Regardless of industry, Customer Satisfaction is one of the most important elements of a successful business, whether you’re a major retailer, wireless carrier, healthcare provider, or any in nearly any other vertical. A staggering 91% of unhappy customers will never purchase from you again. Numbers like that make it difficult to grow revenue without keeping a keen eye on your customer satisfaction key performance indicators (KPIs).
In our current digital era, where most barriers to entry have crumbled, and where many products and services are being commoditized, customer care and customer service represent a huge opportunity to differentiate for industry leaders. Believe it or not, though,
A recent Forrester study shows that only 31% of firms closely monitor the quality of interactions with their customers. This is tragic!
But how do those world-class brands who do monitor customer care then go about improving things like customer retention, customer loyalty, and customer advocacy? Measuring, benchmarking, and optimizing based on real customer data is the only way to effectively and purposefully move the needle. Each goal - retention, loyalty, and advocacy - has its own set of KPIs, and KPIs can fall into distinct categories like Quality, Operations, and Financials.
To improve customer retention through customer care, you’ll want to keep a close eye on major KPIs like:
- Acquisition Rate
- Attrition Rate
- Retention Rate
If your goal is to bolster customer loyalty through customer care, these KPIs will be most important for your team:
- Brand Perception/Behavior
- Likelihood to Repeat Purchase
- Price Elasticity
And if customer advocacy is your number one priority, then your dashboard should definitely include these KPIs:
- Brand Attribute Feedback
- Likelihood to Recommend
- Social Sharing
At Vcare, we specialize in measuring and optimizing customer care across any of your business goals. We regularly send and analyze customer surveys, conduct data mining exercises to gauge trends, and gather real-time customer care feedback through web chat, social media, and email.
Based on our most recent analysis of real customer data on our platform, there is an incredibly high correlation between a good customer call center experience and customer loyalty, specifically in the form of repeat purchases.
If your customers are your biggest asset, then customer care must be one of your organization’s strongest practice areas. Get in touch with a Vcare Customer Care Expert today to discuss your customer service goals. Your customers will thank you, and so will your bottom line.