As a Midwest-based micro-cap private equity firm, we strive to add value to our portfolio companies by sharing best practices amongst our various management teams. For example, Cole Information Services in Omaha, a nationally-recognized lead generation business, was the first to leverage cost efficient on-line customer surveys on a quarterly basis. ESSCO, another MCM portfolio company, a niche distributor of vacuum cleaner parts and accessories, started conducting these on-line customer surveys shortly after Cole began receiving quality responses. This practice has helped them improve many aspects of their business and has positioned them as the leader in terms of customer service.
While MCM’s portfolio of companies include micro-cap niche manufacturing, distribution and service businesses, our management teams think like Fortune 100 CEO’s and continuously seek out ideas from industry leaders such as Southwest Airlines, Amazon, Apple and others that can be utilized within a micro-cap private company. Southwest Airlines, leads the domestic airline industry in customer service and was voted “Best Bang For Your Buck” in a recent survey by Airfarewatchdog. Southwest has continually utilized on-line surveys to gain insights on how to improve customer service helping give them an edge over their competitors and continuing their stranglehold as the dominant player in the industry.
Taking a page out of Southwest’s book, some of our portfolio companies have been utilizing these on-line surveys to drive continuous improvements within their respective customer service organizations. Thanks to the information derived from these surveys, ESSCO has improved not only their customer service levels (96% of ESSCO’s customers recently surveyed indicated that its customer service levels were better than its competitors) but have also helped management make operational improvements.
Isn’t the internet a wonderful thing? It allows micro-cap sized companies to conduct meaningful customer research for the cost of what some Fortune 100 companies spend on paperclips.
A few tips to keep in mind when launching your company’s survey initiative:
Good luck!
For more information on our micro-cap private equity firm and services, contact us today.
Flickr photo courtesy of hfabulous