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What Customer Satisfaction indicators should you track?
Customer Satisfaction is a crucial factor in getting people to recommend your brand. However, it is also a major strategic tool for making your company stand out from the competition by identifying your customers’ needs and opinions. As such, regularly collecting and evaluating Customer Satisfaction data is essential. This evaluation often relies on indicators like your satisfaction rate, NPS, CSAT, CES, and intention to buy again. Critizr offers you a more comprehensive approach that incorporates NPS and CSAT, combined with complementary indicators.
New Reasons to Measure Customer Satisfaction
In an economic environment with increasing competition where companies, on average, lose half of their customers in five years, measuring the satisfaction of your customers goes beyond the scope of marketing. Doing so can help you identify ways to differentiate yourself and areas for improvement of your offerings, creating favourable conditions that will give your sales strategy a boost. Particularly, measuring Customer Satisfaction helps you identify the real needs of your customers, verify the appropriateness of your decisions (e.g. for innovation), take any corrective action needed, and reinforce customer loyalty.
5 Key Indicators for Easily Measuring your Customer Satisfaction
Paradoxically, unhappy Customers keep quiet: 98% of negative customer experiences do not result in official complaints. Consequently, tracking your Customer Satisfaction involves regularly analysing data from your past and prospective customers. This requires analysing multiple complementary indicators. Here are the main ones:
This metric focuses on perceived quality while using your product or service, offering the Customer five options to quantify their satisfaction. Relying strongly on emotional factors, this indicator can use an overall evaluation (‘Are you satisfied with our product/service?’) or can focus on specific criteria (‘Were you satisfied with our Customer service/the wait time?’).
Net Promoter Score (NPS)
The purpose of this indicator is to evaluate the rate (between -100 and +100) at which your customers would recommend your products/services or brand to friends and family. While NPS is often influenced by the performance of your products, it also has an emotional dimension tied to your brand image. When combined with the measurement of overall satisfaction, NPS is an effective way to assess the loyalty of your Customers.
Customer Satisfaction Score (CSAT)
Very popular among e-commerce sites, CSAT is a more ‘compact’ expression of your satisfaction rate. CSAT is very accessible. It often only requires a ‘yes’ or ‘no’ answer and is expressed as a single percentage between 0 and 100. You can also ask customers to give a rating or a number of stars. CSAT's great versatility allows you to easily assess all interactions between Customers and your points of sale.
Customer Effort Score (CES)
CES gives you an indicator more focused on operational aspects than NPS to evaluate the loyalty of your customers. CES measures the effort that prospective Customers had to make to complete a purchase transaction. Data is collected right after purchases are confirmed. The evaluation uses a rating from 1 (low effort) to 5 (high effort). Open-response questions (‘verbatims’) also help you better understand any obstacles in the Customer Experience.
Intention to buy again
Expressed as a percentage of responses received, intention to buy again or 'repeat purchase' reflects Customers’ experiences with your product or brand, both in the past and the present. The higher this percentage is, the greater the trust that consumers have in you, which can lead to positive word of mouth or more spending when they make their next purchases.
Critizr, a platform for interacting digitally with customers and measuring satisfaction and relationships
Not only does the Critizr platform enable store teams to interact digitally with customers, but it also allows you to measure the satisfaction of your Customers with traditional indicators (NPS, CSAT, etc.) in addition to other, complementary indicators, like your customer relationship rating.
This Customer Relationship rating can be used by any type of company. The Customer Relationship rating summarises performance in terms of response rates to messages from Customers, response times, and the quality of responses.
Customer satisfaction has become essential and it requires continuous measurement based on reliable indicators that are compatible with your business. It is important to really understand the differences between traditional indicators like NPS, CSAT, CES, satisfaction rates, and intention to buy again. The Critizr solution will be your greatest weapon for collecting Customer feedback and continuously measuring most Customer satisfaction indicators.