StepOne Secures $4 Million In Series A Funding.
The adaptive self-service company, StopOne, has recently announce the launch of their Contextual Care system in limited distribution. The company’s flagship product Contextual Care makes it much easier for customers to resolve their own problems online by proactively delivering personalized support recommendations based on contextual data. StepOne has deployments current with two global communication service providers, Telstra and Tier 1 U.S. cable company.
The company has also announced that it has managed to secure over $4 million in Series A funding led by LiveOak Venture Partners with equal participation from Silverton Partners. Funds will be used to grow the production team, as well as expanding sales and marketing efforts.
Large companies with complex products are increasingly investing in customer experience in order to grow satisfaction, reduce churn and lower call volume. In study done in 2013 by Ovum, 68 percent of CIO;s place spending IT budget on improving customer experience and satisfaction as high priority for 2014. By heading far into the future, ABI Research Internet of Everything Research service predicts that more than 30 billion devices will be wirelessly connected to the Internet by 2020, creating a tremendous demand for customer support.
Despite a variety of support available today, customers shave trouble finding the help they actually need. StepOne’s novel approach to self-service predicts a customer’s question by measuring hundreds of customer attributes like what services they’ve purchased, the state of their billing cycle and the technical performance of the product, and then matches the customer to the optimal content for their predicted question. The adaptive software continuously learns which specific pieces of support content best serve various customers, improving its accuracy over time.
“From product onboarding to in-life support, self-service for customers is broken,” said Alex Mitchell, CEO and co-founder of StepOne Inc. “Even though most customers prefer to solve problems themselves, they give in and finally pick up the phone. There is too much content presented to solve the problem and too many irrelevant results in search queries. Our goal is to make self-service become a driver of customer loyalty and cost savings. When you can answer the customer’s question before they’ve even asked it, they’ll stick with you.”
Over 70 percent of customers prefer self-service to a help desk, and, according to the Corporate Executive Board, customers actually rate businesses up to 20 points higher in customer satisfaction when they are able to successfully self-serve. By mapping to existing data, StepOne builds a contextual picture of the user and their issue. The service predicts the customer’s questions and support needs using the information the business already knows about the customer, and serves up the most appropriate support content. The content is continually adapted and evolved through machine learning algorithms and effectiveness measures.
“As part of our Digital First program, we seek to employ new technologies to make it easier for our customers to make the most of our products and services. We are pleased to have partnered with StepOne to bring a new level of technical support ease to our customers,” said Gerd Schenkel, Executive Director of Telstra Digital.
In the summer of 2013, StepOne accepted an undisclosed amount of financial funding from LiveOak Venture Partners.