When investment technology pioneers, Riskalyze, signed up to use NPS, it soon became clear how engaged their customers were. Their response rate shot to over 40% and immediately produced an excellent NPS score.
I talked to their VP of Product, Dan Cunningham, to find out what makes Riskalyze (and their customers) tick.
How did Riskalyze get started?
I first heard about Riskalyze in 2012, they really dove into the market of risk analysis, and the initial plan was to roll the product out to day traders and guys working in e-trade. The app is designed to show them how much risk is in their portfolio and get it to a level they’re comfortable with.
Later that year they pivoted to working with financial advisors directly, I joined up about a year later as just their 7th employee. We’re now a team of 120, it’s been a bit of a rocket ship and really fun. As VP of product I oversee everything customer-facing in the app, manage the team, and make sure everything is up to standard.
For how long have you been measuring NPS?
We just started using SatisMeter two weeks ago. We knew that our customers loved us, and we’ve always been very diligent about tracking churn. Our Slack already included a product ideas channel, so whenever we had suggestions coming through from the support team we directed them there. It was a very helpful tool for us, but we had nothing near the volume we’re getting now thanks to NPS.
We’d set finding a way to collect NPS data as a goal for this quarter, and your app popped up when I was browsing Segment. Lots of the widgets I’d seen are highly branded, whereas yours was simple and clean. It fit the aesthetic of our app and didn’t feel like some intrusive add-on.
We really make an effort not to have anything unnecessary in our app. With this market you can find so many programs with endless customisable options, and at the end of the day if you can provide the same service in a way that’s streamlined we think you should. I liked that SatisMeter seemed to have been built along the same lines.
We activated via Segment. It was very easy — just clicking a button — so I thought let’s try it and if it sucks we can turn it off. In just two hours the feedback was incredible. I hooked it up to Slack, told all the product guys to check it out, it blew our minds.
I know it’s still early days for you but how has the response been?
Brilliant. 41% is our response rate right now. Our users are pretty engaged but we had no idea they were that engaged!
How do you use the data you’re getting from the surveys?
Well we have a support team and a coaching team for customer engagement, they collect everything we get from detractors or passives and assess whether or not it’s someone we need to reach out to.
We’ve had a surprising number of responses saying “I wish your app could do X”, when in fact X is something we already do. In those situations it’s a matter of training. We also have some people telling us that they’re churning because of things the app genuinely can’t do. If we get enough of those we’ll consider adding new features.
It was really gratifying to see that the new feature people are requesting most is one we’re going to be rolling out next week.
Are you planning to use the data primarily for churn reduction?
We actually have very low churn already. If we can get a customer properly engaged with the product, they’ll use us as a core part of their business and stay with us for a very long time. We managed to cut churn by about two thirds by using proactive training. Your tool is really providing us another layer of insight into our detractors and what their issues are. We’ve found that people are way more open about their complaints with an online widget than they are with someone from support on the phone, they’re a lot more blunt about things which is kind of awesome.
Ultimately our plan is to use NPS as a metric alongside our overall customer engagement scores. Those are basically just a measure of things like how often people log in, if they interact with a client in our system, and altogether it should give us a lot of great product ideas, but also a clearer picture of how we can expect to grow.
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