One of the company values that governs what Lithium does is "to take customer success personally." We mean that in two ways, both in delivering success for their business, but also, to recognize the particular individuals, on a personal level, for the amazing things that they are accomplishing.
In our lobby, we don't put logos, we have photos of Steve and Ben and Molly and Bridget—the actual people that are making it happen.
Closely tied to this notion of customer success is ensuring that the clients get the industry-wide recognition for their initiative and their results. What a great week it was last week for our clients (and for Lithium!) as Forrester unveiled the winners of its 2012 Groundswell Awards. I am so proud to share that, like giffgaff and Best Buy before them, Lithium customers HP, CISCO and Barclaycard have won Groundswell Awards! This is no small feat. There were over 100 entries, all of them great stories of brands getting closer to their customers.
The Groundswell Awards celebrate the best of the best, going way beyond social activity metrics. "It’s clear that social media has reached a tipping point, where savvy companies are using social tools to pursue real business objectives rather than simply chasing fans and followers," said Nate Elliott, Forrester VP of Interactive Marketing via his blog. We're talking real ROI.
Ring by Barclaycard has transformed the credit card with a $10 million dollar benefit. HP has reduced their support expenses by $50 million. CISCO is delivering better service to customers by improving case escalation to express and driving a $7 million benefit.
Lithium is thrilled that these client wins are paving the way toward meeting our mission: we help brands unlock the passion of their customers. We're focused on doing this so clients can yield real business ROI and be viewed as leaders in their field. Congrats to you Jared, Siobhan, Lois, Steve, Jennifer and the all of your team members that have made Barclaycard, HP and Cisco this year's Groundswell Award winners. Well done.
Barclaycard calls Ring “the world’s first community-designed credit card.” Once approved for the card, customers join a Lithium-powered community where they influence benefits, rates and penalties — and even receive a share of profits generated by the business. Ring, combined with other voice of the customer initiatives, has decreased complaints by 50% and increased customer retention by 25%, resulting in an annualized benefit of over $10 million.
Hewlett-Packard created a Consumer Support Forum which connects HP customers online in order to exchange insights, tips, and answers to questions – and self-identified volunteer “HP experts” provide more than 50% of the solutions. The forum contains nearly 500 million posts in total, and has helped more than 40 million HP customers solve technology issues since its inception in 2009. HP estimates the forum saves the company $50 million per year in support costs.
Cisco's Technical Assistance Center (TAC) uses Lithium's social and gamification software with intelligent routing to help solve customer challenges quickly. The initiative transformed TAC's traditional escalation model with impressive results. Estimated cost savings for the first year are $7 million with an anticipated return of $32 million over the next 3 years. Time-to-Resolution was driven down by 32%. Case escalations were down by 42% and case transfers were down by 11%.