These are the top ten metrics to consider when looking at voice of the customer metrics.
- Customer Satisfaction (CSAT) Score: CSAT measures the level of customer satisfaction with a product or service based on surveys or feedback. It helps businesses understand how well they meet customer expectations.
- Net Promoter Score (NPS): NPS measures customer loyalty and their likelihood to recommend a product or service to others. It provides insights into customer advocacy and potential business growth. An NPS score would be asked like this: “Based on your experience with us, how likely are you to recommend us to a friend or colleague, on a scale of 0 to 6?” If they give your business a 6, their experience is so good that they would leave a positive review on Amazon or your website. A 0 means they may be so dissatisfied with your service they would possibly go out of their way to tell friends and family not to ever use your service.
- Customer Effort Score (CES): CES measures the ease of customer experience while interacting with a product or service. It assesses the effort required by customers to achieve their goals, helping businesses identify areas for improvement.
- Customer Retention Rate: Customer retention rate measures the percentage of customers that continue to use a product or service over a specific period. It indicates customer loyalty and the effectiveness of retention strategies.
- Customer Lifetime Value (CLTV): CLTV is the predicted net profit that a business expects to generate from a customer throughout their relationship. It helps businesses assess the long-term value of acquiring and retaining customers.
- Customer Churn Rate: Churn rate measures the percentage of customers that stop using a product or service over a specific period. It highlights customer attrition and the effectiveness of retention efforts.
- Customer Engagement Rate: Engagement rate measures the level of customer interaction and involvement with a product or service. It helps businesses understand customer behavior and the effectiveness of engagement strategies.
- Social Media Sentiment: Social media sentiment analysis assesses the overall sentiment expressed by customers on social media platforms. It provides insights into public opinion and the reputation of a business.
- Product Adoption Rate: Product adoption rate measures the rate at which customers adopt and start using a new product or feature. It helps assess the success of product launches and the effectiveness of marketing efforts.
- Customer Feedback Volume: Customer feedback volume measures the quantity of feedback received from customers. It helps businesses gauge customer engagement and identify trends or issues that require attention.
Qualtrics has good articles and tools for tracking your Voice of the Customer programs.
https://www.qualtrics.com/customer-experience/voice-of-customer/
They outline the fact that successful VoC programs have 5 key pillars:
- Capture – install customer listening posts at all your touchpoints and departments
- Maximize – your company’s profit and value by improving processes
- Analyze – understand what’s happening with your customers in real time and surface actionable insights from your data
- Act – now you know the key drivers of experience you have a roadmap of improvements
- Monitor – performance over time and track your progress against key metrics
