In the last three parts to this series, we covered what a business vision is, and what you can do on a daily and weekly basis to further it. Now we're going to discuss what you can do on a quarterly basis - every three months - to make sure your business vision comes to life.
A three month time period can tell you if your vision is truly materializing. Whereas the daily and weekly actions are the nuts-and-bolts of your business vision, the quarterly actions are aimed at bolstering the broader implications of your vision.
You likely already have to give progress reports to your shareholders on a quarterly basis. But aside from updating your investors, you should also clue your employees in on how the company is furthering your vision. This 'vision update' should be accessible to everyone in your company, not just the top levels of the organization.
On a broad level, your vision update should tell a story - one of where the company has been, and where it's heading. Meeting profit goals isn't visionary in and off itself. You have to project into the future. If things are going well, how can you sustain the growth, and what does the next stage of success look like? If things aren't going well, what will you do to right the ship in the next three months, and how have your goals changed?
A good starting point is to refer back to your business vision fundamentals: your mission statement and company history. How does the current trajectory of your company intersect with these two statements? How far are you from accomplishing the goals you set up at the beginning?
Your vision update can take many different forms:
The important points to cover in each of these formats are: highlighting recent accomplishments, acknowledging ongoing projects, and anticipating future goals. The vision update is a way to make your employees feel like they are working towards a common goal, and that their contributions are making a real difference for the company. The key is to create a sense of empowerment. This is a chance for you to not only relate the lofty dreams and big numbers, but to also demonstrate how the day-to-day grind translates into success and measurable impact.
Surveys and interviews are the best way to get feedback on your business vision. The fate of your business vision is ultimately decided by the customers who purchase your products and/or services. Your team's enthusiasm doesn't particularly matter if customers aren't buying your offerings, or the vision behind it.
Giving customers a chance to rate your product or performance is a standard practice of most businesses. The data you glean from customer surveys can help you make high level operational decisions about your product and choices for your vision moving forward. However, only the top businesses use these surveys to their full potential.
As an executive, you have the opportunity to manage a project that spans every department, from marketing to product development, customer support to sales. How well you respond to your customers and incorporate their feedback into your company's future plans will demonstrate your commitment to your business vision.
Of all surveys, the NPS survey is perhaps the simplest, but most effective way to gauge how satisfied your customers are. Net Promoter Score, or NPS, is a simple quantification of how much your customers like your business. High NPS ratings are proportional with market growth. The NPS asks a single question to customers:
How likely is it that you would recommend [your organization] to a friend or colleague?
Participants rate their likeliness to recommend on a scale from 0 (least likely) to 10 (extremely likely). Those who score between 9 and 10 are your "promoters"; 7 to 8 are "neutrals"; and 0 to 6 are "detractors". The overall NPS is then calculated by subtracting the percentage of promoters from the percentage of detractors.
For example, if 5/10 customers are promoters, 3/10 are neutral, and 2/10 are detractors, then your Net Promoter Score is 30%.
50% (promoters) - 20% (detractors) = 30% NPS
As you can see, neutral respondents do not factor into the equation.
Over half of all Fortune 1000 companies currently implement NPS. Businesses that lead in NPS rankings for their respective fields grow at more than twice the rate of lesser competitors. Every customer who answers the NPS survey has worthy information that can help your vision progress. Here's how you can work with customers from each NPS category to build your vision.
Few people love to hear negative criticism. But if you want to realize your full visionary potential, you're going to have to listen to the people who don't like your product or services.
Take the opportunity to ask your detractors specific questions about how your company has missed expectations. Try to figure out exactly where did your vision failed for them. Did they want a feature that was never added? Did you mislead them in some way? Did they have a bad customer service experience? By narrowing in on the specific reasons why a customer is not satisfied with your company, you can better decide how to repair the relationship.
Work with your customer support team to address each person in a timely manner to show that you take their feedback seriously. Listening to your detractors will give you the chance to see your company from another perspective. While you may believe that you are realizing your vision, your customers may feel differently.
Remember, the feedback you receive from detractors can be extremely insightful, or not at all. Don't be afraid to ignore certain complaints if they seem poorly reasoned or peripheral to your business vision. And certainly don't make big changes based off of a single review.
People who rated your company in the 7 - 8 range are ignored by the classic NPS calculation. These respondents do not dislike your product, but they're not likely to become brand evangelists for your company. The NPS score treats them as neutral customers who neither advance nor harm your brand.
But these people are just a point or two away from becoming promoters. If you improve their experience fractionally, they may end up becoming your company's biggest fans. In this case, asking an open-ended question can help you understand what's holding them back from spreading the word about your brand:
If you could change one thing about [our product] or service, what would it be?
You can compare the responses to this question to your existing product roadmap and company goals. Are the most requested features on your list of the ones to be developed next? Are you planning on hiring more customer service reps to reduce call wait times? If the responses and your goals line up, then you know that you're on the right track. If not, it might be a good time to re-evaluate your game plan.
To express your gratitude, offer a free piece of content in exchange for feedback from these "neutral" customers. It's a small gesture that shows that you value their input.
Your customers who selected 9 and 10 are your best friends and strongest allies. They've accepted your vision with a resounding endorsement. They are not only more likely to continue purchasing products from your company; they're also going to tell their friends and co-workers what a great company you are. Your promoters give you the opportunity to:
Let's touch on all three of these opportunities.
Promoters like being your customers. But this doesn't mean that they will automatically start spending more on your company. Just like new leads, you have to show these customers why they should invest in a new product or service from your brand. Use your existing credibility to show them the added benefits of your other offerings.
Make your promoters feel special. Let them be the first to try your new products or services. Give them exclusive updates and previews of your upcoming projects. Have your marketing or account management team create a newsletter or email list exclusively tailored to promoters. Create new content tailored to their interests. Most of all, keep them plugged in to your company.
Promoters are walking advertisements for your business. They're more than willing to say glowing things about your company. This is a great opportunity for your sales team to ask for referrals, and for your marketing team to collect customer testimonials.
Referral programs are essentially cost-free acquisition channels. By letting your promoters do the hard work - i.e., convincing others to invest in your product - you are saving human resources while expanding your customer base at the same time.
Customer testimonials are a powerful tool for closing new deals. Being able to relate to an existing customer can convince an opportunity to choose your brand over your competitors. Incorporating customer testimonials on your website shows that your customers are happy to express how they feel about your brand. This exposure not only benefits your company, but gives your promoters free PR as well.
Be sure to thank your customers for their contributions!
Your promoters get your vision. They're on board with the dream you had, and have, inside your head. As a business leader, that's one of the most satisfying feelings in the world. Given this unique perspective, your promoters have incisive insight into what works when it comes to your products.
One way to take advantage of this is to allow your promoters to test out your products before everyone else. This gives them a chance to give you valuable feedback before you make an official launch. If they're ecstatic about your next release, you've hit the bulls-eye. If they're lukewarm or not impressed, it's a sign to revisit the drawing board.
Realizing a business vision takes time, but it's useful to reflect on your progress every few months. A quarterly update to your company gives you the opportunity to unite your team around a common goal and thank them for their contributions. An NPS survey is a simple way to hear from your customers and judge where you stand in delivering your vision. By aligning your internal team and your customers with your overall goals, you can decide your best course of action for the months to come.
In our final part to this series, we will examine what you can do on an annual basis to make your vision a reality.