Revenue is a key benchmark of business success, and customer-centric companies are 60% more profitable than those less customer focused. But organizations that want to deliver excellent customer experience should also consider these other metrics:
Retention rate shows the share of customers who continue to do business with a company over time. According to Qualtrics, companies with strong customer engagement across all channels enjoy a retention rate nearly three times higher than those with weaker engagement.
Churn rate is the flip side of retention, measuring the percentage of customers that leave over a specified period of time. PwC found that nearly one-third of customers would abandon even a beloved brand after just one poor customer experience. Satisfactory customer experiences reduce the churn rate.
Engagement is a measure of how often customers interact with your digital touchpoints. What percentage of emails do they open? How much time are people spending on your site or sharing content about your brand via social media? If your engagement numbers aren’t rising, you’re probably doing something wrong.
Average resolution time (ART) measures how quickly you resolve customer problems via a digital experience. How does your time compare to industry averages? According to Observe.ai, average resolution times for live chat sessions are just under 8.5 minutes, but vary by industry. Reducing your ART can indicate you’re doing a better job of serving customers.
Lifetime customer value is the ultimate measure of customer loyalty. Delivering great digital CX can establish a greater emotional connection with customers, which can increase a customer’s lifetime value by more than 300 percent.