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Ensuring High Performance in Customer Relationships
Roger Knocker • Feb 09, 2024
Ensuring High Performance in Customer Relationships
Understanding the Customer-Centric Approach
In the contemporary business landscape, customer relationships are the bedrock of success. Focusing on key aspects can significantly elevate customer satisfaction and loyalty. Let's delve into the essential elements that ensure high performance in measuring and managing customer relationships.
1. Customer Satisfaction (CSAT)
- Gauge overall customer satisfaction with your products or services.
- Collect feedback to identify areas for improvement and acknowledge strengths.
2. Net Promoter Score (NPS)
- Measure the likelihood of customers recommending your business.
- Categorize respondents as promoters, passives, or detractors to assess brand advocacy.
3. Customer Retention Rate
- Calculate the percentage of customers retained over a specific period.
- A high retention rate indicates a strong customer base and loyalty.
4. Customer Effort Score (CES)
- Assess the ease with which customers can achieve their goals.
- Identify friction points and streamline processes for a seamless experience.
5. Response and Resolution Time
- Measure the time taken to respond to customer queries or resolve issues.
- Swift responses contribute to customer satisfaction and trust.
Here are some suggested Key Performance Indicators
- # Customer Acquisition Cost (CAC)
- % Customer Churn Rate
- $ Customer Lifetime Value (CLV)
- # Customer Complaint Resolution Time
- % Customer Feedback Response Rate
- $ Customer Profitability
- # Social Media Mentions
- % Customer Engagement Rate
- $ Customer Support Cost per Ticket
- # Customer Advocacy Index
- % Customer Segmentation Accuracy
- $ Customer Upsell and Cross-sell Revenue
- # Customer Touchpoints
- % First Contact Resolution Rate
- $ Customer Lifetime Profit Margin
- # Customer Referral Rate
- % Customer Personalization Effectiveness
- $ Customer Response Rate to Promotions
- # Customer Acquisition ROI
- $ Customer Digital Engagement Score
Feel free to sign up for the KPI spreadsheet to access these and additional KPIs in a structured format that offers better context.
Watch the video below to see what you will get and how to use the KPI spreadsheet to take the guesswork out of KPIs
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