In this Age of the Customer, no matter what kind of business you’re in, your primary business is serving your customers. And yet, according to a global survey conducted by American Express, 95% of companies fail to exceed the expectations of their customers.
But your company is really good at delivering exceptional customer experiences, right? You probably know all about the customer journey. In fact, you may have even mapped the customer journey — the steps and channels required for a customer to complete a transaction. But, do you really know what it takes to be a leader in providing exceptional customer experiences? Do you really know what your customers expect?
It’s not guesswork, and it’s not reading the tea leaves. Getting the customer experience right is work. In fact, it takes the hard work of learning from your customers, looking at the data, and listening to feedback that provides insights into what customers are actually experiencing.
CX Metrics that Matter
Now, you may be asking, what feedback and which data provide the answers? Lisa Durant, a Research Analyst who specializes in contact center and customer engagement for Nemertes Research says, “There is no one metric that can fully capture everything that matters in customer experience. Instead, contact center leaders must measure multiple variables that affect customer engagement.” Here are the four metrics she thinks provide the most valuable insights.
Relational Net Promoter Score (NPS). This is probably the Holy Grail for measuring customer feedback. You probably know that the NPS is an enterprise‐wide metric that measures a customer’s relationship with your entire company or brand. You probably also know that it’s based on one question, “On a scale from 0‐10, how likely are you to recommend our company/brand to a friend or colleague?” Respondents are classified as Promoters (those responding 9 or 10), Passives (neutral) (those responding 7 or 8), or Detractors (those responding anything from 0 – 6). You can calculate the NPS by subtracting the percentage of Detractors from the percentage of Promoters and arriving at a score ranging between ‐100 and 100.
Transactional Net Promoter Score (TNPS). You may not be as familiar with this score. It’s tied to a specific transaction and examines how that transaction impacts the customer’s relationship with your company or brand. It adds a second question, “What is the main reason that you gave that score (i.e., the 0‐10 rating in the TNPS question)?” The TNPS must be measured as soon after a specific transaction as possible in order to be relevant.