While the last thing on your mind right now might be the ambitions you had last January, it’s important to take a look back.<\/p>\n
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Answer honestly: Did you set any customer experience goals last year? If you were<\/em> making a conscious effort to improve the lives of your customers, do you have any idea how successful you were?<\/p>\n A lot of companies and publishers are sharing trends and key metrics for 2024\u2014but it\u2019s even more important to review the previous<\/em> 12 months. How well did you meet your own expectations?<\/p>\n And if you weren\u2019t specifically working on CX last year, you can use this post as a blueprint for what to think about in the year ahead!<\/p>\n Custom satisfaction (CSAT)<\/strong><\/p>\n CSAT is a number which tells you, on average, how happy your customers are after a specific interaction with your business\u2014usually a purchase or support query. Since these are two of the main pillars of CX\u2014with support increasingly seen as a major source of revenue<\/a>\u2014it\u2019s useful to gauge the success of these efforts.<\/p>\n After any purchase or interaction, you send an email asking for a rating on their recent experience. The average rating is your CSAT for that time period. A good score<\/a> typically falls in the 75% to 85% region, and anything at or below 50% should raise serious red flags.<\/p>\n Net promoter score (NPS)<\/strong><\/p>\n NPS is the metric that most directly measures how well liked<\/em> a brand is. It generally reveals the percentage of customers that love, hate, or are indifferent to your brand.<\/p>\n The most common format is to ask, on a scale of 0 to 10, how likely customers are to recommend your brand to a friend or colleague.<\/p>\n It\u2019s called the net promoter<\/em> score<\/a> because the highest rating group (9 to 10) are inferred to love the brand so much that they will recommend\u2014or promote<\/em>\u2014the brand organically. The bottom group (0 to 6) are considered “detractors,” because they might actively advise friends and family to stay away from your brand. The rest are “neutrals,” and your goal is to convert them into promoters.<\/p>\n As audiences become increasingly focused on the holistic customer experience, companies with successful CX efforts should see a corresponding increase in NPS.<\/p>\n Customer effort score (CES)<\/strong><\/p>\n The final metric you should consider is CES\u2014customer effort score.<\/a><\/p>\n Looking back on 2023, one of the absolute killers of CX for eCommerce was complexity. Extra steps, slow loading, vague answers, hidden charges\u2014today\u2019s customers value simplicity more than ever, and they expect everything to just work<\/em> while they browse, buy, and use products and services.<\/p>\n CES measures how hard your products (everything from website pages to physical goods) are to use. While a simple metric, it can paint an illustrative picture and is the most likely metric to throw curve balls. You thought your website was performing brilliantly, but actually 30% of customers found navigating your checkout to be \u201chard” or “really hard.\u201d This might be an easy fix, but you have to identify the problem to change it!<\/p>\n Assuming you have the data, try to assess how these metrics have evolved over time. Were customers more satisfied last year than in the previous year? Can you account for any changes?<\/p>\n Referrals<\/strong><\/p>\n If your company runs proactive referrals programs, how are the numbers looking compared to last year? While it\u2019s not always the flashiest figure, referrals are an extremely strong indicator of good customer experience. More than just filling in a survey and hoping to win $50, they require customers to put their reputations on the line to say: you should buy from this brand.<\/em><\/p>\n You can also consider the level of incentive required to generate referrals. Brands with extremely loyal customers<\/a> can create a flow of referrals without any financial incentive\u2014which is the dream scenario, since the cost is extremely low. If you need to offer a 20% discount for every referral, this could indicate there\u2019s work to be done.<\/p>\n Retention<\/strong><\/p>\n We can\u2019t talk about evaluating customer experience without exploring retention<\/em>. More than anything else, keeping your customers is the gold-standard of CX. While the number<\/em> of customers retained is valuable, the effect of that retention on revenue is even more crucial.<\/p>\n In the former case, we can calculate the Customer Retention Rate<\/a>. This is simply the percentage of existing customers who remain customers after a given period. A closely related metric\u2014the Gross Revenue Retention (GRR)\u2014tells us what percentage of revenue was generated from existing customers.<\/p>\n If part of your CX initiative was to create higher AOVs, for example, it would be more prudent to focus on GRR than CRR\u2014the actual revenue generated<\/em> being more important than increasing the sheer number of customers.<\/p>\n Ideally, this isn\u2019t your first time thinking about customer experience. If you\u2019ve been monitoring and strategically improving CX for a few years, you know it\u2019s essential to compare your current metrics to last year\u2019s results and this year\u2019s goals.<\/p>\n If you\u2019re scoring higher<\/em> than last year, that\u2019s a good start. But you might still be underperforming your targets\u2014for example, if you\u2019ve launched comprehensive CX improvement campaigns and fallen short of an ambitious goal.<\/p>\n If you haven\u2019t been in the data tracking game for long, make sure to set this year\u2019s numbers as a benchmark. Then start planning\u2014you\u2019ve only got 12 months until your next review!<\/p>\n Improving customer satisfaction<\/a> and loyalty is at the heart of Sogolytics. Our intelligent customer experience platform<\/a> lets you monitor customer experience at every touchpoint and make crucial, high-impact improvements all year round. Ready to get started? Let’s get in touch<\/a>, and we’ll give you a free product walkthrough!<\/p>\n","protected":false},"excerpt":{"rendered":" The new year is filled with a rush of excitement, as companies set new targets and plan the path ahead. But even as the wheels begin turning, there’s one more thing still to be done. While the last thing on your mind right now might be the ambitions you had last January, it’s important to take a look back. Answer honestly: Did you set any customer experience goals last year? If you were making a conscious effort to improve the lives of your customers, do you have any idea how successful you were? A lot of companies and publishers are sharing trends and key metrics for 2024\u2014but it\u2019s even more important to review the previous 12 months. How well did you meet your own expectations? And if you weren\u2019t specifically working on CX last year, you can use this post as a blueprint for what to think about in the year ahead! Key metrics to measure customer experience Custom satisfaction (CSAT) CSAT is a number which tells you, on average, how happy your customers are after a specific interaction with your business\u2014usually a purchase or support query. Since these are two of the main pillars of CX\u2014with support increasingly seen as a major source of revenue\u2014it\u2019s useful to gauge the success of these efforts. After any purchase or interaction, you send an email asking for a rating on their recent experience. The average rating is your CSAT for that time period. A good score typically falls in the 75% to […]<\/p>\n","protected":false},"author":26,"featured_media":5035,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,204],"tags":[402,403,301,218,176,427,216,217,183,476],"yoast_head":"\nKey metrics to measure customer experience<\/h2>\n
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<\/a><\/p>\nEmpirical measures to estimate customer experience<\/h2>\n
Put last year’s numbers to the test<\/h2>\n