Many companies struggle to grasp their customer experiences and hence fall short to understand their customer journey and experience. However, understanding your audience and putting them at the forefront of your brand, service or product are key to any profitable business. To start with, let’s set up the difference between Customer experience and customer experience strategy: Customer Experience (CX) refers to every interaction, touchpoint and engagement a customer has with your brand, services or product, while Customer Experience Strategy are plans put in place that impact customers engagement and interactions.
Bearing the above difference in mind, this article will lay out seven leading metrics used by large scale companies to achieve exceptional customer experience.
1. Designing a Customer Journey Map
Breaking down a customer’s journey into different phases is essential to maximize customer success. It is relevant to identify distinctive touch points for new, existing and returning customers. Customer journey mapping is requisite in order to discover your customers’ main pain points.
2. Maintaining Customer Satisfaction and Loyalty
Customer satisfaction and loyalty are very important factors that determine the financial growth of a business. Therefore, many companies have seen the need to collect direct customer feedback to strengthen customer relations.
3. Improving Customer Lifetime Value
Understanding and calculating customer lifetime value (CLV) can have huge beneficial impacts on a business. CLV can be improved by focusing on some questions such as:
– How much should a company spend on acquiring new customers?
– How much should a company spend to retain its customers?
– How and when should offers be personalized?
– How much and when should a company spend to acquire new customers?
4. Building Behavioral Segments
This approach segments audiences into similar groups depending on their respective behavior. With behavioral segmentation metrics, companies can understand how customers approach and interact with their brand, service or product. Moreover, there are tremendous advantages of using behavioral segments:
– Targeting customers with personalized content depending on their needs
– Prioritizing and treating customers according to their needs
– Predictive analytics to understand the future behavior and performance of customers’ engagements
5. Active in Social Listening
In the age of social media, using social listening as a metric can boost customer-centricity enormously. This includes brand growth, brand response, customer acquisition and discovers new opportunities for brand promotion. Tracking metrics such as views, clicks, shares, likes and dislikes can help a company understand how audiences relate to their brand, service or product.
6. Implementing Real-Time Analytics
Companies that adopt real-time analytics can boost customer retention rate, tackle challenges more effectively and act swiftly to changes within and outside the business
7. Using Artificial Intelligence
Leading companies have found it profitable to invest in AI. Armed with vital information and data, systems can find “the next best action” by using advanced analytics and machine learning algorithms.
Some of the resulting advantages might be:
– Leading customers through their customer journey
– Building more precise audience segments for personalization
– Improving customer service points (e.g. chatbots and virtual assistants)
Adapting all these metrics and approaches can help your business grow from a small-scale to a large-scale business.