Considering that customer loyalty can net you up to 25% more for your product, everyone should be going crazy about their customers’ experiences.
Yes, you saw that right, 50% of consumers said that they would pay up to 25% more for their favorite brand. Talk about return on investment!
It’s difficult to determine if your customers are actually loyal, though. One way is through making sure their customer experience is on point. Finding out the best customer experience metrics for your company and industry could give you the edge you’re looking for!
Keep reading to see five key performance indicators that tend to be the best!
1. Site Conversion Rate
Site conversion tools are important. That’s why services like https://diydeemit.com/ provide email marketing and SEO tools to help get conversions and track them.
You can’t only use tools without seeing the effects they’re having. This helps your marketing team or consultant determine what tweaks you need when you need them, and how often.
2. Net Promoter Score
Once heralded as the holy grail of metrics, it’s very simple and gets good information. The problem is that no metric can stand on its own two feet. This one has been relied on a little too heavily in the past.
A NPS is given based on someone’s likelihood of recommending the product. This isn’t always reflecting a good experience though.
Take Adobe as an example. When they ask if someone will recommend their services, many people hit “9” even though they actually wish they could recommend someone else.
The only information they’re getting is that they still have a death-grip on their toolkit being superior to their competitors, not how loyal their customer base is. In fact, many designers would love to jump ship but haven’t found a suitable substitute yet.
3. Customer Satisfaction
A good metric to couple with NPS is the customer satisfaction score (CSAT). Not only will you find that your customers will recommend it, but that they’re satisfied.
Adobe customers report a lot of dissatisfaction with the subscription model and an overwhelming number of separate apps. Fortunately, they have been able to bolster satisfaction by building in more interoperability of assets.
This helps reveal the pain points of your customers, which you can exploit to deliver a better service in the future and direct your company’s growth.
4. Repurchase Rate
The repurchase rate is calculated by finding out how many of your customers are buying from you again, and how long it takes for them to do that. It helps your marketing and sales teams determine what campaigns are effective.
To find it, take the number of repeat customers, divide by the total number of customers, then multiply by one hundred. You’ll get your percentage of repeat customers with this simple metric to determine customer lifetime, among other things.
5. Customer Effort Score
This metric could be called the “how easy was your experience” metric. The rating is often a one-to-five system with one being the easiest and five being the hardest. It could be varied or asked a second time for verification by flipping the rating, with an ease of one being the hardest and five the easiest.
If your customer has to go through hoops to find the department they want to talk to or get the answers they need, then you can get an idea of it here.
Customers expect things to be easy and fast since we’re in a world of instant gratification. You want to score well here.
Customer Experience Metrics
Customer experience metrics are some of the most powerful tools to help forecast the direction of your industry and company. Many companies invest in marketing consultation focused on CX metrics because they know they work to retain customers.
The return on investment is too high to pass up. Similarly, keep browsing to get the best ROI your time can buy in business, marketing, and tech.
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