The basic of business is to stay as close as possible to your customers—understand their behaviour, their preferences, their purchasing patterns, etc.” – Indra Nooyi former CEO of PepsiCo
One satisfied customer will lead to many potential purchases in the future. Hence it is vital for any business to have a proper customer experience system in place. It is important to be able to analyze how satisfied and likely to return customers are with the purchase experience. It isn’t easy to get the exact idea of customer satisfaction. However, using the right methodology can help you gauge your customers’ feedback. This will help you create a customer experience that is unique to your business, which in turn will help you gain more customers. In this post, we will discuss the different ways to measure customer satisfaction.
Before we dig in deep, let’s understand why it is so significant.
Why is Customer Satisfaction(CSAT) Important?
Customer satisfaction (CSAT) is an essential metric to comprehend the overall customer experience. It gives a fair idea of a person’s feelings about a particular good or service.
Therefore, one bad experience is enough to ruin all the past experiences. As per the HubSpot Research study, 80% of people will not return if they are unsatisfied and shall move to the competitors. The study also highlighted that 86% of consumers won’t mind shelling some extra bucks for a better customer experience.
According to a study conducted by Helpscout, 80% of companies boast of offering “superior” customer service. But, only 8% of customers agree with this Opinion.
Thus, businesses lose valuable loyal customers every day. To remedy this issue, top-performing enterprises leverage customer satisfaction data to find hidden opportunities for improvement. So, to have your consumers confide in your services you need to deeply evaluate the entire customer experience. The key matrix to evaluate consumer experience is measuring their satisfaction.
How to Measure Customer Satisfaction
Smart and tech-savvy business heads keep a track of the most important key performance indicators (KPIs) to measure customer satisfaction. Moreover, these performance indicators help you retain customer loyalty and eliminate service flaws.
Customer satisfaction is measured through various metrics. Let us try to understand the major Cx metrics before we make out simple ways to measure Customer Satisfaction.
Customer Satisfaction Score (CSAT)
Simply put, CSAT is your business performance score. For example, a restaurant could ask its visitors to rank their tastes on a scale of 1 to 10. Or an online service could ask the users to score their experience with the interface. Although CSAT is a very common metric it is not a standard measurement. The scoring style, the product or services, or questions won’t be similar to every venture.
Net Promoter Score
A net promoter score is used to gauge a shopper’s overall loyalty toward the brand and their eagerness. Most importantly their level of satisfaction and comfort with the company. It is generally measured by asking questions such as “how likely you are to recommend/our product /services. On a scale of 1 to 10”. Importantly, this score comes in handy to improve services, enhance customer experience, and achieve customer loyalty.
Customer Effort Score
A net promoter score measures a consumer’s overall loyalty, eagerness, satisfaction, and level of comfort with a brand. A typical way of measuring this is to ask questions such as “how likely are you to recommend/our product/service to others.”. A smooth customer experience increases customer loyalty toward the brand and helps retain them longer.
Customer Happiness Index
The happiness index tracks a customer’s satisfaction level. It indicates the likeness of a person to spread the word about your brand across to their family and friends. Also, it comes in handy to reduce the customer churn rate.
Ways to Measure Customer Satisfaction
Customers’ satisfaction metrics can be recorded in several ways to help organizations understand what needs to be done to improve customer satisfaction.
1. Surveys
Surveys are the most popular and common method to measure customer satisfaction. A survey form can not only comprise rating questions but also multiple-choice questions, open-ended questions, or just a star rating. Customer response is recorded through these surveys and used to implement proper strategies to achieve a prolific outcome. Several Customer satisfaction measurement tools can gather real-time insights through online surveys or customer feedback forms.
While surveys are the most commonly used method to collect customer feedback. They have
certain limitations. It fails to provide a clear picture and people are a bit hesitant to respond. Few
are reluctant to fill up genuine surveys while few others are quite formal with their responses.
2. Online Reviews
A feedback analytics platform can automatically pull feedback from customers’ online reviews for analysis.
3. Email
The support team receives emails from customers regarding issues, complaints, and grievances. Also, these emails serve as a measure to reckon customers’ feedback about the product.
4. Social Media
These days social media is a very popular medium to know what’s trending. And if your customers are talking about you. There is a huge chunk of untapped feedback available on Social media platforms that speak volumes about customer experience for a lot of companies.
5. In-person
The traditional method of asking in person might seem anecdotal. But it still holds value when we consider it a good way to measure customer satisfaction. Apart from this, you can know what your customer feels about your products or services merely by observing them.
6. Analytics
It is a very tedious job to formulate perfect surveys. And conduct these surveys across various media through a conventional system. The precise assessment of the feedback is also not possible. The easiest and the most convenient way to measure customer satisfaction is using a good CX measurement software.
An ideal online CX measurement tool or service provides you with various advanced options. That is deft in delivering your surveys, collecting adept responses, and generating a proficient customer satisfaction report.
Diverse channels can be used to send surveys which can be collected and analyzed accurately. Customer Experience management software such as QaizenX helps to identify areas to improve and make data-driven decisions that lead to high customer retention, increase profitability and most importantly attain customer happiness.
To Wrap it up
For every successful business achieving customer satisfaction is the primary factor. Using the right
tools to measure customer satisfaction and advanced assessment methods allow a business to
prosper and attain allegiance
