In a recent post, “Customer Experience KPIs – Which Ones Are Right For You?” we discussed the importance of choosing which customer experience KPIs could help you measure your unique company goals. It’s imperative to benchmark your improvement activities in order to boost results for your company’s growth strategy and increase customer experience. According to Econsultancy, only 26% of companies have a well-developed strategy in place for improving customer experience. When a company lacks good customer experience, a CEI Survey found: 86% of consumers switched to a competitor following a poor customer experience.
It is important to know what is working and what is not working and tracking KPIs can help set a standard to measure success. Once you agree on the KPIs most important to your business, you need a way to measure them and track progress if you want to improve. Using a Voice of the Customer program can help provide customer insight and help you track and improve upon the KPIs you are using to measure success.
Here are the ways you can use your Voice of the Customer program to improve the specific KPIs for your goal and boost results:
- Retention Rate: By identifying performance issues through customer’s sharing their input and voicing their complaints, you can increase retention rates and transform visitors into loyal customers. In real-time, you can increase customer satisfaction scores by taking action on the feedback you collect, using help options such as live call or redirecting them to where they need to go.
- Customer Acquisition Rate: With real-time customer information and by understanding what your customer thinks, you can discover where to optimize your website and discover where to take action. Understanding where customers are dropping out of your funnel and where they are most engaged will help you refocus your marketing efforts on the areas that lead to the most customer acquisition.
- Net Promoter Score: It is important to simply ask your customers what they think and feel during their site experience. With your Voice of the Customer program, listen to what your customer is saying to identify issues as they happen and help to convert Detractors into Promoters.
- Conversion Rate: In order to discover customer preferences and focus your efforts on what will drive the highest conversion rate, you need greater insight into how your customers are interacting with you. Seeing what your customers are doing through website analytics and through the customer’s voice will allow you to A/B test specific elements of your customer experience. This will help you solve specific challenges you’ve identified by knowing how your customers feel about those specific elements.
- Checkout Abandonment Rate: Discover insights on shopping cart abandonment through trends and commonalities on those who abandon their carts. You can then be able to intercept these visitors to redirect them to further content in order to keep them on the site and help them along the buyer’s cycle. Improving overall satisfaction can help decrease abandonment. According to Business Insider, 63% of abandoned carts are potentially recoverable by savvy online retailers. To increase purchase rates, you can offer follow-up incentives such as discounts or allow follow-up by relevant teams.
- Customer Effort Score: To improve your CES scores, understand where your customers are in the buying cycle in order to direct them to the information they are looking for. The more effort a customer has to exert to find what they are looking for, the less likely they will complete their purchase. According to Smart Insights 96% of customers forced to expend high effort with a company are likely to be disloyal.
- Time on Site: Improving Time on Site requires you to understand what makes visitors leave early and why visitors leave without taking action – whether they were on the site long enough for an action or not. By creating different conversations for each one of these situations and learning from the customer what the causes are, you can learn what it will take to assist customers and keep them engaged for longer. Be sure to vary the way you invite users to offer feedback. You may want to use light boxes that appear based on eye or mouse movement or constant feedback tabs waiting for your customers.
- Channel Touchpoints: Mobile use is now higher than desktop use at 51%, according to Smart Insights. Chances are, your customers are viewing your website and making purchases through their smartphones or tablets. The channel they are engaging with you on will greatly affect their customer journey and the experience you will need to offer. With every channel comes different usage patterns, psychological situations and other factors that only a Voice of the Customer program can provide a view of. Gather feedback and insights from multi-channel touchpoints to create a cohesive customer experience.
Using your Voice of the Customer program, you can boost your customer experience and increase KPIs for your company’s specific goals. Following a negative customer experience, Salesforce found that 58% of Americans have stated that they would never use that company again. However, the same study saw that 69% of American would recommend a company after a positive customer experience. What goals are you aiming for to improve your customer experience with insights from your Voice of the Customer program?