Awards case study: Misys champions customer engagement across an international market
Discover how Misys perfected its customer engagement strategy to cater to over 2000 companies across 130 countries
Misys provides the broadest portfolio of banking, capital markets, investment management and risk solutions available on the market. With more than 2000 customers in 130 countries, it connects systems, collects data and creates intelligent information to drive smarter business decisions.
Customers want to know that the software they have purchased will be well deployed, remain stable and support their business objectives for growth and compliance. Achieving this is no mean feat; vendors rarely deliver or even strive for an integrated X-functional customer experience. Why? It is often too big a problem to fix, often involving the co-ordination of and communication between tens (sometimes hundreds) of people between vendor and client.
Prior to the launch of these client engagement initiatives, we first looked to the past. We analysed all the customer survey (NPS) responses provided in the January 2014 customer survey. We took the top 100 areas of dissatisfaction raised by clients, grouped them into themes, and then worked out what we could do to proactively address the issues raised. In almost all cases, all the issues raised by clients could have been avoided by a more proactive, cross-functional form of client engagement. In fact, we were able to map the customer programs in place at Misys to the client needs shown in the survey responses.
We also valued the size of new business lost due to lack of referenceable clients. Whilst we cannot externally provide the specific number, it was in the multi-millions. At that time, we quickly recognised that we could not simply tackle this problem by launching a standard, old-fashioned - and predominately reactive - customer reference program. We felt that this would merely have to deal with the symptoms of low customer satisfaction, since for many companies; referenceability is detached from the overall thrust of proactive client engagement and professional account management. Instead, we told a bolder step: To launch a truly cross-functional, fully integrated client engagement model – from which referenceability would be just one main benefit.
We also looked to the future by analysing all open sales opportunities across the globe. It turned out that 75% of all new license deals (not even including annual maintenance renewals), both in terms of volume and value – were from existing customers. Adding renewal values on top, we soon realised that over 90% of projected future business revenues and growth came from existing clients. We also analysed the average number of products per client – and we recognised that the opportunity for cross-sell and up-sell was huge.
Depending on the function, solution or region an employee works in, he/she has a different view of what good client experience looks like. Hence it is hard for B2B firms to agree on a universal, objective measure of client health.
Misys Connect and the Client Health Index are not just campaigns. They are transformational business programmes to drive a culture of customer engagement, led by marketing and executed by the rest of the organisation.
Our vision is to create customers for life – achieved by higher satisfaction and improved customer engagement, resulting in greater cross-sell and up-sell opportunities and higher renewal rates. This initiative also serves to drive a more integrated cross-functional team effort around the lifecycle of the customer.
Media, channels or techniques used
Misys Connect and the Client Health Index from Misys are transformational business programmes, not campaigns. However, communication played a key role in launching these programmes. The communication plan was sustained (launch and ongoing), multi-faceted (all types of channels), both internal and external (inside Misys and to clients). Examples of channels used
- Presentation of Misys Connect at every Misys Connect (customer and prospect forum) around the world. This involved customer panel discussions about their use of Misys Connect.
- Global campaigns through email/Marketo, social media to all clients
- Customer videos and success stories
- Customer newsletters.
Company awards for client engagement eg.
UK National Public Champion for outstanding client engagement
2016 Excellence Award for Transformational Client Engagement at the Global Summit on Customer Engagement
Thought leadership on the topic of client engagement
- Internal emails, intranet front-page promotion
- Launch at global sales kick-off event
- Presentation at every regional sales meeting
- Internal sales insight webinars
- Inclusion as a top 10-item in the company’s annual operating plan.
Results and timescale
The campaign, including planning and research, ran from June 2013 to June 2016.
In order to showcase the success of Misys Connect and the Client Health Index and its impact on client satisfaction, revenue and pipeline, we have recently launched a global client scorecard in the Misys Connect Hub in Salesforce.com, and the Client Health Index is also directly integrated into salesforce.com. The most important strategic measurements regarding the health of Misys' customer base include – engagement 'Misys Connect Score', customer satisfaction 'NPS Score', Annual Renewal Value (RLF), New License (ILF) and Services revenue closed this year, and License and Services Pipeline open.
We have now proved that where customer satisfaction has gone up, there has been increased customer engagement via Misys Connect – and we hope to provide a conclusive correlation between that and new revenue over the next 12 months. In the below dashboard, you will also see our results since launch in June 2014 about Misys Connect client engagement, sales and marketing referenceability
In short, we have supported $200m dollars of pipeline, generated 450 sales references and 75 marketing references (client videos, case studies and press releases) with Misys Connect. It is too early to assess the effect of the CHI, as we have only just launched it.
"Misys Connect is a world-class strategic client engagement model that is helping Misys to put customers at the centre of everything we do. With over 1200 clients connected, 430 sales references and 75 marketing references generated from it and over $200 M of sales pipeline directly supported – all in just 24 months - it is demonstrably and positively impacting customer satisfaction, revenue and referenceability." Martin Haering, CMO, Misys.