5 Customer Satisfaction Metrics to Track for Increasing ROI

Customer satisfaction is a part and parcel of the business strategies framed by the companies. Whether it is a call center or a restaurant, managing customers and providing satisfaction are the prime aims of all businesses. One of the biggest hurdles in this aspect is to measure the level of satisfaction you can deliver to a customer base.

This is where the companies are willing to invest in securing a strong platform that can increase customer satisfaction by using several strategies. In fact, they also develop a strategic platform where various metrics are tracked and measured to get a good insight into the customer satisfaction level in a business cycle. Nearly 2/3^rd of the companies give extreme priority to this aspect of the business. A survey also suggests 49% of the businesses used as samples showed a deteriorating revenue generation rate due to a lack of such measures.

How can this situation be handled? What is the best way a business can increase customer satisfaction and measure the effectiveness of a strategy? Companies delve deeper to find what the customers want first. They focus on the business models that include customers as a prime element and fit into their shoes. It reveals how a customer wants to be treated by the businesses. It depicts how a business should handle issues and provide the best solution to the customers. Considering all these insights, a company will have to fixate on certain elements that can be measured to figure out the level of satisfaction customers received from its service. Here is a list of such metrics that can give you the right answer.

5 Metrics to Measure and Understand for Improvement

1.      Customer Effort

This is a conventional term but has a much deeper meaning for businesses. This term describes how much effort a customer will give to resolve a problem by seeking professional assistance from a brand. The score of this effort shows the extent a customer can go to resolve a problem and how much he is willing to stick to the brand for future transactions.

The best move for businesses, in this aspect, is to support a customer to resolve a query or issue by transforming a contact center into a transactional section. It will then proceed to become a solution-oriented insight-driven segment of customer support that provides instant resolution of problems.

Now let us answer the real question. Why will a business invest in such resources? If you focus on the point mentioned subtly that the degree of effort from a customer will reflect his loyalty, you will understand how much important this metric domain is for measuring customer satisfaction. A customer will stick longer when he really wants the brand to resolve a problem. It has been found that 96% of the customers placing issues and resolution requests repeatedly will turn into loyal customers exceptionally. Measuring this effort and scoring it will deliver brilliant insights into the customer satisfaction level.

2.      Transfer Rate

Issue resolution may take time and the customer might have to go through call transfers from one department to the other. Patching calls multiple times or keeping the distressed customers on hold are the prime reasons for customer rage. It also causes brand disloyalty. If not checked, it can plague customer satisfaction and a business can lose its base.

One of the reasons behind dissatisfaction cited by the distressed customers is improper agent training and empowerment. Calls get misplaced; agents make customers wait in this fast digital era, and not resolving the queries even after waiting for causes a huge disturbance. Brands lose business daily. This is where a company needs the best-trained call center team where agents are empowered with proper information and access.

Agents need to feel empowered so that they can wish to help customers as much as possible. This empowerment can be given by designing a remarkable customer support service platform. Most big companies hire or outsource this requirement to an experienced company. This service provider can maintain the count of transfer rate by following these factors.

• Wrong department call transfer
• Proper instructions for reaching out service team
• Empowerment of agents for providing the right solution in no time
• Access to customer history, etc given to the agents to resolve issues

Analyzing these factors will deliver proper insights into the transfer rate metric system to measure the satisfaction level of customers.

3.      Active Resolution on Contact

Happiness, brand loyalty, and satisfaction take a detour down south when a customer has to follow up on a pending issue. It means the more a customer contacts a customer support team the more deterioration of the satisfaction level you can witness. This is where a new metric domain called ‘active resolution on contact’ needs to be measured.

Companies must try to resolve a query or issue at the first call. This first contact resolution can escalate the level of satisfaction manifold. You can rest assured that a customer will repeat his buying decision based on the customer support he received as he will feel more secure.

This new metric can be easily measured by counting the percentage of resolutions agents are making on the first calls. Calculating this metric will also help a business realize how efficient the customer support agents are. It will also indicate how much the agents are able or whether they need more resources and access to resolve queries. In a nutshell, measuring this new parameter will also reveal whether your customer support service is efficient enough to handle various issues. You can also get a good idea of the customer behavior and expectations by analyzing this factor.

4.      Employee Wellness

Imagine you have visited a business point where the employees are angry due to an improper air conditioning system. The employer might not be paying attention to the problem but the employees have to deal with a huge volume of footfalls every day. How can you expect the agents to provide the fullest support? This is where the responsibilities of an employer reflect. He must maintain the highest level of employee wellness by providing apt resources, accepting plausible demands, and keep the environment healthier.

Employee happiness matters a lot in the performance of a team. If the entire team is content, you can ensure that every call will be attended to and returned with proper answers. For this, proper agent empowerment and training should be added to the plan. Surveying among the employees regarding their level of satisfaction for working in that company can also give you proper insights. It has been found that companies that engage employees well can preserve their customer loyalty rates to 233%.

Regular conversing with the agents and understanding their basic needs can deliver a humane touch to a company’s profile. Agents will also feel attached and cared for. This is why many companies outsource customer support services to agencies that have a good employer-employee relationship and reputation regarding employee wellness.

5.      Customer Lifetime Value

Leads are converted to customers when they make a buying decision. They like the way a business provides services/products, handles their queries, completes orders, and provides benefits to the customers. In this aspect, every point is considered that decides customer satisfaction. This satisfaction level also determines the lifecycle of a customer in that business portal.

The technical term we are looking for is customer lifetime value. A business determines the value of a customer it can deliver throughout its buying span. This value is calculated using different metric systems and tools. It will not tell the business how satisfied a customer is but will help recognize the value of satisfied customers for the business.

Agencies with excellent customer support solutions and plans for different businesses can be the best entities to hire for such requirements. These agencies not only provide customer support as per the requirement of the clients but also calculate the lifetime value. The report generated provides crucial insights into the business operation strategies.

Although there is no solid foundation regarding calculating this metric, it can still deliver ample data that can help a business find out the value of satisfied customers with a longer lifetime. This also shows how your contact center is performing and what needs to be done to escalate its efficiency.

Conclusion

These are the five prime metrics that can reveal the level of customer satisfaction your business is generating. The measurements and calculations are done generally by the service providers hired by the companies. An efficient customer support service provider can do miracles for your company. It will dedicate a team of experts to understand the data and analyze the required results.

These outcomes will deliver what exactly your company needs to evaluate customer satisfaction. Understand these 5 pillars of calculating a non-tangible yet very important factor of your business’ success. It will also help you to converse and choose the right service provider. By taming the potential of these 5 metrics, you can increase customer satisfaction exponentially and can make a strong customer base in no time.