STATE STREET GLOBAL MARKETING Q CLIENT SATISFACTION SURVEY RESULTS
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1 STATE STREET GLOBAL MARKETING Q CLIENT SATISFACTION SURVEY RESULTS BACKGROUND The Global Marketing Client Satisfaction Survey provides a semiannual benchmark for Global Marketing to gauge how partners perceive the quality of its service and the effectiveness of its initiatives. The Q4 survey was fielded from November 22 to December 3. Respondents used a seven-point scale to rate key aspects of the services they received from Global Marketing during the past six months. All responses are anonymous. 1 Unacceptable 2 Very Weak 3 Weak 4 Satisfactory 5 Good 6 Very Good 7 Excellent RESPONDENTS We received 52 responses for the Q survey. Our response total is up significantly over We saw increases in the proportion of survey respondents from Asia, as well as those from corporate functions. State Street Global Marketing 1
2 Respondent Demographics By Business Unit By Region 53% 43% 39% 33% 13% 38% 14% 23% 19% 28% 31% 25% 19% 13% 16% 23% 33% 11% 25% 25% 50% 63% 53% 44% Q Q Q Q Corporate SSgA SSGM SSGS Q Q Q Q North America EMEA Asia Pac KEY QUALITY INDICATORS Respondents were asked to rate Global Marketing on three key overall indicators: quality of service, quality of reporting and quality of execution on the specific priorities discussed in business planning meetings. Our scores rose across all three indicators in Q4 2010, reaching their highest levels since we initiated the survey in mid Excellent 7 Very good Good Satisfactory 4 Weak 3 Very weak 2 Unacceptable 1 0 Service Quality Reporting Quality Execution Quality Q Q Q Q State Street Global Marketing 2
3 ADEQUACY OF MEETINGS Respondents were asked to rate the adequacy of their meetings with representatives from Global Marketing. The vast majority of respondents indicated their meetings were sufficient, while eight respondents indicated they were too infrequent. Q Q Q Q % 20% 40% 60% 80% 100% Adequate Too infrequent RESOLUTION OF INQUIRIES AND BUSINESS ISSUES Respondents were asked, When you have an inquiry or business issue, how effectively does Global Marketing resolve that for you? In Q4, 96 percent of respondents indicated that when they had an inquiry or business issue, Global Marketing met or surpassed expectations in resolving it. QUALITY AND USEFULNESS OF MAJOR INITIATIVES To understand how partners perceive the value of various service offerings, Global Marketing asked respondents to rate them in terms of both quality and usefulness to their businesses. In Q4, scores rose for all indicators on both a 6-month and 12-month State Street Global Marketing 3
4 basis, with the exception of sales collateral usefulness, which was flat year-over-year. The Vision series continued to receive the highest relative quality scores garnering 5.92 for the papers and 5.57 for the associated events, out of a possible seven points. The initiative that clients deemed most useful was quarterly town hall meetings, which received a score of Major Initiatives Q Q Q M change 12M change Vision Series (Papers) Quality: % 3.57% Usefulness: % 4.97% Vision Series (Events) Quality: % 7.73% Usefulness: % 9.86% PR Support / Media Outreach / Reputation Management Quality: % 6.86% Usefulness: % 2.09% Town Halls Quality: % 2.20% Usefulness: % 7.74% Employee Publications Quality: % 3.41% Usefulness: % 3.84% Sales Collateral Quality: % 1.01% Usefulness: % 0.00% BRANDING INITIATIVE In 2010, we launched our revamped brand to help simplify and unify our communications to all of our key constituencies. While generally satisfied with the new brand materials, clients voiced a clear desire for more support on messaging. State Street Global Marketing 4
5 INTRANET AND INTERNET Also in 2010, we launched a new intranet site ( as well as a new external internet site ( Our business partners level of comfort with the two sites has increased overall in the months since the launch, although important concerns on both the functionality and speed of the intranet were articulated. VISION Respondents offered a variety of suggestions on topics to be covered in the Vision series. Regulatory issues and emerging markets were the most popular themes. QUALITATIVE RESPONSES We received 24 comments regarding the quality of communication and access to Global Marketing staff. The majority of these comments were positive, with several mentions of the overall responsiveness and professionalism of the team. Concerns that Global Marketing is under-resourced carried through from prior surveys. Of the suggestions for improvement offered, two major themes emerged: 1. More dialogue and transparency More bottom-up input More insight into budget decisions More local nuances State Street Global Marketing 5
6 2. More content / external visibility Increased publicity for business wins and other news More advertising, by-lines and events Below is a sample of comments received. The Marketing staff and team that I work with are excellent, however, it is evident that the team is stretched for resources and they cover a broad range of responsibilities. Very good staff within the Global Marketing team, but does not take enough into account local needs We need concise messaging to be used across the company to tell our story to clients and prospects. Need a complete product list. I feel strongly you are doing all the right things and the way you are structured makes it easy to interact and lead the communication and marketing of products. I am looking forward to 2011 to build on our current momentum. NEXT STEPS Global Marketing will take action on the issues and concerns expressed by survey respondents. Specifically, we will: Share detailed findings with our sub-teams and implement strategies for improvement Use results segmented by business unit and region as a starting point for targeted planning discussions with individual business partners. While survey State Street Global Marketing 6
7 Renew emphasis on maintaining a consistent schedule of meetings with business partners throughout 2011, to ensure we remain both on track for current deliverables, as well as future-focused in our thinking. Leverage insights from this survey and from planning meetings with business partners to create a comprehensive Global Marketing calendar, which will also identify the key marketing themes on which State Street will be focused in 2011 Continue to work with IT to resolve technical issues with the intranet Global Marketing will repeat the Client Satisfaction Survey in May 2011 to continue to gauge our clients level of satisfaction. State Street Global Marketing 7
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