The most important Customer Experience KPIs – Shownotes…
Define the Key Performance Indicators (KPIs) to measure your Customer Experience success…
Commonly used CX KPI’s –
- Net Promoter Score – NPS is fast, easy to use internally and easy for customers to understand
- Customer Satisfaction – CSAT is a good tool to measure if a customer is satisfied with one-time interaction. Like the NPS, it’s fast and relatively easy to use.
- Churn Rate – the percentage of customers a company has lost over a specific period.
- Customer retention rate designates the percentage of customers the company has retained over a given time period. Retention rate is a reverse side of churn rate.
- Customer Lifetime Value – The most basic way to determine CLV is to add up the revenue earned from a customer (annual revenue multiplied by the average customer lifespan)
- Customer Effort Score – this is a measurement to determine the ease of working with your company.
- New Customers -vs – Lost Customers and the $$ Associated with them -Use the actual numbers, not rates/percentages. It connects the numbers in a meaningful way when there is a number that represents individual customers and the dollar value associated with that specific customer.
- Lost customer reasons – Track why you are currently losing customers.
Tie your KPIs to what matters to your customers.
What KPIs do you measure? Share your thoughts below…