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Feedback: Take a fresh look at accounting and marketing with Freshbooks

Freshbooks Ratings
Freshbooks Ratings
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When most business owners think about accounting, the dreaded "tax man," i.e. Uncle Sam, is usually the first image that comes to mind. Freshbooks has integrated what I see into the cloud-based accounting solution and that is accounting AND marketing. The Freshbooks website says Freshbooks is "The fastest way to invoice clients, track time & run your small business in the cloud. Join over 5 million users who are making billing painless." (ACCOUNTING) The Pareto principle, the famous 80/20 rule (MARKETING), quoted in http://www.wordstream.com/blog/ws/2013/08/21/pareto-principle-primer#, says "All sales people should know 20% of their customers write 80% of the purchase orders; software people know the final 20% of the software features consume 80% of the programming time."

Basically, 20% of the customers account for 80% of revenue so it is important to know who the 20% of the customers that drive the revenue model. What Freshbooks is helping it's customers determine is 1) who are the 20% most important customers 2) how are they driving the revenue through feedback and referrals. They see what I see and that is marketing through analysis of financial numbers! How can the numbers paint the picture through marketing budget and projections of the business?

FreshBooks CEO and Co-Founder Mike McDerment explained in an official release introducing the new customer feedback feature: “Small business owners are starved for feedback. But it takes time to ask your clients for this information, and many owners find the process terrifying and awkward. With FreshBooks our customers now have an automated feature that helps them to gather client feedback, increase referral rates, and generate positive reviews for marketing materials with the click of a mouse.”

Small Biz Trends says "Freshbooks customers will use a 1 to 10 point scale based on the Net Promoter Score. The Net Promoter Score, or NPS, uses a three-tiered scale to classify your customers. Those who rate your business with a 9 or 10 are considered “Promoters” and are considered likely to recommend your business to others. Those who rate your business with a 7 or 8 are considered “Passives.” They may be satisfied with your product or service and may even continue buying or using it. However, they are not likely to tell their friends about you. And they can switch loyalty at a moment’s notice."

The reviews on are listed on the homepage of the Freshbooks customer. Small Biz Trends goes on to say "Notifications are sent to the administrator account once a review is completed. Scores of either 9 or 10 can be shared via by the business’ Facebook page, allowing the business to share the good news of another positive transaction. Clients will also be given the option of posting their review to Facebook. Clients who have given your business a score of 9 or higher will also be given the opportunity to introduce the business to someone they know." ( a win-win for Freshbooks of course)

Freshbooks has been awarded a Stevie in 2014 in the following categories - Gold in Customer Service Team of the Year, Gold in Best Customer Service Management Team of the Year, Gold in Best Customer Support Manager: Steve Bujouves. Silver in Young Customer Service Professionals of the year: Taylor Battista, Silver in Best Customer Service Training Team of the Year, Silver in Best use of Technology in Customer Service. The Freshbooks blog reports "We pride ourselves on providing great phone support and our goal is to ensure that the phone is answered quickly by someone who is trained to help you. When you call FreshBooks, you never have to navigate frustrating phone systems to get appropriate help.Close interaction with our users is a big part of our company culture, we strive to talk to as many customers one-on-one as we can. Through these conversations, we are able to get to know our users and to truly meet their needs." I must say in understanding the relationship between marketing and accounting, Freshbooks listened to the customer needs and design a KISS (keep it simple stupid) solution to get it right! Read more about the new Customer Ratings and Reviews @ http://community.freshbooks.com/support/reviews-and-ratings/

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