How Do We Measure Business Success?

CX Blog and Product news.

 

Many people think success is measured only by the profit after tax of a business. However, this thought is transient, and it limits the potential growth that comes with the advantage of a good customer Lifetime Value. It also makes the business owners treat customers as sales numbers instead of individuals who have the right to an opinion. The number of sales is increasing, but the cost is constantly going into acquiring new customers.

The true success of a business is measured by customer satisfaction. When customers are satisfied, the probability of keeping them for a lifetime is high. Unlike the leaky bucket of sales numbers, there is an overflow, as customers refer the business to other customers, thereby reducing the customer acquisition costs.

This brings the question, “how do we measure customer satisfaction?”. The only realistic way to measure customer satisfaction is by connecting with the customers and treating the customers as individuals instead of sales numbers. Send emails to show how to use your product or service better, and most importantly, to request feedback using multiple-choice questions, rating questions, and open-ended questions across multiple channels for the convenience of the customers. With the feedback, metrics such as; Customer Satisfaction (CSAT), Net Promoter Score (NPS), and Customer Effort Score (CES), can be measured accurately.

Customer satisfaction provides solid metrics for measuring business success and even the future growth of the business. Get connected with your customers, measure and respond to their feedback, then watch your business succeed even better.

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