Customer satisfaction leads to revenue growth. It is a common denominator for companies to compete for. In this article at MarTech Advisor, Vandita Grover shares five metrics to improve your customer satisfaction.
Channelizing Customer Satisfaction
“Companies that excel in the customer experience grow revenues 4%–8% above their market.”
-Bain and Company
Despite its importance, it is hard to measure customer satisfaction. Customers mostly build their experiences based on emotions. Also, since several departments cater to customer issues, the users cannot be precise in their judgment. Once they have an unfortunate experience, they might generalize all departments. It would take months or another experience to change their outlook. Here are the metrics to improve your customer satisfaction:
How Satisfied Are They?
The more customers are happy, the more favorable result you receive for the metric. Customer satisfaction or CSAT conveys the impression your brand has left with the customers. Deduce from the ratings their likes or dislikes to retain their loyalty for your brand.
How Loyal Are They?
According to Marketing Metrics, the chance of influencing existing customers to buy a new product is 60 to 70 percent. Meanwhile, it goes down to 5 to 20 percent for new buyers. 85 percent of the companies rely on metrics, like likelihood to recommend and customer satisfaction, to improve their ROI. Net promoter score (NPS) helps you segregate customers as promoters, passives, and detractors in terms of brand promotion.
Are They Happy with the Interaction Quality?
Quality of Customer Interaction (QCI) notes down all the elements of interactions and pinpoints what the customers want the most. Collect customer data to create a customer profile and behavioral map. Your customer satisfaction increases along with the customer interaction score.
What Is Your Customer Behavior and Plan?
To improve the customer satisfaction rate, track their behavior online. For instance, purchase history, recommendations, most visited items, etc.
“I’ve always advised companies to measure specific customer behavior that can be easily observed without disrupting the customer’s life.”
-The Experience Manager CEO Doug Bell
Understanding customer behavior will help you to advertise items that they are likely to purchase or recommend.
What Is the Churn Rate?
Customer satisfaction is low when they return products and upload more issue tickets. Not only that, they discourage others from engaging in a transaction with your brand. Keep a close watch on this metric for a steady business
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