Running a business is no easy task. What distinguishes a successful business from an unsuccessful one? The answer is very simple. Businesses who have tasted success keep customers as their focal point. This revelation comes as no surprise since the different metrics that were used to calibrate success like revenue, customer retention, and churn narrates only bits and pieces of the entire story.
https://medium.com/survey-tips/voice-of-customer-tools-why-is-it-critical-to-your-business-a3844d905395/
We all know that one crucial factor for the success of a SaaS business is its cumulative revenue growth. While very often SaaS companies focus on revenue growth by means of customer acquisition only, retention and expansion revenue is also important for a sustained growth. In this context, SaaS businesses must consistently take measures to improve customer retention. The most sought-after and renowned metric to do so is the Net Promoter Score. This article discusses how to use NPS to grow SaaS businesses.
http://customerthink.com/using-nps-to-grow-a-saas-business/
Customer Experience Management (CEM) is big business. In an environment where retaining customers is just as important as winning new ones, the battle lines between competing businesses have shifted significantly in recent years.
https://mopinion.com/taking-customer-experience-management-to-the-next-level/
It has become all too common for B2B SaaS companies to survey their customers once a year through a moment-in-time customer relationship survey, with at least one section addressing the ultimate question of Net Promoter Score (NPS).
Assuming the results are positive, the company then proudly presents their board with the survey results compared to industry benchmarks and proceeds with the board meeting. “Let’s move on to how many new customers you acquired” is likely the next agenda item.
https://www.peoplemetrics.com/blog/saas-companies-implement-a-product-nps-program-in-5-simple-steps/
I recently discussed the importance of getting Voice of the Customer (VOC) feedback and common methods, such as surveys, to understand customer perceptions and expectations across different touch points. To be effective and acquire actionable insights, questions must be designed with best practices applied. I also recommend a “test & learn” approach.
Writing and launching surveys has become a science and an art. I have seen cases where surveys have gone wrong because of undefined goals or wrong objectives. For example, if you consider the Net Promoter (NPS) question, you would not survey customers for the sole purpose of knowing IF they would recommend a company or its products. Instead, you should focus on understanding the reasons WHY customers would or would not refer. Also, you want to avoid asking leading questions that influence responder opinions, otherwise, you will not obtain “voice of the customer” feedback that is authentic and useful. While these are obvious tips, some things are not so clear like how much does survey question order matter?
http://customerthink.com/nps-survey-question-should-it-be-first-or-last/
While the internet has opened up new markets for businesses around the world, it has also allowed competition from companies globally. In the 21st century, many companies are facing hordes of competition in almost every market.
This level of competition has increasingly led companies to research for new ways to get customers while retaining their existing customer base as well. Customers, being more informed than ever due to technology, now expect a certain level of customer service at all times. They assume that your team will have an up to date CRM system and that you will have the tools in place to not only respond to their concerns quickly but also address their issues.
https://www.comm100.com/blog/measure-customer-experience.html/
Net Promoter Score (NPS) is a method to assess customer loyalty, and many businesses today consider it to be an important metric. But NPS is far more useful than just a number on a page. In fact, your NPS score is just the beginning. What truly matters is what you do with your NPS survey results. Once you’ve identified your Promoters, Passives, and Detractors, do you know how to follow up with them?
https://www.business2community.com/strategy/how-to-follow-up-with-nps-detractors-promoters-and-passives-02172684/
The Net Promoter Score (NPS) measures how customers feel about a company, brand, product or service. The initial research in 2003 that led to the NPS metric asked customers a series of questions designed to elicit their feelings about the company. The researchers, Fred Reichheld of Bain & Company in collaboration with the company Satmetri, wanted to find a question that would correlate with real-world customer behaviors. For instance, for a company to grow, it needs customers who recommend the company to others; customers who become repeat buyers; customers who don’t constantly shop around for the best price. The researchers tested many questions with customers, trying to find the one question that would identify those most desirable and engaged customers.
https://www.business2community.com/customer-experience/how-important-is-it-to-measure-your-net-promoter-score-nps-02115530/
When it comes to customer loyalty it’s very easy for businesses to focus on those people that have had problems or issues and want to complain.
https://mopinion.com/embracing-the-benefits-of-your-enthusiastic-customers/
Are you responsible for measuring the progress in improving customer experience? If yes, I’m sure you needed to come up with a rationale on which metrics to choose for this: Is it an all ubiquitous Net Promoter Score (NPS), the traditional customer satisfaction CSAT, or a more recent invention Customer Effort Score (CES)?
Is one enough or should you implement several metrics? Does it actually matter? Here, we discuss the two arguments: Pro and against.
http://customerthink.com/does-it-matter-which-customer-experience-metric-you-choose-2/
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