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  1. First Research Stand AloneCustomer Feedback Project August 26, 2014 First Research Stand Alone Customer Feedback

  2. Agenda • Project Objectives • Key Findings • Intended Use of Findings • Recommendations • Appendices First Research Stand Alone Customer Feedback

  3. Project Objectives First Research Stand Alone Customer Feedback

  4. Key Findings Qualitative one-on-one interviews were conducted with 5 Stand Alone First Research users in 2014. Here’s what we found…. First Research Stand Alone Customer Feedback

  5. Key Findings Why Financial Services Customers Use First Research: • Build industry knowledge • Prepare for calls with customers • Prepare for sales meetings • Conduct industry research for planning phase of audit • Conduct industry research for underwriting purposes • Use FR statistics for benchmarking, comparing their own clients to the industry as a whole • Complete needs assessments of banking clients First Research Stand Alone Customer Feedback

  6. Key Findings How Financial Services Customers Use First Research: • Go directly to search bar on homepage • Search by keyword or industry code • Use PDF version and/or Copy Paste Version • Print out profiles • Entire report • Key sections First Research Stand Alone Customer Feedback

  7. Key Findings Most Frequently Used Sections of Industry Profiles: • Financial Information • Customer benchmarking • Assessing industry growth potential • Call Prep Questions • Builds user confidence • Builds rapport with customers • Business Challenges, Trends and Opportunities • Address customer concerns • Industry Forecast • Industry Indicators • Competitive Landscape First Research Stand Alone Customer Feedback

  8. Key Findings Product Features Used Occasionally: • Executive Insight • Reading this section helps the user to get in the mindset of the specific client contact • Communication Templates • Customers report positive results when using the provided email templates, although few used the templates regularly. Customers seem to forget about the email templates, despite its helpfulness. • Regional Information • Customers like the city employment data and real estate data. Some were delighted to discover the information during the interview. The archived state profiles are found useful because customers have a hard time finding this information anywhere else. • Industry Prospector • most helpful to find new customers. • Quarterly Industry Updates First Research Stand Alone Customer Feedback – For Internal Use Only

  9. Key Findings Product Features Used Rarely to Never: • First Rain news • International content • Canadian industry profiles, • Canadian customer interviewed does not use Canada industry profiles, but he does use the Province information. First Research Stand Alone Customer Feedback – For Internal Use Only

  10. Key Findings Value Specific to First Research: Organization/Flow/Content • Flow of information makes it east to quickly gain industry knowledge • Easy to navigate, User friendly • First Research is useful time saver; one-stop shop for industry insight “I find it very useful because rather than me going to several different search engines to get more of an understanding of an industry, I can go to First Research and it gives me a lot more information in one spot.” – Comerica Banking Specialist First Research Stand Alone Customer Feedback – For Internal Use Only

  11. Key Findings Value Specific to First Research: Call Prep Questions: • Used to get general understanding of what their customers do • Can appear well-versed and genuinely interested in their clients’ industries • Builds rapport and open doors with customers • Impression of expertise makes FR user feel confident when dealing with clients “These questions immediately give the impression that either [I] know this industry, know his business or at a minimum, have gone in and done some research. I find this extraordinarily useful….leaves impressions that I care enough to investigate their business.” - Tompkins State Bank SVP/Sr. Loan Officer First Research Stand Alone Customer Feedback – For Internal Use Only

  12. Key Findings Other Sources Used: • Google • IBIS World • Bizminer • RMA data First Research Stand Alone Customer Feedback – For Internal Use Only

  13. Intended Use of Findings • Use insight into specific customer uses of First Research to inform product content strategy • Identify product enhancement and training needs for both Editorial and Sales • Empower Sales success with improved product awareness and better positioning to the needs of a target vertical M&A Update

  14. Recommendations • Improve usability of financial statistics • Add historical data to financials • Consider ways to add RMA data • Enhance customer training experience • More formal trainings • More visible training tips on site • Training tips email reminders • Conduct Sales Trainings • Offer refresher trainings on First Research, including use cases of financial services customer segment • Continue customer feedback research • Conduct customer interviews with other high affinity customer segments • Expand interviews to include Add-on customers First Research Stand Alone Customer Feedback – For Internal Use Only

  15. Appendix A: Background In March 2014 team members from Sales, Editorial, and UED partnered on an initiative to better understand the needs of First Research customers, specifically within the financial services vertical: • Customers within the financial services industry were targeted to accommodate a specific sales inquiry about how CPAs use First Research. • After interviewing 2 CPAs the scope was expanded to include customers in the broader financial services segment. • Project leaders Laura Huchzermeyer and Becca Mallett worked with various Sales team members for permission to contact customers for research purposes. • UED team member Karan Shukla conducted the 5 interviews. First Research Stand Alone Customer Feedback – For Internal Use Only

  16. Appendix B: Key Assumptions & Parameters • Customers were limited to the First Research Stand Alone to yield more relevant feedback • All customers work in financial services, First Research’s largest customer segment historically and a primary target for Product Design and Growth • Five customers was deemed sufficient to obtain the qualitative feedback requested and augment any quantitative data already known or collected • The team’s findings are intended to provide insight into specific product use cases and are not intended to be statistically valid or applied to all First Research use cases First Research Stand Alone Customer Feedback – For Internal Use Only

  17. Appendix C: Data Collection & Methodology • Each interviewee was contacted for interviews over a 5 month period from March 2014-July 2014. • Qualitative one-on-one interviews were conducted with 5 Stand Alone First Research users - 4 are based in the US; 1 is based in Canada. • All Interviews were conducted through Webex and included a pre-determined set of questions designed to facilitate an open conversation about their use of the product. • Interviews lasted about 1 hour. • The 5 hours of interviews were condensed into a 12 minute highlight reel capturing the main trends of the interviews. First Research Stand Alone Customer Feed back – For Internal Use Only

  18. Appendix D: Interview Guidance Questions • How do you use First Research? • How long have you used the product? • When you log onto First Research, what is the first thing you do? • What are the top 3 sections of the industry profiles you use most often? • How are these helpful in doing your job? • What other sources of industry information do you use? • What aspects of the First Research product are less useful? • What would you add or change in the product? • How would you rate product usability? First Research Stand Alone Customer Feedback – For Internal Use Only

  19. Appendix E: Customers Interviewed • Richard L. Craig, CPA/ABV/CFF, CVA, CITP, MCP415 Group | Canton, OH • C.L. Cummings, SVP/Sr. Loan OfficerTompkins State Bank | Knoxville, IL • Katy McFalls, CPA/Staff AccountantVonLehman CPA & Advisory Firm | Fort Mitchell, KY • Tyler Allen, Client Relationship Manager, Commercial BankingScotiabank | Manitoba & NW Ontario • Blanche Zavala, Comerica Banking SpecialistComerica Bank | Austin, TX First Research Stand Alone Customer Feedback – For Internal Use Only

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