Surprising, we know, but it's true.
You can no longer simply rely on the quality of your products and services or the more than fair prices you have set. Rather, these are times, once again, when the customer is king. And their experience with the task of purchasing your products online is quickly gaining more importance than the gratification they received from the item itself.
According to statistics published by Nicereply , the estimated cost of a consumer switching due to a bad experience is $1.6 trillion in the US alone, while the same masses are willing to pay up to 16% more if the satisfaction derived from the process is higher.
Some studies show that a company that provides job function or professional person and industry email list a pleasant experience to its customers is 17% more likely to grow each year compared to its peers. Research has also found that these companies have a 68% chance of improving their online reputation within a five-year span.
These statistics in themselves show the true value of a good customer experience . Some other important reasons could include the following:
Increase in income
Only when a consumer likes your services as well as your product, will they keep buying the same thing again and again. Plus, there is a higher chance that they will spread the word about you to their family and friends. This gives you a steady stream of income that keeps growing with each passing day.
Customer retention
Regardless of how long they have been loyally associated with your brand, people are always looking for better deals and products. However, if the pleasure of interacting with your staff and processes exceeds their expectations, they will want to continue with your company even at a higher cost.
Employee Experience
An employee's experience during their time with you is just as important as that of your consumer, because at the end of the day, what people buy is sold to them by someone on your team and ensuring that both parties have fun doing it is a sure way to ensure that they both stay with you for the long haul and do everything they can for the benefit of the same.
Key CX metrics to track and improve
While we are sure there are various measures of customer satisfaction out there and your organization has its own tools to measure its heights, here we have compiled for you a list of some key metrics that you can track in real-time to determine where you stand.
This also gives you the opportunity to make amends and improve the factors that may work better than they are currently.
So, here we go:
Net Promoter Score (NPS)
NPS, in simple terms, provides an answer to the question of how likely an existing customer is to recommend the company to their friends, family, colleagues, and peers. It is a unique survey query that is widely used by companies around the world to gather consumer feedback, since its inception in 2003. Many Fortune 500 organizations also rank high on this record, including Apple and Airbnb.
Your NPS is what can tell you precisely what your customers think about your services and brand in positive, negative and neutral terms. This way you can easily derive a percentage from the responses received.
To perform this test, you can ask your buyers to rate you from 1 to 10, from 1 to 5, or even on a scale from “I really like it” to “I don’t really like it.” It’s entirely up to you. And to determine the results, simply subtract the percentage of detractors (negative responses) from the percentage of promoters (positive responses).
A thorough analysis of this score can also help you make predictions about future profit and loss or outline the action plan for the next quarter.
Customer Satisfaction Score (CSAT)
As the name suggests, a customer satisfaction score refers to the tally of how happy and satisfied your customers are with your services and the entire experience. Along with Net Promoter Score, CSAT is one of the most widely used methods to measure consumer feedback.
In most cases, it is shared with them immediately after a purchase or a customer service call or chat to get their instant feedback on the same.
While it can take many forms or be based on several types of scales, the most commonly used rating method is a scale of 1 to 5, with 5 being the highest positive score.
Various websites and e-commerce sites like Facebook, Amazon , eBay, etc. use this type of rating to show potential consumers whether similar buyers like the product or not.
This can also be sent with a follow-up option to add comments and suggestions to the review so that you know what problem they are facing and can find a solution for the same.
It is worth noting here that CSAT is not only used by e-commerce companies but even Google and its algorithms to decide and display which pages will rank on top in response to any query.
However, there are CMS and online store platforms available that can help a business sell products online successfully as well as rank highly through their optimization tools, for example, BigCommerce SEO .
