When you think about some of the most important aspects of your business, what comes into mind?
Poor customer experience equals putting your business at risk. You should be noticing now that your customers are having a demand for more personalization, as well as quick and easy troubleshooting. Thus, customer experience is a huge brand differentiation, possibly putting it above price and product or service.
With the customer as your priority, how do you measure how happy they are with your brand?
Here are three metrics to use and observe when you want to find customer satisfaction.
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1. Customer Satisfaction Surveys
CSats are given to customers either through email or face-to-face contact. To make sure you provide surveys at key “touches” (points where the customer interacts with your brand) in order to learn what could keep your customers satisfied, their frustrations, and points for product improvement.
Example: Company XYZ is an e-commerce company. They’ve recently increased their supplier’s list to meet the demands of the customers, and they’d like to know which suppliers should be highlighted for their next big sale. Their campaign involves distributing Customer Satisfaction Surveys via email, asking how easy their ordering process is, and how happy they are with the delivery. They ask customers to rate them on a scale of one to ten, with ten as most satisfied. They’ve collected enough responses to maintain their order processes, but have noted that their delivery services could be improved.
2. Net Promoter Score (NPS)
The NPS is an industry-standard metric that measures the customer’s overall satisfaction and also the perception of the brand. When you want to know how loyal your customers are, you can use NPS. It’s a simple way for companies to deep-dive into brand perception and see if they’re on top of their customers’ minds.
Ask one question: “How likely will you recommend our brand to a friend or colleague?” And you get the following responses:
Example: ABC, Inc. is a client-based company and is holding a semi-annual business growth checkup. They’ve sent out emails to their points of contact, asking how much they will recommend their company to other businesses that need outsourced help. They’ve received positive responses and garnered a high score, deeming them to be an authoritative company that business love to work with.
3. Customer Churn Rate
This sounds a little complex, but it isn’t, and it’s an important metric if you want to know customer perception. Customer Churn Rate is the rate in which customers abandon a brand. The usual reasons why customers stop buying or subscribing from a brand are when they:
- Cancel a subscription
- Close an account
- Fail to renew a contract or service agreement
- Decide to move to a competitor
Example: X Channel is a digital streaming company that has several subscription plans for their consumers. During their monthly executive meeting, the Chief Customer Officer reported that out of 300,000 subscribers this month, around 8,500 have decided to cancel their subscription due to several canceled shows, leaving 291,500 subscribers still happy with the service.
What’s the result?
Using this formula, X Channel can now see how many of their remaining subscribers have left and stopped doing business with them. This happens to all companies, and benchmarks vary from industry to industry, but to be able to maintain a low churn rate, be sure to exceed customer expectations, listen to them, and allow some customers to actually leave—for example, inactive accounts.
It’s no longer an excuse to say that your customers are happy just because you see your profits rise: there is no correlation. These metrics legitimately help you see just how content your customers are, and if they will eventually be loyal advocates of your brand.
However, measuring CX would be a little hard without a dedicated team of specialists who could create these surveys for you. Team up with a CX solutions partner that can do the job for you, and with you.
Infinit-O is a trusted customer experience solutions partner that can help you build and operate a dedicated team of CX professionals of every level including inbound and outbound specialists designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom line cost savings. With access to excellent talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.
When you’re ready to grow, think Infinit-O!
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