Exploring CX Metrics From A Different Angle Which metrics are you using to measure customer experience (CX)?
Which metrics are you using to measure customer experience (CX)? There are a number of industry standards such as the customer churn rate, the CSAT, and the Net Promoter Score, but what interests me is when companies explore metrics that really matter for their business, not what everyone else says is important.
This CMS Wire article gives some good examples of what I mean. It’s important to think about the experience you want your customers to have and how you can measure that you are delivering this experience, rather than trying to implement a standard measure that may not be appropriate. So how do we look at CX metrics through a new lens?
First, break down the areas you want to measure into the three most basic types of activity that you want to engage in:
- Customer acquisition; acquisition is not just sales, so how can you think more comprehensively about what it is your team is doing to find and attract new customers?
- Customer engagement; are your customers complaining or asking for support? Are they promoting your brand because they have moved from being a customer to being a fan? Are they regularly interacting with your social channels?
- Customer retention; don’t just look at renewals as a measure of retention, explore the metrics that create a renewal – for example can you measure how customers are using your product and analyse typical behaviours that take place before you lose a customer?
This approach does not give any easy answers because every business is different, but what it does offer is pragmatism. You can look at each section and decide on the outcomes you want and then the drivers of those outcomes – that’s what you measure.
Some may argue that it’s easier to use industry standard metrics, but I think that this is because some executives don’t see the true value in metrics; they are more focused on creating metrics just because they have to report something to their leaders. What you should really aim for is metrics that can be used for decision support in future. When your metrics are focused on what drives positive outcomes for your business then they can be an extremely powerful tool for positive growth and change.