Are you actively working to attract and retain the right customers? Whether you are business to consumer or business to business, there’s an actual person who makes a decision to buy your product or service - your customer. We’ve found that customers represent one of the 4 critical areas every company must actively work on to achieve success. There are a few things your company should do to cover your bases in this area, and it requires more than just training your employees to “talk with a smile." You need to identify your Core Customer and their specific needs as part of your overall business strategy; this will help you when making strategic decisions about products and services to develop (or kill), marketing messaging to attract the right prospects, and a Brand Promise Guarantee to help you close the deal.
Not only do you need to develop the right strategy for getting and keeping those valuable customers, you also need to execute on
Depending on your goal, you should choose 1-3 KPIs to help you measure your progress and make adjustments. Here are few ideas for Customer KPIs to get you thinking about what the right metrics might be for your company.
8 Customer KPI Examples:
- Net Promoter Score (NPS)
- Customer Retention Rate
- Customer Profitability Score
- Customer Lifetime Value
- Customer Turnover Rate
- # of Customer Complaints
- # of Customer Compliments
- # of Customer Referrals
Stay focused on only a handful of metrics, and remember to measure only what you want to move. Your Customer KPIs should prompt you to take action when you aren’t hitting your numbers. And, you should strive for a mix of leading and results indicators. For example, if the result you are striving for is a "Customer Retention Rate" of 80%, that’s your result indicator. You should identify a leading indicator that lets you know if you’re on track to hit that result or not. Maybe a high “# of Customer Complaints” is a predictor that you are going to lose that customer. If you see that number going up, the team better take some action to save the account before your retention number takes a hit.
If you need help figuring out the right metrics to ensure success on your customer initiatives, check out our archived webinar, "3 Secrets to Dominate Your Industry With Great Customer Service” for a case study example.
Looking for some KPI Examples to help get you started? Check out our additional resources:
Rhythm Systems KPI Resource Center
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