A whopping 80% of customers now point to customer service experience as a key differentiating factor when choosing one brand over the other. Improving customer experience has significant effects on business performance. Some of these effects include better brand loyalty, customer retention, higher revenue from repeat purchases, a willingness to spend more on a brand that delivers great CX, and many others. You will be surprised to know that companies that worked on elevating customer experience witnessed a 92% increase in customer loyalty, a 79% cost savings, and an 84% uplift in revenue.

But how will you improve something if you don’t measure it? Well, this is why to improve CX, businesses need to keep a close track of a bunch of metrics. Let’s read further to discover the top customer experience management metrics that can help you measure customer experience.

Top 6 Key Metrics to Measure Customer Experience Performance

Customer service experience is a qualitative variable, hence it can’t be measured directly. However, certain metrics can easily be tracked using call center software which enables you to evaluate its performance. These metrics are:

Net Promoter Score (NPS)

NPS is a metric that tracks the likelihood of a customer to recommend your brand to others. It also provides you with an understanding of the experience your customers had while using your products and services. If the NPS score of your business is 50 or more, it is considered to be acceptable.

NPS Score = Promoters (%) - Detractors (%)

Customer Satisfaction (CSAT)

CSAT score is a metric that enables you to measure how satisfied your customers are with your products and services. This can easily be tracked by asking a few simple questions like ‘How would you like to rate your overall experience on a scale of 1 to 5, 5 being the highest?’ To calculate a CSAT score, take the number of customers who rated you 4 or 5 and then divide it by the total number of responses you received.

CSAT Score = (No. of responses with 4 & 5 ratings / Total no. of responses) * 100

Customer Effort Score

Another metric that helps you measure customer experience of your business is CES. This metric gives you the idea of how much effort your customers have to exert to order a product, return a product, or get an issue resolved. The higher the effort they have to make, the lower the loyalty they will be to your brand. Research by CEB Global revealed that over 94% of customers who had low-effort experience expressed interest to repeat business. Furthermore, the same research reveals that 81% of customers who go through a high level of effort are more likely to share their bad experiences with friends and family.

Churn Rate

Churn rate, also called attrition rate is a metric that measures the rate at which your customers stop doing business with you over a certain period. When it comes to understanding the health as well as the stickiness of a particular business, churn rate has the maximum effect on the business's bottom line. This means if your churn rate is higher, you’re losing more customers. For example, if you have 100 customers and 15 of them leave, this means your churn rate is 15%.

First Call Resolution (FCR)

FCR refers to a metric that helps you track how well your contact or call center resolves the issues or queries of customers during the first call. Remember, if your business’ CES (customer effort score) is better, it will improve the customer experience management and the FCR. Customers that have their issues resolved in the first attempt tend to be highly satisfied. A study shows that every 1% increase in FCR increases the CSAT score by 1% increase and reduces the support cost by 1%. Therefore, the first contact is critical and can have a huge impact on your overall business.

Average Resolution Time

In this fast-paced world, who likes to wait for a long time to have their issues resolved? No one! So you need to find new ways to enable your customer support team to resolve customer issues quickly. The best way to do so is to provide your call center agents with the right contact center software for CX to enable them to provide your customers with a faster resolution and unmatched customer service experience. Remember, the faster you solve customer issues, the more happy and satisfied your customers will be.

ART = Total time to resolve all issues / Number of calls received over a given period

Remarkable Ways to Improve Customer Service Experience?

Once you have measured all the key metrics mentioned above, it’s time to identify the ways to improve customer experience. So, what are the ways that ensure great CX in today’s customer-centric environment? Here’s a list we have curated to help you do so and take your business to the next level. Read on!

Know Your Customers:

In addition to just knowing your customers’ demographics, your call center agents must have a clear understanding of their needs, demands, and expectations. This understanding will help you offer a more personalized and top-notch customer experience.

Map Your Customers’ Journey

Customer journey mapping plays a critical role in helping your call center agents identify at what stage of the sales cycle a particular customer is. While manually mapping the customer journey is challenging, incorporating a contact center software for CX that supports third-party integration in your business can make the process easier and less time-consuming.

Offer Multi-Channel Support

Modern customers expect a business to deliver a seamless experience across all channels. Making the information accessible to them, regardless of the channel can help you deliver a positive customer experience. In today’s technologically advanced world, most businesses are already investing in omnichannel contact center software for CX, integrated with CRM systems to manage all their communications effectively and efficiently.

Create Better Customer Experience with The Right Software

The positive experience can lead to a purchase and profit. Given that customer-centric companies are 60% more profitable than the ones that don’t focus on customers, consider equipping your call center with advanced contact center software for CX to gain in-depth insights into what your customers want. HoduCC by HoduSoft comes packed with next-generation features that enable businesses of all sizes to deliver a personalised CX and turn customers into brand advocates. To learn more about their product offerings, get in touch with their experts at sales@hodusoft.com or call on +1-707-708-4638.

Redefine Customer Experience by Measuring the Right Key Metrics