5 Customer Success Metrics for Business Growth

The whole world is the customer’s oyster in the business sector. Customer expectations need to be met, no questions asked. As a business, the experiences of a customer are the impressions you leave behind. This allows them to form an impression of you and your product and create a sense of loyalty towards your brand. But the question is, how is customer experience measured? How can one possibly quantify a person’s impression? Let’s find out, shall we? Here are the top 5 metrics used to measure aspects of the customer experience.

5 Customer Success Metrics

Net Promotor Score (NPS)

The Net Promotor Score, or NPS, is a popular metric used to measure the level of loyalty a customer has towards your brand. Not just that, this also determines whether customers will recommend your brand to other people. Your NPS score will let you know the percentage of customers who either love, hate, or feel neutrally towards your brand.

To find out the NPS, you can do the following: Send out a survey to your customers and ask them how likely they are to recommend your product to their friends on a scale of 1-10.

  • If responses fall on a scale of 0-6, they are less likely to recommend or won’t recommend at all.
  • If responses fall on a scale of 7-8, then the possibility is neutral
  • If responses fall on a scale of 9-10, they are most likely to recommend your products.

To determine your NPS, subtract the percentage of the less likely responses from the most likely responses. This score will straight away demonstrate whether your customers think your brand is worth recommending and whether your customers will stay loyal to your brand.

Customer Satisfaction (CSAT)

Customer Satisfaction, or CSAT, is a measurement that helps determine the level of satisfaction a customer has with a company’s products, services and capabilities. The key is to step into the shoes of the customer in order to understand their needs, rather than directly asking them their expectations. You want your customer interactions to be as effortless as possible. Respondents use the following options to allow the survey administrator to determine their score on a scale of 1 to 5, corresponding to the choices Very Unsatisfied, Unsatisfied, Neutral, Satisfied, and Very Satisfied. The results are usually expressed on a percentage scale from 0 to 100% – 0% being the customer is completely dissatisfied and 100% being the opposite.

Customer Effort Score (CES)

Customer Effort Score, or CES, is a service metric that measures how much effort customers put in to interact with your business. Customer experience is meant to be effortless and stress-free. You want customers to feel happy and relieved at the end of a customer support call. Experiences to test and measure this metrics can include returning or exchanging a product, asking for a refund, making a customer service request, and answering any additional questions.

Churn Rate

Churn Rate is the rate at which customers stop doing business with a certain brand. It is commonly expressed as the percentage of service subscribers who discontinue their subscriptions within a given time period. A bad experience is a life-long memory for a customer. It never goes away. Bad experiences lead to a negative reputation online and offline. You want your brand to succeed as long as possible. That means having a stable relationship with your customers.

When apologizing to a customer for any inconvenience, you need to show emotion in your tone so that the customer knows you care as a brand. All brands make mistakes. It’s the actions to resolve the mistake that count.

Retention Rate

Customer retention rate is defined as the percentage of existing customers who remain loyal to your brand after a given period. This can give you an exact prognosis in terms of how well your business stands besides its competitors. You want your brand to thrive as much as possible. You want to retain customers rather than lose them. This means having the willingness to accept constructive feedback and finding ways to improve your products.

According to Indeed.com, “listening to customer feedback is crucial for an organization to succeed.” Customer feedback encourages an organization to do better. Customers appreciate it when their feedback is truly taken seriously. Feedback can be good, bad, or neutral. Organizations can choose to address or dismiss constructive feedback and implement changes at various levels within their organization.

Using PxidaCX for Customer Success Metrics

Retaining customers and improving their experience with your business are what matter the most when it comes to improving your organization and its products and services. By sending out regular surveys to your customers, you can measure these customer success metrics and continue to learn from your customers how best to engage them with your brand and offerings. Try out PxidaCX today to see how gathering and implementing customer feedback can help your business grow!