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Metrics for Service Provider

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  • #30733

    Taylor
    Member

    My company provides a web commerce network that facilitates transactions by matching up the Buyer with an eligible program that they may use to purchase goods. 
    (One example of what we do would be that if we are LendingTree.com that are matching Lenders with Consumers.)
    Problem is that we are struggling to find a metric to demonstrate to our network participants that we add value to them.  We were seeking a metric to track that would prove to our partners that it is worth it to them to particpate.
    (To follow the example it would be:  What metric would LendingTree.com use to show to Lenders that they are benefitting by being part of the network)
    I would appreciate any insight or suggestions
    Thanks,
    -Todd
     

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    #80437

    Fernie
    Participant

    What about a successful match ratio??, or using the LendingTree.com example, I would use loan closure rates to show them that doing business with you may lead to an increase of their closure rates. Also, if by doing business with you they save some $$, throw this in and you’ll get their full attention.
    I assume you have some historical information you can pull.
    Hope this helps a little,  good luck
    Fernie

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    #80445

    Taylor
    Member

      It is difficult to determine when we added business that they might’ve not received if not for our service.One common response is that they tell us that they would’ve gotten that business anyway irrespective of their use of our service.

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    #80491

    John Q
    Participant

    Without knowing too much about your organization, I would say that the most compelling metric that you may use would be conversion rates (meaning, % of consumers who fill out web form regarding lending, and which ones are converted to loans by the appropriate lender). You need to gather information at the point of contact regarding the loan, which lenders are responding, and which one the consumer chose, and it all must be linked to your website.
    Also, you might use click through %. So, if your lenders provide company links, etc. via your website, you might try and link click through ratio to conversion rate.
    One method I’ve used in the past is to use customer satisfaction surveys. You can choose to send the survey out to each and everyone (electronically) after they have completed your process to figure out who they chose and why. You can feed this info back to your lenders so that they can see the benefit or make necessary improvements.
    Hope this helps. Let me know if you have any questions.
    John
     

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