A great customer experience can be just like great art; you can’t necessarily describe it in words, but you know it when you see it. Which brings up a great story recently shared by Business and Marketing Reporter Jade Floyd. While recently on her honeymoon, the reporter found a painting she loved in a local gallery that was unfortunately out of her price range. She called the gallery to see if the artists had any prints available or a payment plan option; neither of which were options. She had all but put the idea out of her mind, when 6 months later, she received a call from the gallery. It seems the artist was getting ready for a show in Chicago, and upon hearing about how much Floyd had loved her painting, decided to offer it to her at a discounted price before taking it with her to the art show.
No doubt, that is an example of a great, personalized customer experience. Also in little doubt is, how does one quantify or measure it? Even for businesses that have more structured sales cycles and processes, developing the strategies that provide a better customer experience and then tracking it to ensure their efforts are working can be a daunting proposition. While strategizing about customer experience is becoming more and more mainstream, there is still significant debate as to what are the best KPI’s for measuring an improved customer experience. With so many different metrics available, there is still a ways to go before organizations can standardize both the concept and the measurement tools to improve it. Until more standardized measurements are adopted, here are some measurements to keep in mind when tracking your CX strategy success.
Analyze Customer Journey Analytics
To truly assess your customer’s journey, you’ll first need to have a journey map that presents you with an accurate picture of how a lead or customer experiences your brand. Additionally, a customer journey map will help you understand all the touchpoints a customer experiences on their journey. To achieve this, it helps to utilize a data-driven analytic platform in place, like FiO’s Insight Marketing Platform, which unites the metrics on your various brand channels and allows you to create an analytical awareness of where you’re hitting CX home runs, and in what areas you might be falling short.
You’ll probably want to start with culling together analytics on your social media, ads, website, product reviews, customer loyalty programs, emails, and surveys. Identify metrics that reflect stronger customer engagement, such as increased followers and engagements on social media channels, greater conversions on emails, more frequent usage of your loyalty programs, and stronger product reviews. Putting several of these KPIs together by using a data-empowered iCRM, you’ll be able to begin regularly tracking your customer’s journeys and achieve greater Customer Lifetime Value (CLV.)
Speaking of CLV
Customer Lifetime Value (CLV) is a prediction of the net profit attributed to the entire future relationship with a customer. CLV can be calculated both as a business value that the customer brings during the whole time of the relationship with your brand or as a value over a defined period (a year, 5 years, or anything else that makes sense to your company). It is usually looked at as an average. Customer lifetime value (CLV) is one of the most important metrics to measure at any growing company. By measuring CLV in relation to the cost of customer acquisition (CAC), companies can measure how long it takes to recoup the investment required to earn a new customer — such as the cost of sales and marketing. Businesses use customer lifetime value to identify customer segments that are most valuable to the company. The longer a customer continues to purchase from a company, the greater their lifetime value becomes. Know more the right way for measure customer experience please visit our blog here: https://www.groupfio.com/are-you-measuring-cx-the-right-way/