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StepOne, Inc. Launches to Fix Customer Self-Service, Announces $4M Series A Financing
|By Business Wire
|May 15, 2014 12:00 PM EDT
Inc., the adaptive self-service company, today announced the launch
of their Contextual Care™ system in limited distribution. The company’s
flagship product Contextual Care makes it easy for customers to resolve
their own problems online by proactively delivering personalized support
recommendations based on contextual data. StepOne has deployments
currently with two global communication service providers, Telstra
(Australia's largest telecomm, a $38B company) and a Tier 1 U.S. cable
The company also announced that it closed $4 million in Series A funding
led by LiveOak
Venture Partners with equal participation from Silverton
Partners. Funds will be used to grow the product team, as well as
expand sales and marketing efforts.
Large companies with complex products are increasingly investing in
customer experience in an attempt to grow satisfaction, reduce churn and
lower call volume. In a 2013 study by Ovum, 68 percent of CIOs place
spending IT budget on improving customer experience and satisfaction as
a high priority for 2014. Looking into the future, ABI Research’s
Internet of Everything Research Service predicts that more than 30
billion devices will be wirelessly connected to the Internet by
2020, creating enormous demand for excellent customer support.
Despite a multitude of support options today, customers struggle to find
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 seed
funding from LiveOak Venture Partners.
Companies interested in finding out more can visit http://steponeinc.com.
“Since our seed investment, the StepOne team has achieved significant
customer traction, so we are delighted to continue to support the
StepOne team as they scale their operations,” said Krishna Srinivasan,
co-founder and general partner at LiveOak Venture Partners. “Contextual
Care addresses a complex pain point for large enterprises -- they’re
struggling to improve satisfaction and loyalty rates as customer
behavior and preferences evolve rapidly. From brick and mortar to
desktop and mobile, the customer experience is now an organizational
imperative. StepOne is well positioned to deliver immense value for
“I’ve known and worked with the StepOne founding team for a long time,"
said Kip McClanahan, partner at Silverton Partners. "This team knows the
market, understands the problem space and I'm confident in their ability
to continue to execute and drastically improve the support experience
within their customer's business. We are excited to be an investor and
About StepOne, Inc.
Contextual Care is an adaptive self-service system. Our technology
makes it easy for your customers to resolve problems by delivering
personalized, contextually relevant support content in the right place,
at the right time.
The StepOne team has over seven decades of combined experience helping
large enterprises drive down the operational costs of customer service
and create compelling customer experiences that grow their business. The
company was founded in 2011 and is based in Austin, Texas. For more
information visit http://steponeinc.com/.
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