Name: The Happiness Index
Industry/sector: Data analysis
Date founded: 2014
Founders: Tony Latter, Chris Hyland and Matt Phelan
Hyland and Phelan are the co-founders of London’s fastest growing integrated search agency 4Ps Marketing, which launched in 2008, but the two decided that, after three years of steady growth, they needed to take the business to the next level.
The company website concludes that Latter and Phelan “met on a stag weekend in 2011″. It goes on to say: “They were dressed as crocodiles (don’t ask!) and were discussing what they did for a living. Throughout the night Phelan and Latter kept talking and using Phelan’s technology background and Latter’s new business skills an idea was created to develop a light touch platform that allowed businesses to gather and analyse a regular pulse of client sentiment.”
Determined not to let The Happiness Index be one of those “it sounded like a good idea last night” moment, Latter and Phelam kept in touch and kept developing the idea.
By the end of 2011 an early version of the Index was introduced as a pilot to 4Ps Marketing.
When the idea proved popular among their customers, Hyland and Phelan used the Index to measure the sentiment of their staff. Due to these results, it was crafted into a standalone company.
Essentially, The Happiness Index tackles the issues all businesses face regardless of sector; losing best talent, inefficient systems/processes, poor decision making based on “instinct” not knowledge, losing clients and missed opportunities.
It is suggested by the business that: “Monitoring client and staff sentiment is often seen as the ‘fluffy stuff’ that gets in the way of driving revenue. However, 4Ps Marketing provided conclusive proof that using The Happiness Index and making staff and clients happier positively affects the bottom line.”
This has resulted in a 16.67 per cent increase in annual revenue.
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