Backed By Evidence
Flagging an interesting data point from our ongoing social media survey work related to willingness to pay for premium features. Also flagging a handful of other charts from our tracker.
If you are a client, login to our research portal to view the report (bespokeintel.com/login). If you are not a client and want to learn/see more, we’d love to connect ([email protected] or 914-630-0512).
Recent surveys show that use cases for Facebook vary significantly based on age. Namely, 13-18 year-olds view it as a platform to engage with FAMILY, whereas 18+ year-olds view it as a platform for FRIENDS AND FAMILY.
If you are a client, log-in to view the full report. If you are not a client and would like to see more of our social media teens data results (with comparisons to 2020 results), please reach out ([email protected] or 914-630-0512).
We recently surveyed 750+ IT decision makers about a range of software platforms that they use. We found that across many of the questions we asked, Docusign performed really well.
What Stood Out From The Survey:
Docusign was at or near the top of our charts relative to peers when it comes to…
1). Customer satisfaction.
3). Perception of value / importance to business.
Excerpt of Charts:
We work with NPS a lot in our line of work. The corporations we work with ask for our help in generating their NPS and doing deeper level analysis on promoters / detractors, private equity firms ask us to gather NPS data on targets vs. peers to see if they really “stand out”, and hedge funds have us gather NPS data to pick winners and losers within verticals and to validate what they are told by management.
For the most part, NPS is a fairly straightforward calculation. You ask customers to rate how likely they would be to recommend a product or a service to a friend or colleague. If they select 0-6 they are counted as a detractor, 7-8’s are considerd passive and are not included in the calculation, and 9-10’s are counted as promoters. You take the % who are promoters and subtract the detractors, and you get your NPS. We objectively know what a “good” vs “bad” NPS is, we can compare NPS across peer groups, and we can track changes in NPS over time.
The part that isn’t as clear:
Who should answer the NPS question?
The guidance for the NPS question is to ask “customers” how likely they are to recommend a product or service. What we have found in our work with corporations, however, is that there a number of ways to interpret / set up who you classify as a customer for your NPS question and where you find them. Are you asking anyone who has ever been a customer? Is the NPS generated only by customers who have bought recently or more than once? Is the NPS asked of people who have affirmatively joined a customer email list (people who have joined email lists will offer more positive feedback)? Is the NPS recorded at the point of sale? Based on who you ask and where you find them, there are certainly a number of ways to “put your thumb on the scale” – intentionally or unintentionally. When a company touts a very strong NPS it can be a great indicator of positive future organic growt – but we would encourage you to understand the context we described above, especially when you are comparing the NPS to peers. Ask management: how did you determine who took your NPS question, and how did you find them?
Another question to ask:
When was your NPS most recently recorded?
Quick story: One time we had a situation in which company management was telling a client of ours than their NPS was higher than what our surveys were indicating. What was the reason for the discrepancy? The company had not done work to update their NPS for 2 years. We want back down the curve because we had history and found that our NPS reading for them from 2 years ago was higher and matched what the company was currently reporting. Because they had not run their NPS survey in two years they were honestly reporting their most recent result, but their most recent result being two years old was hiding an important observation about their NPS.
There are many more nuances to NPS – like understanding how and why they typically change over time and getting to deeper levels, like asking promoters how many people they think they have recommended the product/service to and asking detractors for color on why their experience was so poor (is it something that can be improved, or is there an inherent flaw hiding)?
Below is an excerpt of charts from our RBLX Teens survey fielded in September of 2021. We will be refreshing this survey next week as a group custom survey. Please let us know if you would have any interest in one of the participation slots! ([email protected] or 914-630-0512).RBLX-September-2021-Excerpt
Sharing below an example of a time our survey data added value for clients. For the purposes of this post, we are highlighting data/takeaways we highlighted one year ago when Wayfair was at all-time highs and show charts/KPIs that were helpful based on feedback we’ve received.
Survey Data From Report One Year Ago: April 2021
One year ago, consumers were suggesting that furniture would be one of the areas in which Covid behaviors would eventually swing back to look closer to pre-Covid dynamics (online vs. in-store furniture).
Home-related category spending got a boost from Covid (Wayfair and Overstock customers, in particular, reported this to us one year ago).
But as early as April of 2021, some of the customer sentiment and look-forward KPIs that we track started to soften.
Amazon/Wayfair identical item cross-shopping was increasing, with sentiment shifting toward Amazon.
And from our identical item pricing analysis work (not survey work, this is from our work in which we visually match and manually record pricing across 100+ identical items on both platforms each quarter) – Wayfair lost some of the pricing benefit it had gained in September 2020 (at the height of Amazon’s shipping issues, in which they seemed to back off on pricing competitiveness during that quarter).