An outstanding board is invaluable to an organization. The power to make strategic decisions, the ability to drive innovation and the capacity to inspire stakeholder confidence is all within its power. Having helped countless businesses with this very process, BluWave has a unique perspective into the fundamentals of the board recruitment process and the best practices that make it efficient and effective.
Working with one of the expert third-party resources in the Business Builders’ Network can save you time and money while ensuring that you make the right selection for your company.
Let’s take a deeper look at the details that go into this critical decision.
Understanding the Board Member Recruitment Process
Board member recruitment goes beyond the confines of structured interviews – it is a crucial facet of organizational governance. A well-executed process determines the structure of leadership, influencing decision-making and strategic oversight.
“We’re starting to see some PE firms look for those board members during due diligence to help with some of those diligence opportunities as senior advisors then convert post-close to board members,” says Scott Bellinger, BluWave’s co-head of research and operations.
Industry-specific third parties not only know how to run the process for your business, they’re also connected with the most qualified candidates for your specific situation. Access to these resources can save businesses from the headache of sifting through unknown or unproven options.
First, you must identify the qualifications, skills and diversity that board members need to possess. These attributes should be aligned with the objectives of the organization, facilitating its growth trajectory.
Developing a Comprehensive Recruitment Strategy
A clear blueprint and timeline form the foundations of a robust recruitment strategy. Tapping into various channels – from professional organizations to networks and referrals – can greatly enhance your reach to potential board members.
Navigating these channels can be intricate, though, highlighting the need for expert third-party resources to guide the process.
Implementing an Effective Screening and Selection Process
The backbone of successful board recruitment is a comprehensive screening and evaluation process. The stages – ranging from interviews, application reviews, reference checks, background investigations, to skills assessments and board observations – require careful execution. Thorough due diligence, particularly during reference checks and interviews, should never be rushed or downplayed.
Utilizing a Board Recruitment Matrix
A board recruitment matrix can be a game-changer. This visual tool evaluates the current composition of the board, unveiling gaps that need to be addressed. The matrix ensures that new board members are appointed based on the required skills, expertise and diversity, fostering a team that’s well-equipped to navigate organizational challenges and stimulate success.
“Someone who has scaled a business in the same space at a larger size company,” Bellinger says. “Someone who knows what best-in-class looks like in this industry.”
BluWave is prepared to connect you with an exact-fit service provider, equipped to streamline and optimize your board recruitment process.
When you’re ready to elevate your board recruitment process, get in touch with us. Our research and operations team will scope your needs and provide best-fit candidates for you to evaluate within a single business day.
In today’s competitive market landscape, understanding your customers’ perceptions and needs is paramount. This is where an effective voice of customer (VoC) strategy comes into play, allowing businesses to capture and analyze customer feedback for informed decision-making.
But without a strategic approach based on proven voice of customer best practices, deciphering customer pain points and optimizing your business operations can be challenging.
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This guide will take you through five essential steps to building and implementing a successful VoC strategy.
An effective VoC strategy begins by cultivating a customer-centric culture within your organization. This involves adopting a mindset where customer needs and feedback are the driving force behind every decision. From the C-suite to the front-line employees, every team member should understand the value of the customer’s voice and its impact on business success.
The integration of a VoC strategy extends across all departments, with each having a unique role and benefiting differently. For instance, the marketing department might prioritize understanding customer preferences for promotional channels, while the product development team might focus on feedback about product usability.
Building a Robust VoC Data Collection Framework
Your VoC strategy is only as good as the data you collect. Diverse methods of data collection provide a multifaceted view of customer preferences, expectations and pain points. As you adopt different VoC methodologies, you’ll gain a more comprehensive understanding of the customer journey.
Select feedback channels that align with your customer’s preferences and your business sneeds. Whether it’s through direct interviews, surveys, social media or customer support interactions, diversifying your feedback channels is crucial. Continually assess the strengths and weaknesses of your current channels to fine-tune your data collection strategy.
Collecting VoC data is just the beginning. The power of your VoC strategy lies in transforming this raw data into actionable insights. Analytical tools are indispensable for interpreting the data and identifying patterns that signify customer sentiment, preferences and pain points.
For instance, you may notice a recurring theme of customers struggling with a particular feature of your product. Grouping similar feedback points helps you identify and prioritize areas for improvement. By mapping these themes against customer personas and journey stages, you can gain a deeper understanding of specific customer experiences and expectations.
Prioritizing and Implementing VoC-Driven Initiatives
Having extracted insights from your VoC data, the next step involves implementing VoC-driven initiatives. Prioritization of these initiatives depends on several factors, including the feasibility of implementation, expected impact and alignment with business objectives.
A VoC roadmap can help you systematically execute prioritized initiatives over time. Transparent communication is key during this phase, ensuring everyone understands the changes and is on board with the new initiatives. Key performance indicators (KPIs) should be set to measure the effectiveness of these initiatives, providing tangible proof of your VoC strategy’s success.
Enhancing Customer Engagement and VoC Program Evolution
A successful VoC strategy doesn’t stop at implementation—it’s an ongoing process that evolves with your customers’ needs and expectations. Keep your customers informed about the changes you’re making based on their feedback. This not only shows your commitment to their satisfaction but also encourages their continued participation in your VoC program.
Regular reviews and updates to your VoC program are essential to stay in sync with changing customer needs. Your VoC strategy should be flexible, allowing for continuous improvement and adaptation.
Building and implementing an effective VoC strategy may seem like a daunting task, but the rewards of increased customer satisfaction and business growth are worth the effort.
Working with a trusted third-party expert can help ease this process, and BluWave is here to connect you with the perfect resource.
“There are providers with networks of contacts across different industries,” says Keenan Kolinsky, BluWave co-head of research and operations. “Not only is it interesting to survey existing customers, but also potential customers to gain their insights and perspectives, and that’s really where these third parties can add value, is helping businesses get insights from potential customers – not just the ones they already have.”
Whether you need help refining your data collection methods, analyzing VoC data or implementing VoC-driven initiatives, our research and operations team is ready to assist. Contact us today and let us guide you to success in your VoC journey.
Customers shape the success of your business. Their feedback, preferences and expectations guide your strategies, refine your services and bolster your bottom line.
Enter the world of the Voice of Customer (VoC). This indispensable tool – often part of a specialized commercial due diligence project – empowers you to tap into what your customers desire and harness their insights for growth.
VoC is a research method that captures customers’ expectations, preferences and aversions. By leveraging this approach, you can cultivate a customer-centric culture that not only boosts satisfaction but also propels your business to new heights.
VoC methodologies are a collection of techniques to gather valuable customer insights. They pinpoint customer needs, expose pain points and reveal opportunities to improve.
BluWave co-head of research and operations Keenan Kolinsky says using an industry-specific third-party can make this process more efficient.
“The study can be much more targeted if there’s a specific customer segment they’re interested in. Additionally, when a VoC is part of a due diligence activity, the acquisition target could introduce the fund to a targeted and select group of customers to get their insight specifically,” he says. “They’re much more targeted insights from the key accounts that can make or break the business.”
Nothing beats a conversation when it comes to understanding customers. Interviews unveil the “why” behind behaviors, offering rich qualitative data. On the other hand, surveys, whether online, email or SMS, yield quantitative data, transforming feedback into measurable insights.
By pairing these methodologies, you gain a holistic understanding of preferences and experiences. But managing and interpreting both qualitative and quantitative data can be complex. Collaborating with expert third-party services can alleviate this burden, allowing you to focus on leveraging the insights.
Customers often voice their opinions on social networks like Facebook, Twitter, Reddit, Instagram, TikTok and more. Monitoring these platforms uncovers real-time feedback and sentiments. Social listening tools identify trends, track brand mentions and facilitate customer engagement. This goldmine of unfiltered opinions can equip you to refine your products and services.
Doing this on a regular basis, though, can become unwieldy. Experienced third parties who do this on a regular basis can save you time and help you get capture core customer sentiments.
Focus Groups
A small group of customers, a structured discussion and a skilled moderator – that’s a focus group in a nutshell. It’s enables customers to freely express their thoughts.
This format often reveals hidden perceptions and enables you to understand how group dynamics influence feedback. Nevertheless, coordinating and moderating focus groups can be time-consuming and requires expertise for accurate interpretation. Here, experienced third-party firms can step in, streamlining the process and ensuring valuable takeaways.
When customers reach out for support, they reveal their needs and frustrations. Scrutinizing inquiries, complaints and feedback from support channels can reveal recurring issues and areas for improvement.
Website Behavior Analysis
How do customers interact with your website? Analytics tools – like Google Analytics 4 – offer the answer. By tracking page views, clicks and navigation paths, you gain behavioral insights.
Heatmaps, user recordings and conversion funnels also unveil usability issues and help streamline the customer journey. But analyzing such granular data and deriving meaningful insights isn’t everyone’s cup of tea. It demands deep technical expertise and significant time investment. A third-party solution with a knack for analytics can be the key to unlocking these valuable insights, sparing you from getting lost in the complexity of data.
Customer feedback thrives on online review platforms. By monitoring them, you can understand customer sentiments and address concerns. Engaging with customers on review platforms also shows your commitment to their satisfaction.
Feedback Forms
Feedback forms on your website or app offer a structured way to gather feedback. Well-designed, user-friendly forms capture specific information, enabling customers to express their thoughts in detail.
Net Promoter Score® (NPS®)
How likely are your customers to recommend your business? The Net Promoter Score® (NPS®) offers a clear answer. NPS® surveys categorize customers into promoters, passives and detractors. Analyzing this data uncovers the reasons behind customer ratings and helps craft strategies to boost loyalty.
Gathering data is only the first step. VoC methodologies call for structuring and organizing data to facilitate effective analysis. Tools and techniques for data analysis spotlight key insights and patterns, making sense of what you collect.
Insight Generation
Converting data into actionable insights is the heart of VoC. Analysis uncovers customer preferences, pain points and emerging trends. Triangulating from different methodologies offers a comprehensive understanding of your customers.
Insights are the foundation for action. Prioritize improvements based on both customer input and business goals. For instance, if feedback consistently points to slow website load times, prioritize website optimization. Effective implementation requires cross-functional collaboration to effect change.
Monitoring and Continuous Improvement
The Voice of Customer process is not static, but rather a dynamic, ongoing endeavor. It evolves in sync with market trends and customer needs. Establishing continuous feedback loops, gauging progress and refining strategies based on the evolving customer landscape is essential.
“You could also incorporate price sensitivity into a VoC to help a company determine if there’s room to increase prices,” Kolinsky says. “Basically what the customer thinks about how the product or service is priced.”
This is where BluWave steps in, bridging the gap between understanding your customers and implementing that understanding into actionable strategies. Our research and operations team works diligently to connect you with industry-specific, vetted service providers who specialize in Voice of Customer methodologies. They assist you in maintaining the momentum of your VoC efforts, from the initial data collection to the final stages of strategy adaptation.
Through our extensive network, we’ve got you covered whether you are a private equity firm, a portfolio company, or a private or public company. Our exact-fit resources are at your disposal to ensure you remain customer-centric, adaptable and progressive in the ever-changing market landscape. We understand that your goal isn’t just to listen to your customers but to hear them, comprehend them and ultimately grow with them.
Filling Critical Sales Positions to Drive Expansion
A prominent private equity firm in the lower-middle market sought to rapidly fill two pivotal sales roles for a portfolio company in the manufacturing industry. The roles — a regional sales manager in the Midwest and a territory sales manager for the Pacific Northwest — required adept individuals capable of navigating intricate industrial buying processes. The firm needed aggressive sales professionals who could not only engage clients but also drive growth through strategic selling.
The Challenge
Matching Expertise with Manufacturing Sector
While industry-specific technical expertise wasn’t essential, the client was searching for candidates who possessed strong sales acumen. The candidate pool needed to exhibit a mastery of client engagement and the ability to proficiently close deals, a combination that could catalyze the company’s growth.
How BluWave Helped
Specialized Recruitment for Aggressive Sellers
Leveraging its close relationship with third-party non-executive recruiters, BluWave connected the PE firm with a specialized resource from the Business Builders’ Network. The recruiters then targeted individuals who could craft compelling sales narratives and nurture client relationships to drive expansion.
The Result
Accelerated Growth Through Strategic Hiring
The recruiter landed professionals who not only possessed the desired aggressive sales skills but also displayed a knack for strategic thinking within the manufacturing industry. By filling these key positions, the manufacturing company could now adeptly engage industrial clients, converting prospects into customers and driving growth.
Service Provider Type: Vice President of Human Resources/People Operations
Industry: Technology – Software
The Need
High-Performing Executive To Lead HR Department
A portfolio company engaged BluWave to orchestrate a targeted search for a vice president of people operations to lead a technology software company’s HR endeavors. The company’s vision to maintain high employee engagement, foster a growth-oriented culture and optimize the recruitment process necessitated a skilled HR leader.
The Challenge
Cultivating Culture and High-Performing Teams
The primary challenge was to find a VP of HR who could uphold the existing culture’s vibrancy while growing it. The candidate needed to blend strategic HR expertise with an ability to manage and integrate a dynamic culture within a growing technology company.
How BluWave Helped
Tailored Search for People-First Leadership
BluWave collaborated with the portfolio company to craft a tailored executive search strategy that aligned with the software company’s values-driven culture. This approach identified a rising star – the “A player” the company sought – capable of not only driving HR strategies but also contributing to organizational health, diversity and inclusion, and talent acquisition.
The Result
Empowering Organizational Transformation
The transformative HR leader resonated with the company’s values and growth mindset. He brought a blend of high-tech experience and a strategic yet hands-on approach. With the new leader in place, the company is poised to enhance its employee engagement, build a robust hiring system and propel its organizational excellence journey.
BluWave’s tailored approach to executive search ensured a seamless integration of an HR leader who shares the company’s vision, values and goals.
A multi-location dental business needed a COO to turn around the organization’s operations. The goal was to enhance efficiency by overseeing regional managers and streamlining various aspects of the dental clinics.
The Challenge
Navigating Complex Operations
The business needed the rare COO capable of managing six regional managers, each overseeing a cluster of dental clinics. Additionally, the C-suite executive needed to address specific requirements such as inventory management, customer relationship management, advertising and P&L responsibilities. Identifying an executive proficient in dental healthcare operations while possessing the aptitude for process optimization added to the complexity.
How BluWave Helped
The Perfect Match on Standby
BluWave presented a short-list of accomplished industry-specific recruiting firms. The dental business selected one, and was connected with a candidate who showcased expertise in multi-location healthcare operations, displaying an adept understanding of streamlining processes, inventory management and customer engagement. His background, including lean transformation knowledge, aligned perfectly with the portfolio company’s requirements.
The Result
Drastic Operations Improvement
With his proficiency in regional management, inventory control and customer relations, the new chief operations officer drastically improved the dental clinics’s day-to-day functions. This engagement demonstrated BluWave’s ability to connect specialized recruiting firms with the unique needs of small-market private equity firms and their portcos, fostering operational excellence in specialized industries.
Service Provider Type: Carveout Consultant Experts
Industry: Industrial Services
The Need
Standing Up Operations
When confronted with a corporate carve-out investment opportunity under LOI, a small-market private equity firm sought BluWave’s assistance in orchestrating a seamless transition for a new entity. This carve-out, centered around an industrial park in the south-central U.S., required focused expertise in accounting, finance and HR functional areas.
The Challenge
Complex Carve-Out Dynamics
The complexity of the carve-out scenario was heightened by the diverse array of services provided by the new entity, which included utilities like steam, rail, nitrogen and compressed air to multiple tenants, primarily large chemical manufacturers. The intricate billing structures, coupled with the transition from the parent company’s systems, created a challenging operational environment that needed efficient streamlining.
How BluWave Helped
Facilitating Operational Transition
BluWave connected the private equity firm with a merger planning and integration service provider specializing in complex carve-outs. This expert team was well-versed in the unique operational demands of the petrochemical industry, with experience in downstream, refining and industrial manufacturing.
The Result
Smooth Operational Setup
Through strategic planning and tailored solutions, the service provider orchestrated a seamless transition for the carve-out entity. A team of skilled professionals were deployed to ensure the setup of accounting, finance and HR functions. This temporary team’s task was to not only establish operational stability but also ensure a smooth handover to a future controller or CFO, enabling sustained operational excellence.
The new entity emerged from the carve-out process with an efficiently functioning operational backbone, poised to continue its growth trajectory in the industrial park landscape.
In the early stages of acquiring a digital mortgage solutions provider a middle-market private equity firm sought an effective chief of staff to drive the integration process and optimize operational efficiency. The acquired company’s expansion strategy and portfolio growth prompted the need for an experienced executive capable of orchestrating seamless transitions.
The Challenge
Unifying Post-Acquisition Dynamics
The chief of staff position needed to address a multifaceted challenge. The acquired digital mortgage solutions provider operated within the intricate domain of technology and software. Additionally, the firm’s existing portfolio contained companies that could benefit from digital strategy expertise. Establishing unity between these diverse components required strategic alignment and cross-functional integration.
How BluWave Helped
Orchestrating Seamless Integration
BluWave connected the firm with an executive search firm that understood the intricacies of the technology industry and the nuances of executive leadership. The visionary leader selected possessed the expertise to bridge the gaps between the acquired mortgage solutions provider, the existing portfolio companies, and the firm’s strategic goals.
The Result
Accelerating Digital Transformation
Through a tailored executive search, the service provider identified a dynamic chief of staff with a profound background in technology and software. This executive’s expertise in project management, cross-functional collaboration and digital transformation uniquely positioned them to orchestrate seamless integration.
The PE firm’s portco overcame the complexities of merging diverse entities within the technology and software industry, ultimately accelerating their journey toward digital transformation and operational excellence.
Connecting with a service provider you can trust is like looking for a great dentist. Once you find “the one,” you wouldn’t put your teeth in anyone else’s hands.
The same goes for your business. After a successful engagement with a trusted third party, you save a lot of time by contacting them directly the next time you have a need.
There are reasons you have go-to service providers: they’re fast, reliable and they know your business.
But if you love them so much, you’re probably not their only client. Far from it.
So what happens when you reach out and they tell you they simply don’t have the capacity to take on more work on the timeline you need? Or worse yet, they give you their B-team.
There are a number of reasons service providers could suddenly be in high demand. A bounce-back from a recession. A surge in deal flow. A hot new trend of which everyone’s trying to stay ahead.
When this happens, BluWave is on standby with a deep bench of trusted, PE-grade third parties who can deliver the exceptional work you expect no matter what your industry.
In fact, we experienced this post-COVID recovery when the whole world got back to business at once and it seemed like there wasn’t enough help to go around. At that time, we heard from dozens of private equity firms that couldn’t book their preferred third-party resource.
We helped those firms by connecting them with industry-specific firms and consultants that understood their business’s most pressing needs.
Every service provider in the Business Builders’ Network has gone through a rigorous vetting process, giving us confidence in every match we make whether it’s a first-time engagement or a repeat relationship.
BluWave founder and CEO Sean Mooney has three tips for organizations when their usual service providers are at full capacity.
1) Use Alternatives
“If you’re go-to is sold out, don’t try to force them into giving you capacity. You’ll get the C team,” Mooney says. “There are plenty of other comparable PE-grade specialists that you should use.”
2) Use Substitutes
“There are other diligence and value creation products that go by a different name but still serve your need,” he adds. “For instance, if you can’t get a commercial due diligence group to meet your deadline, use a voice of the customer group to do a deep dive on your target’s customers.”
3) Use Independent Consultants
“There’s a select world of independents who spun out of name-brand shops and can give you the same product at a fraction of the cost,” Mooney says. “This cohort works well not only for commercial diligence, but also for operational and HR diligence as well as value creation.”
Mooney recognizes that trusting your most important work to new partners can be scary. With the right introduction, though, the risk can have a huge payoff.
“Using new groups can be nerve-racking,” he says, “but the BluWave network of PE-grade resources is on standby to meet your specific needs.”
Whether your go-to service providers are at full capacity, or you just don’t know who to turn to, give our research and operations team a call. They’ll connect you with a shortlist of exact-fit third parties within a single business day, and be by your side until the completion of the project.
Transformative Financial Leadership for a Growing Healthcare Powerhouse
An upper-middle market PE firm recognized the need for transformative financial leadership for their portfolio company – a physiatry and orthopedic Managed Services Organization (MSO) boasting impressive figures.
The Challenge
Orchestrating Financial Excellence in a Multifaceted Industry
The challenge lay in finding an interim CFO who could not only oversee traditional financial operations but also manage the intricacies of healthcare and physician practice management. This role demanded expertise in healthcare finance, physician compensation, M&A and a deep understanding of the unique healthcare payer landscape.
How BluWave Helped
Connecting Interim CFO with Relevant Experience
BluWave’s strategic expertise led to quickly connecting the client with an interim CFO who brought the required unique blend of skills to the table:
Healthcare Acumen: The temporary CFO possessed a strong background in healthcare finance, particularly within the orthopedic and physician practice realms. This expertise was critical for understanding physician compensation, specialized payer dynamics and healthcare industry intricacies.
M&A Mastery: With a track record of successful M&A endeavors, the interim CFO seamlessly guided the acquisition process, ensuring a smooth transition and integration for the newly acquired orthopedic business.
Operational Finesse: Beyond financial prowess, the interim CFO’s hands-on approach, coupled with high EQ and strong leadership, helped streamline internal priorities and physician compensation tracking.
The Result
Smooth Transition, Operational Efficiency
The interim CFO had such a transformative impact on the business that he was hired full-time:
Smooth Acquisition Integration: The newly acquired orthopedic business was skillfully integrated, ensuring a seamless transition and operational excellence from the outset.
Physician Compensation Tracking: With expertise in physician practice management, the temporary finance executive introduced efficient systems to track physician compensation, ensuring transparent and fair processes.
Operational Efficiency: The interim CFO’s operational finesse, combined with financial acumen, led to optimized internal processes, enhanced physician collaboration and a more streamlined healthcare organization.
A lower-middle market PE firm sought a transformative interim CFO who could not only handle financial intricacies but also bring operational excellence to a digital agency. More specifically, they needed a leader who could navigate the complexities of financial leadership, revenue forecasting and project management within a creative environment.
The Challenge
Balancing Innovation and Financial Strategy
The challenge lay in hiring an interim CFO who could bridge the gap between financial expertise and operational intricacies within a cutting-edge agency. This role demanded a fine balance between revenue forecasting accuracy, project management efficiency and team collaboration, while maintaining an innovative environment.
How BluWave Helped
An Interim CFO who Checked All the Boxes
BluWave’s strategic approach resulted in the identification of a versatile interim CFO, armed with the following capabilities:
Holistic Leadership: The interim CFO demonstrated not only financial acumen but also COO-like capabilities. This unique blend enabled effective communication with both the executive team and the board.
Operational Expertise: Beyond traditional financial responsibilities, the interim CFO brought strong operational abilities. This included holding leadership accountable for numbers, driving results and orchestrating seamless project management.
Digital Agency Insight: With a background in the digital realm, the interim CFO was well-versed in the agency’s project and retainer models. This understanding facilitated accurate revenue forecasting and guided the team to informed decisions.
The Result
Overwhelmingly Successful Turnaround
The interim CFO had a lasting impact in multiple areas:
Streamlined Forecasting: The digital agency gained a tangible advantage in revenue forecasting accuracy, thanks to the temporary executive’s ability to create practical and actionable financial projections.
Effective Project Management: The interim CFO’s project management skills enabled the agency to convert forecasts into actionable project plans, fostering efficient execution and driving results.
Cohesive Team Collaboration: The interim CFO’s COO-like qualities played a pivotal role in maintaining a collaborative and motivated creative team, all while ensuring financial goals were met.
The financial situation was worse then advertised by the portco. This is not a growth situation – it is a turnaround and stabilization. The interim you gave us is a pure 10. He is exactly who we needed to fix this mess.
