According to a recent report, 76 percent of business leaders
believe that customer experience is vital for their company's growth. The
customer experience (CX) is straightforwardly linked with customer acquisition,
engagement & loyalty. Today starting a business culture and structure that
places CX at the forefront is crucial. The accurate measurement and analysis of
the customer data assist the brand in boosting customer experience and creating
The CX analytics effectively delivers actionable data to the
brand and offers verified measurements to gain success. To become a dominant
player in the market, a company requires the right CX analytics to deliver
actionable, measurable, and profitable business insights.
Industry-wide evolution of CX trends
Technology is a great tool to leverage the Customer experience
as it is identified as a top emerging strategy to impact end-user engagements.
If the customers choose a brand, they will be more likely to remain loyal and
eventually work like the brand advocates. Measuring the complete process
through CX metrics is crucial for boosting customer retention.
As per the Customer engagement statistics, the companies which
earn above 1 billion dollars annually can expect an additional 700 million
dollars on average within three years by investing in quality CX trends.
Different CX trends have been evolving in the digital space, like omnichannel,
data-driven marketing, chatbot automation, video marketing, and many more. The
methods deliver phenomenal rise to boost the customer experience.
CX Metrics - Big way to win customers
All the companies track customer experience using at least one
or several of the top worldwide CX metrics. These metric tools capture
actionable and measurable data for an authentic customer experience. CX metrics
assist the brands in obtaining a complete picture of the customer journey. The
most important customer experience metrics which are used to improve the products
and services for the businesses are -
1. Customer Satisfaction Score (CSAT)
The customer satisfaction score (CSAT) is one of the most
prominent CX metrics that business leaders use to know how happy or unhappy
their customers are with the services.
This tool is exclusively designed to target a particular product
feature, like support ticket inquiry or product return. With the easy target
feature, customization, and simple survey, it is quickly adaptable to the needs
of any business.
2. Net Promoter Score (NPS)
Net Promoter Score (NPS) is a prime measure of customer
experience that assist companies in building customer loyalty and attaining
growth. The NPS score accurately reveals the percentage of customers who love,
are neutral, or aren't fans of your brand.
The simple question says, "How many of your customers are likely to recommend you to a friend or colleague?" The answer tracks down the genuine loyalty of the customers; that's why this simple metric is taking over big businesses in the global market.
3. Customer Effort Score (CES)
Customers prefer simple interactions with easily navigated
websites and usable products and services. The Customer Effort Score (CES)
Survey allows customers to rank these interactions, products, or services as
easy, neutral, or complex. It's a transactional metric that measures how your
customers can find something.
Understanding your CES will also show you where the customer
experience is smooth and where there are friction points. Thus the more effortless
you can make the customer experience, the more likely your customers will buy
from you again.
4. Customer Lifetime Value (CLV)
Customer Lifetime Value (CLV) is a great metric tool that tells
you how much one customer has brought to a business in the entire journey. In
other words, how much are "worth" to a business?
The calculation also considers how much a company spends to keep
that customer. It's a fantastic CX tool as it lets the business see whether a
customer is happy and making more purchases or spending less with the company
NPS - The favourite global CX metric
NPS is the most common CX metric, as almost two-thirds of
companies follow it. In the modern business climate, the most successful
companies are the ones which take NPS data and use it to boost and direct their
business strategies, customer success ratio, and product development. Using NPS
explains the fundamental relationship between KPI trends and money retention
metrics. For example, if KPI exceeds a specific number, customers are more
likely to become detractors.
The behavioural categories in the NPS structure provide easy
ways to communicate the meaning of KPI trends. It is the most crucial tool that
strongly assists managers in judging the business against competitors.
Companies are using the NPS metric as the core tool of the CX programme due to
its simplicity and popularity.
Therefore NPS has become a powerful tool globally for understanding the business's current position and aptly predicting where it could be in the future. However, the NPS score variation depends from county to country.
How has SurveyCXM assisted clients with better customer experience?
SurveyCXM is the NPS tool developed &
deployed by QDegrees that assists in maintaining a competitive edge by
understanding the customer's real-time issues. With its help, we improved the
end-user experience for a popular finance company. There were several issues in
making online payments through QR Scanner. So, the CX practitioners suggested
the company build features that allow direct online payments with the out-app
QR Scanner and mobile numbers.
Similarly, in another case, one company faced
scanning issues at TAT that led to long queues at the toll plaza. With the data
gathered by SurveyCXM, the company undertook frequent audits on tolls to ensure
scanner performance and followed valuable inputs. Another housing company faced
issues with a low CX score, so the NPS tool helped to suggest various methods
like an online booking feature, seating arrangements, and improving the
ambience, revamping the store. All this led to a score increment of 55%. All
these value additions have been analyzed and rectified with the help of the NPS
Today businesses affected by low scores seek ways to improve
their NPS journey. The conventional methods to boost the scores are
understanding the pain points, working on them, and figuring out the drivers.
Also, detractors and promoters provide further details on the NPS score,
leading to a prolific investigation of the customer journey. Therefore, NPS
truly is the best CX metric for gaining business growth and customer loyalty.
However, it is suggested to use something other than NPS to measure product success as it is too broad. Instead, it must be used to better know the customers, for example, how satisfied they are and how the company can change this impression over time. Alternatively, there is another upgrade the businesses can try by using an NPS or actual NPS. It works by asking, "Have you recommended this service already? Why or why not?" This ultimately leads to more actionable insights.
QDegrees, MMy customer Qualtrics, CXN, Hubspot