Every business, offering either a product or a service, interacts with their customer at some point in the journey with them. This interaction forms the basis of whether your customers will continue to be with you or not. In this blog, we are going to understand what is customer experience and what are key metrics used to measure it.
Let’s define Customer Experience (CX)
Said in plain words, it can be defined as how effectively you engage with your customers in meeting with their needs and expectations. Customer experience is not just a mechanical flow of actions but also taking care of what customers feel about your business.
Let’s take an example from the banking industry where your customer has trouble figuring out the home loan interest rates and related enquiries. They visit your bank’s website and look for this information in the Loans page but could not find much. Feeling confused, they tried reaching out to the customer care where the line is busy. Leaving utterly frustrated, the customer decides to write an email in response of which they are requested to visit the nearest branch.
Customer Experience Management Solutions
What do you think was the customer’s experience with this bank?
Even if the email response had answered the customer’s query, an efficient customer care call would have been a better experience because ultimately customer was frustrated with the bank’s service. So, you see, customer experience is not just about solving the queries but customer satisfaction too.
This brings us to wonder if there is a good and bad CX?
Digital Customer Experience
If your customer feels happy and satisfied after every interaction with your business, for instance, they are able to perform certain tasks with self-service capabilities, or resolve queries via chatbots without having to call someone, then it is certainly a positive customer experience.
Hence simply put, customer experience is the perception that your customer develops for your business based on how you engaged with them and met with their expectations.
You must be wondering;
Alright I get what customer experience is but how do I measure their happiness?
Is there a metric for customer experience?
How to measure Customer Experience?
To measure something, we must begin by listing what’s wrong in the first place?
Before, we come to define industry popular CX metrics, let us look briefly at what a negative customer experience looks like:
If a customer feels disappointed or frustrated after engaging with your business and is left to wonder if you really understand them or thinks that you are all about pushing sales and don’t care for them, then it is a negative customer experience.
It might look like customer experience, positive or negative, is a very subjective concept and hence, we require certain measurable indicators that can help us track how your CX strategy affects your customers.
- Customer Effort Score (CES)
This score helps you to track experience after an interaction with the customer service team. It also measures the ease-of-use for your service or product.
A typical CES survey looks like this:
‘My issue was resolved quickly by the team.’
Rate from: ‘Strongly disagree, Disagree, somewhat disagree, Neutral, somewhat agree, Agree, strongly agree’.
- Customer Satisfaction Score (CSAT)
Certain industries such as healthcare and telecom need to track their customer satisfaction at every touchpoint right from onboarding to delivering plans or policies without hassle. CSAT surveys are used to focus on specific touchpoints to figure out whether your customers are satisfied or not.
A typical CSAT survey question looks like this:
‘Was it difficult to open your savings account with us?’
Rate from: ‘Yes- to a certain extent, No- it was easy’
- Net Promoter Score (NPS)
Unlike CSAT score, Net Promoter Score is a follow-up survey to track overall feedback from your customers. It is a numerical score that gives you an insight of how likely your customers are in recommending your products and services.
A typical NPS question looks like this:
“How likely are you to recommend our services to a friend or colleague?
Rate on the scale of 0 to 10”
- Time to resolution (TTR)
Customers can get frustrated if resolution time for their issues is long, hence, TTR is defined as the average time that your customer service team takes to resolve a business ticket once opened from a customer.
FCI’s central communications hub has helped several clients shorten their time-to-resolution from several days to hours and further less for an exceptional customer satisfaction.
How Customer Communications Management can help improve these scores?
There is no denying the fact that more than your product features, it is the interaction and engagement with the customers that help you deliver wonderful experiences. Customer expect you to know everything about them without the need to repeat every conversation.
With FCI’s CCM as-a-service, you can achieve this and more:
- Database integration
A central communications engine allows you to connect multiple source systems and collate customer-specific data from all your internal and external sources rendering a 360-degree view of each customer. This helps you to better understand your customer behavior and preferences to generate relevant and targeted communications.
Having a complete view of the customer helps you generate personalized and multilingual content specifically tailored to their needs. You can present complex information visually in a simple and easy to consume manner.
- Omnichannel Communications
With a single platform that not only integrates your source systems but allows you to send personalized communications in the customer preferred channel. You are able to generate, deliver, track, audit and analyze all customer communications from a single pane of glass.
Digital Customer Experience
With FCI, businesses switch to digital operations and deliver enhanced customer experiences.
In our next blog, we will take you through each industry to understand their challenges and what you can do to win over them. Stay tuned!