Two-time CEO and first time founder of OCX Cognition Richard Owen talks to Ryan in this episode. OCX Cognition is a software and data science company that uses machine learning to create real-time NPS and customer health performance. Previously to this, Richard Owen ran DELL’s ecommerce platform and he has also built two software companies.
Richard and Ryan talk about NPS (Net-Promoter-Score), NRR (Net-Recurring-Revenue) and how using machine learning to predict and measure these can provide an invaluable resource and tool for companies. Richard also talks about and advocates on how your customers are your best marketing assett as well as your best collaborators too!
KEY TAKEAWAYS
OCX are due to reach their first million, they sell large tickets to enterprises, focusing on margins at a high value rather than volume of clients.
There’s a narrative in the business community that you launch and are successful in six months, but this simply isn’t true. It takes a lot of hard graft, time and commitment to grow and reach your first million and beyond.
Companies are always trying to figure out net revenue retention. What we know to be true in the business world, is that customers ultimately renew based on their experiences with the company relative to their expectations. Previously companies would either ask their internal teams or you would survey customers to gain this information. But this was far from an exact science. So, what OCX Cognition does is use machine learning instead to predict behaviour.
OCX Cognition are really bringing a lot of computer and logic based science to what was previously a very anecdotal and guesswork situation.
When OCX Cognition was created, Richard worked with clients as a service based product, using other data systems from people he knew. Once they had created solutions and value for these clients, Richard then used the capital gained to build and create their own software. If customers want to work with you and are interested in your end solution, then you can follow this approach too. But be prepared to make many changes along the way and forever be evolving to meet clients and customers needs.
Your biggest cost when starting is in engineering. You are spending time and money creating software that you won’t use or that doesn’t work so be hyper-aware and wary of this fact.
Your customers are your best marketing asset and your best collaborators. Word of mouth and recommendations are powerful tools and customers will tell you what you are doing right and what you are doing wrong too.
What every company needs to understand is there a whole host of experiences that contribute to a customer making a decision on whether to stay, go forward or retract from a vendor and these interactions all start very early. The customer is in a constant state of revaluating where they are and how they feel about the company.
Out of everything you are do as a company, what things have the highest impact? Think about this and work accordingly, not everything you do or focus on is equal.
BEST MOMENTS
“What every CEO of a company wants to understand is what essentially is my true condition of my customer base”
“Leverage your clients as capital”
“Every new customer we take on we are learning something that improves our fundamental algorithms”
“Think of this as a continuous stream of activities that a customer is consuming and all of those activities impact their static level of loyalty to that company”
Do You Want The Closing Secrets That Helped Close Over $125 Million in New Business for Free?” Grab them HERE: https://www.whalesellingsystem.com/closingsecrets
Ryan Staley
Founder and CEO
Whale Boss
312-848-7443
EPISODE RESOURCES
https://www.linkedin.com/company/ocxcognition
https://www.linkedin.com/in/richard-owen-98ba3/
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