Before I proceed into KPI let me clarify what’s Customer success? it is the process through which we help customers in achieve their desired outcomes while following the mutual product development methodologies. It is partially the cornerstone of our success, as happy and satisfied customers has lead us to better client retention, referrals, and revenue growth. In order to measure customer success, we always use key performance indicators (KPIs) that helped us in tracking how well we are delivering value to our customers. In this article, we will discuss some of the key factors which we consider at EOV Digital when measuring customer success :
- Customer Satisfaction: Customer satisfaction is the most fundamental aspect of our business. It is a measure of how well our delivery meets the expectations of our customers. We usually measure customer satisfaction at EIV Digital through surveys such as Net Promoter Score (NPS) or Customer Satisfaction (CSAT) surveys. These surveys helps us to understand the gap and limitation in the customer journey, such survey helps us to fix gaps and work towards one team goal.
- Customer Retention: Customer retention has always been one of the most important where we have always been more than 100% focussed. High customer retention is always good indicator of customer success because it means that our customers are finding value in the product we deliver for them or services we render. In order to measure customer retention, we follow customer churn rate or customer lifetime value. Measuring Customer retention has helped us to understand our customer value proposition to our business.
- Time to Value: It is the measure of how long it takes for our customers to start realizing the benefits of our services. It is a critical factor in defining customer success because it determines how quickly the customers can achieve their desired outcomes. The faster the customers can see the value of our service, the more likely they are to stick around. To measure time to value, we usually track the time duration for customers to complete onboarding and start working on the development side (from suspect stage to actual client on-boarding)
- Customer Engagement: Through Customer engagement we measures how actively the customers are involved with our engineering and delivery team. High engagement is an indicator of customer success because it means that the customers are using our services regularly and finding value in it. To measure customer engagement, we can use metrics such as team workshop on task prioritisation, consulting on technical architecture, etc.
- Upsell/Cross-sell Opportunities: Upselling and cross-selling are important components of customer success. They measure how likely our customers are to purchase additional products or services from us. A high rate of upselling and cross-selling indicates that the customers are satisfied with the service we offer and are willing to expand their relationship with the company. To measure upselling and cross-selling, you can track the number of repeat purchases, the value of those purchases, and the conversion rate of upsell/cross-sell campaigns.
- Customer Advocacy: Customer advocacy measures how likely the customers are to recommend your service to their peers or businesses in their eco systems and outside. It is a powerful indicator of customer success because it means that the customers are so satisfied with the service that they are willing to put their reputation on the line to recommend it to others. To measure customer advocacy, we use metrics such as referral rate and social media mentions.
- Time to Resolution: Time to resolution is a measure of how long it takes for customer issues to be resolved. It is an important factor in customer success because it measures how quickly you are able to address your customers’ needs. The faster you can resolve customer issues, the more likely you are to retain those customers. To measure time to resolution, you can track the average time it takes to resolve support requests or the percentage of support requests that are resolved within a specific timeframe.
- Customer Feedback: Customer feedback is a critical factor in customer success. It helps to understands what the customers like and don’t like about our services.
As a company, we take pride in being customer-focused and keeping customers at the top of the mind before curating software solutions. If there is any software development or app development services that you are looking for, feel free to reach out to us today!