Before we delve deeper into the metrics, let’s talk about how you can track these CX metrics. You can either do it manually or you can use a CX management platform to automatically track and record the metrics.
Manual tracking involves logging on to different platforms, downloading reports and then compiling these reports into some cohesive insights, while CX management platforms are AI driven and free up a lot of your time to do the important stuff.
Customer Experience Metrics
1. Net promoter score (NPS)
The Net Promoter Score (NPS) analyses customer satisfaction and loyalty. On a scale from 0 to 10, you may ask customers how likely they are to suggest your product or service to others. Promoters (9 or 10 ratings), Passives (7 or 8 ratings), and detractors (6 or lower ratings) are the three groups of respondents. NPS assists in predicting brand health, income, and business growth for your business.
It is also important to understand the different types of NPS and when to deploy them, and the impact a good NPS system can have on your business.
2. Customer satisfaction score (CSAT)
Utilising CSAT, a critical performance metric, you can monitor customer satisfaction with your products and services. You must ask your customers how they would assess their overall satisfaction with the product or service in order to evaluate it.
CSAT provides information on how effectively you satisfy customer expectations, and satisfied customers are more likely to stick with your business. Monitoring CSAT is a great approach to increase loyalty and referrals leading to increased market share and revenue growth.
3. Customer effort score (CES)
A customer effort score helps in measuring the effort it took a customer to solve a particular problem, make a purchase, initiate a return or talk to customer care.
Customers are asked if working with your business was easy or challenging. You can identify problems that influence the consumer journey more easily thanks to CES.
In addition to these, other metrics that are important to track include:
- Customer retention rate (CRR)
- Customer conversion rate
- Customer lifetime value (CLV)
- First contact resolution (FCR)
- Customer health score (CHS)
You can read more about these metrics and the insights they provide here: What are the common CX Metrics
Should you measure all the metrics?
As tempting as it is to measure all metrics, not all of them might not be relevant for your business. So, before you start, I advise you to understand your business metrics (churn or retention and CLV) and the proper customer experience metrics in order to advance your business. Find the KPIs that really make sense for your business in practice. When a business chooses one customer experience metric and one associated behavioural measure, they often do well. Increasing complexity seldom results in added value. On the other hand, having a straightforward survey design and a straightforward set of aims and metrics to monitor enables the business to concentrate on what really matters: resolving problems and enhancing results.