The fact that customer experience is the key to success is not a new revelation. With the marketplace competition growing at a fast-pace, delivering an exceptional customer service that surpasses all customer expectations comes as an easy option for business survival and success.
Sometimes, even subsistence in this cut-throat competition can seem challenging. But, this can be made easier by keeping a close track of the business’s success rate and the factors that are impacting the same. In the realm of contact center business, measuring the Key Performance Indicators (KPIs) is extremely important as doing so can help you understand where exactly your business is going and its pace of growth.
There are several KPIs that should be measured and improved to enhance your customer experience. Some of these are as mentioned below:
1. Return on Investment (ROI)
Marketing is no more just about promoting your products and services. It is about reflecting the voice of the customers and satisfying their needs. Therefore, measuring whether a company has been able to deliver the products that are par to their expectations and the percentage of ROI attained by them is important. Ascertaining these rates can help you determine the extent to which your marketing campaign is effective and help you to attain the desired ROI.
2. Website Traffic
The number of visitors who visited your website through multiple sources like advertising, social media platforms and email campaigns is extremely helpful. This enables one to determine the steps and sources that can help in creating the desired impact on the business output. In other words, the higher the number of visitors on the website, the higher the number of leads generated for the business.
3. Time Spent on the Website
The time spent by a customer on your website is an accurate indicator of its good or bad performance. However, the more time spent on the website does not necessarily imply that it is delivering an optimum performance. This can be good for some businesses and bad for others.
For instance, an e-commerce website with multiple products can have a higher time spent on the website as an indicator of good performance. This is because if a person is spending too much time on the website, doing research and then placing an order is not bad. On the other hand, a website offering self-service options should have a low time spent by the visitor as this would imply that their website is user-friendly and presents information in an appropriate manner.
4. Conversion Rate
This rate is indicative of the number of visitors who take the desired action or attain the desired goal out of the total number of visitors on the website. To attain a high conversion rate, it is important to offer your customers an experience they are looking for. This, in turn, would inspire them to move closer towards becoming a valuable lead and hence, assist in attaining the desired goal.
5. Customer Churn Rate (CCR)
This refers to the number of people who stop making a purchase or avail any service from your business. A high churn rate is bad for your business and can be identified easily by ascertaining the number of people availing your services at present in comparison to those at the start. For instance, if the number dips down i.e. people stop availing your services, then you have a high CCR and vice-versa.
CCR can be calculated by dividing the number of lost customers by the total number of active customers over a given period of time. In case of higher CCR, a business needs to start taking necessary measures immediately to boost their customer loyalty and hence, improve their CCR.
6. Net Promoter Score (NPS)
It is the rate at which a brand is likely to be recommended by the customers (promoters) in comparison to those who won’t endorse it (detractors) at all. The higher number of recommendations implies a positive NPS whereas a lower recommendation score leads to negative NPS.
To calculate NPS, subtract the number of detractors from the number of promoters present during a survey and then, divide this number by the total number of survey respondents multiplied by 100.
While higher NPS is good, it is important to begin working towards improving your customer experience and changing the way your customers think about your brand in case of lower NPS.
7. Customer Satisfaction
It can be defined as the average satisfaction score of the customers for a given time period. This can be calculated by getting a customer satisfaction survey filled by the customers and then evaluating the same on various parameters. Evaluating this score is important as this would help in determining the average number of customers who are happy with your services as well as the flaws in your services wherein you need to put in some extra efforts for better services.
8. Average Resolution Time
It is the time taken by the contact center to resolve a customer’s query. If a business takes more time to resolve a customer’s query, it would lead to a higher dissatisfaction rate among your customers which can decrease your customer experience as a result. Therefore, it is important for the businesses to focus on delivering immediate resolutions to their customers as the faster resolution will lead to higher customer satisfaction score. An inability to deliver an immediate solution would impact your customer satisfaction score, which, in turn, would impact your overall brand image.
Delivering the best customer experience is not a new idea. Businesses, these, days, have been keeping their customers informed and updated about the best things to buy and not to buy from the market. But, customers are much more conscious these days and hence, they prefer not to rely solely on the information provided by the marketers. Therefore, to gauge your performance, it is important that these customer-related KPIs are properly monitored and the necessary steps are taken to deliver an improved and enhanced performance.