Customers love to do business with companies that offer them a happy, rewarding, and effortless experience. Brands that provide a phenomenal customer journey by making their customers feel on top of the world enjoy consistent and high revenue.
CX KPIs help you track and measure the quality and efficacy of the customer journey and fine-tune it with improvements. You can use them to identify pain points, enhance the experience delivered at each touchpoint, and streamline all the phases of the buying journey.
Each CX KPI serves a specific purpose. So, we have to understand their functionality and apply them at the relevant stage in the customer journey to optimize results. Here are the top KPIs that are very useful for business to understand their clients and provide a better experience.
The Emotional Value Index (EVI®) measures the emotional experience of customers during the buying journey at micro and macro levels. You can use it at any stage or touchpoint.
The EVI® survey is simple as it only asks the customers to denote the emotion that best describes how they feel at the moment. The responses are timely and deliver more accurate results. EVI® is calculated based on the values assigned for each emotion and is finally presented as a score between 0-100.
Businesses can use EVI® to understand customer satisfaction, loyalty, effort, advocacy, and many other aspects because emotions are a primary driver of purchasing behavior and decisions. EVI can be used alongside other KPIs and does not exclude their use.
The Customer Satisfaction Score (CSAT) is a simplified way of determining customer happiness. While its efficacy is debated due to satisfaction/dissatisfaction being a subjective concept, CSAT is still very useful in understanding how customers perceive your business, products, and services.
The CSAT survey asks the customers to rate their satisfaction level on a scale of 1-5, ranging from very unsatisfied to extremely satisfied. Then, you calculate the percentage of satisfied customers based on the total number of responses.
CSAT survey is also applicable for any stage of the customer journey and may provide useful signals on loyalty and customer effort. However, it is difficult to understand the level of satisfaction to determine if customers will return or not.
The Customer Effort Score (CES) looks at the ease of transacting or interacting with the brand from the customer’s perspective. It measures the level of effort customers have to put in to get something done. It can be searching for a product, purchasing a product, resolving an issue, filing a complaint, etc.
The CES survey asks the customer to rate their level of effort on a scale of 1-7, ranging from strongly disagree to strongly agree. A high score implies that your brand is hard-to-reach and engage with. A low score shows that your customer journey is easy and effortless.
Your CES score is a good indication of your brand’s position in the market. If customers have to face a lot of pitfalls, chances are that they are never coming back. By maintaining a positive CES score, you can limit negative word-of-mouth, reduce churn rates, and improve customer experience.
Net Promoter Score (NPS) is a crucial metric that helps you determine the loyalty of your customers. When people are delighted with your service, they take the extra step to endorse your brand to others. Your customers are your best ambassadors.
The NPS survey identifies promoters, passives, and detractors by asking customers to rate their likeness to promote the brand to others on a scale of 1-10. It is usually sent out in the post-purchase phase to gauge customer loyalty based on the overall experience. Customers should have tried the product or service to provide a response.
NPS is resourceful but is not ideal for gaining a comprehensive picture of CX in your business. It only looks at the willingness to recommend, which is one aspect of customer loyalty. However, when used together with other metrics like EVI®, it can bring rewarding results.
There are so many other metrics like Customer Service Satisfaction (CSS), Conversion Rate, and Customer Lifetime Value (CLV) that you can consider. However, using all of them won’t guarantee results. Using the right metrics will. It is important to choose metrics that align with your business goals, and they will help you optimize the growth of the business.