluate organizational performance from the client’s perspective. As Ipreo’s President & COO, Kevin Marcus, put it, “Client experience as a key competitive differentiator was a major part of our growth strategy. We took the necessary steps to employ the most knowledgeable and client-focused people in the industry. But we also needed a partner to complement our unwavering commitment to the client experience, emphasize good habits and provide objective feedback on our performance.”
So in 2009, Ipreo engaged customer feedback consulting firm, Satrix Solutions, to design and manage an ongoing feedback program for added visibility into the client experience. Satrix Solutions immediately established client satisfaction and loyalty performance metrics. Using phone-based interviews and online surveys, the customer feedback provider converted these insights into actionable recommendations to drive positive business outcomes as well as reinforce a culture of customer-centricity at Ipreo.
Satrix Solutions implemented a combination of Voice-of-the-Customer (VOC) programs, providing Ipreo with a holistic view of the client experience. The first customized program Satrix Solutions developed was a semi-annual Client Satisfaction Survey, which included the Net Promoter scoring system, to measure loyalty across the firm’s client base. To ensure high survey response rates and statistically valid data, Satrix Solutions worked closely with Ipreo to craft compelling messages around the company’s commitment to listening to client feedback.
Once the survey window closed, Satrix Solutions’ team of data analysts conducted an extensive analysis of both the verbatim feedback and survey responses to pinpoint areas of discontent as well as uncover unique competitive differentiators. Satrix Solutions also identified key loyalty drivers and provided detailed recommendations, which Ipreo shared with employees in the best position to influence the client experience.
Next, Satrix Solutions assessed how the company was perceived in the market and how well its message resonated with prospective clients. To do this Satrix Solutions conducted Sales Win/Loss Analysis interviews with key decision-makers to understand the factors – good and bad – leading to a purchase decision. These evaluations captured critical intelligence, helping Ipreo substantially improve sales effectiveness.
Ipreo believes in continuous and open communication with all employees about wins/losses, performance, and client satisfaction metrics. “A culture of communication breeds a culture of accountability,” said Chris Taylor, EVP & Managing Director at Ipreo. “More than 90 percent of our clients believe our offering is superior to others in the market and we are extremely proud of this. And now, it’s backed by third-party research.”
Ipreo has also found great success highlighting its Net Promoter Score as proof of strong client relationships. “Our commitment to listening to clients has a big impact on prospective clients. We have used the intelligence uncovered during the Sales Win/Loss Analysis calls in new business pitches resulting in a 70 percent improvement in sales close rates,” continued Taylor.
Having the ability to confidently rely on these insights, Ipreo’s leadership is making more informed decisions regarding the strategic roadmap of the organization. Satrix Solutions’ findings have also helped Ipreo surpass the competition as indicated by a double-digit growth in market share.
“The insights provided by Satrix Solutions have been extremely beneficial and we have been quite pleased with the impact these programs have had on our business. We now have a greater understanding of our clients’ opinions and preferences, which has led us to take specific action to address gaps in our product and service portfolio. The result has been a material improvement in referral business and up-selling to our existing clients,” said Marcus.