10 Customer Success Metrics to Track- I

If you want to truly achieve your goals through a proper customer success plan, then you must know the tools to use. Each of these tools is data driven and shows you the correct analysis of the plan in action. The needs and requirements of the customer might change over time. So it is important for the company to track the evolution properly.Taking these changes into account, you can make the future decisions for the customer.

One more important point about customer success is the uniqueness of the entire process. You have to understand that the needs of every customer taking the same product or service from you are different in nature. They are looking forward to achieve different goals. You should devise such a plan that meets the needs of the customer according to these goals. Through this way, you can ensure a long-term relationship with the client and grow both your customer’s company and yours.

But since data is so important in the entire process, you must have clear cut customer success metrics to track. This article will explore some of these metrics which you should definitely track to achieve your desired outcome.

1.Net Promoter Score:

Net Promoter Score (NPS) is a very easy way to know which customers are likely to refer your product or service to others. This is the crucial driving factor for your company. The first thing to do is ask the customers how likely are they to refer your service further on a scale of 1 to 10. The following score ranges can tell you a lot about their future decisions:

  • 1 to 6: Detractors
  • 7 to 8: Neutral
  • 9 to 10: Promoters

When you have sufficient data on the score ranges, you can calculate the net promoter score by subtracting the percentage of detractors from the percentage of promoters. The greater the score, the greater the likelihood that your business prospects are set to grow.

2.Referral Numbers:

While NPS shows you an overview of the customer satisfaction, the referral numbers show the real scenario. There might be many customers who had rated high in the net promoter survey. But not all of them will refer your company in a practical scenario. It can happen only if the customer is really satisfied with your product and service. It is a known fact that customers take the references of the known people very seriously. So in case you have good referral numbers, you have surely built a good rapport with your clients.

3.Active User Tracking:

The active users can be tracked on a daily or a monthly basis.This is a very flexible and customizable metric that you should consider. Depending on the goals of your organization, you can determine the definition of the active user. For some, it might be considered active only if someone logs in. In some other cases, it might be considered active only if a specific part of the product is used. It can provide good insights to the areas that are doing well and also the areas which need improvement. You can also use this to determine if a new feature is doing well or not. Increasing number of active user engagement means that the company is definitely doing well. On the other hand, you can work towards improving the areas which show less user engagement.

4.Retention Rate:

Let’s take an example where you have a good monthly or daily active user rate. But your company is not showing the gains that it should show with these numbers. What do you need to look into? You need to see if the active users are continuing to use your product or coming just for a single time.This is the concept of retention rate. You can calculate retention rate by dividing the number of active users by the total number of users. When you measure it over a time period, you can actually see, which customers are adding some value to your company. If you have a high active user rate but a low retention rate, it means that the customers are not satisfied with the product. Make sure you calculate this metric. Your prospective new customers might use this metric to judge your capability.

5.Perfecting the On-boarding Experience:

The on-boarding experience is the first thing your new client will get when using the product. You can count that as your first impression. If you want your customer to stick for a long time, then you should make a very good first impression. It is also the very first step towards a good customer success plan. It is better that you choose different aspects to this experience so that you can use all of them to your best advantage. For example, on one hand, you can engage with the customer after the process is complete and know their feedback. On the other hand, look into the aspects like number of tutorial visits, time required to complete the process and feedback forms so that you can pin point where the problems are taking place.

This was the first part of the blog where you got to know the basics of customer success and the key metrics to track. To know the rest, keep an eye out for the next part.

Who can help you with the customer success team?

Customer success team and strategy building can be pretty complicated. You can take help from seasoned companies offering staff training to help you out with the process. Customer success teams also need to work in close association with various departments of the organization to reach the desired outcome. That requires significant amount of resources. You can save your organization from all that trouble by outsourcing the entire job to these companies. Outsourcing will help you to keep your finances in check while you get full accountability from the assigned team. Make sure you research well about these companies to find a trustworthy one.

To know why customer success is a crucial part of the new age business strategy, read the article here.

Hope this blog helped you understand top qualities of customer service and who can help you achieve that. For any queries, write them below and we will get back to you if they are relevant. For more updates, subscribe to our blog.

 

 

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