Customer satisfaction in any business is the foremost thing to maintain to keep your customers intact with your brand for a long period or even a Lifetime.
Customer satisfaction holds importance in the world of business as it single-handedly decides if the customer will remain with you or not. So, it is crucial to know about your customer satisfaction, but the problem is that Customer satisfaction itself depends on various factors.
That’s why we have listed the 7 most useful customer satisfaction metrics to measure as a business.
1. Net Promoter Score
As the name refers, net promoter score is a metric that lets you know about your promoters or simply the people who will recommend your brand to others. It is a very important metric that is used in various industries. One of the most popular industries where it is used is finance. The net promoter score is found with the help of the NPS survey. An NPS survey includes a question and a scale from 1 to 10. The participants of the NPS surveys are mostly the consumers of the brand who answer the questions based on their experience.
The NPS is found by considering all the entries and a score is given between -100 and 100. The higher the score means the higher number of promoters you have.
2. Customer Service Satisfaction
Customer service satisfaction is a metric that deals with customer satisfaction after interacting with any of your services. For example, if a customer of yours opted for a repair service for, a product bought a few months ago. Since your product gets into a defect in just a few months, it’s a bad gesture for your customer. But you can recover it by providing a smooth repair service. To measure the customer’s satisfaction with your repair service, CSS is done with the help of a pop-up or form sent via SMS or mail.
3. Customer Effort Score
The Customer Effort Score is a great metric for those whose products or services require a process to be followed to make it of use. In simple terms, if you have bought a product that comes into pieces and requires the user to assemble it. So, in this case, you must make the DIY task effortless so that the customer doesn’t feel it like a load. To know if your instructions and other helping materials are working as intended and making the task effortless, CES is used. In CES, the respondents are mostly given five options, each depicting increased difficulty in doing the task.
4. Customer Satisfaction Score
It is a metric that focuses on the overall experience of the customer with your product or service. Unlike other metrics, the survey of CSAT is best when conducted at a point of interaction, such as a survey given right after someone is done eating the food at a restaurant and paying the bill. The respondents are given a direct question of how they rate the service or the product and a scale which can be of varying lengths, such as 1-5, 1-,7, or 1-10.
A scale with a length of 1-10 can give you a more accurate CSAT. The formula to find the CSAT score is to divide the number of satisfied customers by the total responses received and then multiply it by 100. You will get a percentage of CSAT, which can be found for varying satisfaction levels, such as those who rated you with a 10 or those who rated 5, and so on.
5. Customer Health Score
CHS is a metric that helps you make predictions about your customers. It lets you find customers who can be considered loyal and also the customers who may leave you soon for various reasons. CHS requires you to consider multiple types of data based on which you categorize your customers into many sections like a healthy customer, a weak customer, or a risky customer.
6. Customer Churn Rate
When a customer churns, it means that the customer has chosen not to continue with the product or the service. So, CCR is a metric that helps to determine the percentage of customers who have left your brand. Unlike CHS, where you find the expected churn rate, CCR lets you find the exact percentage of customers who left in a specific period. It is an important metric to make changes in your products, services, and their delivery to retain your customers.
7. Customer Reviews
Customer reviews are the most common way to know the customer’s views on your product or service. Since the responses are mostly texts and photos of products it’s not simple to process the reviews for useful insights. On the other hand, the above metrics are easier to process as the data is collected in a structured format. However, customer reviews are widely used to displayed on product and service pages where everyone can see them and use them as a factor to decide whether or not they should pick your product or service.
To Sum Up
These are seven customer satisfaction metrics that you should measure to keep track of your customers’ satisfaction throughout the process of “getting on board with you” to “buy the product” and “post-product buying stage”. In simple terms, the whole product buying cycle has various moments where you get to measure customer satisfaction and the above metrics will help you at different moments.
