Why is it Key to Track Customer-Centric Performance Metrics?
Metrics. Data. KPIs. Whatever you call them, determining what customer-centric performance measures you track for your organization — especially as you grow — can determine if you will improve your customer experience or leave it to chance.
Unfortunately, many leaders tend to focus exclusively on the ultimate metric: the almighty dollar.
Dollars keep our organizations running, they keep roofs over our heads, they keep our kids fed. I’m not here to tell you that your organization’s bottom line isn’t a critical metric.
But there are important insights to be gained by glancing away from the P&L sheet and looking toward the customer experience.
After all, the only dollar our businesses ever earned is from a customer, and if a customer isn’t happy, then that dollar stays put.
Let’s look at some customer-centric KPIs that can help you measure where you’re having success — and where you’re leaving those dollars in the pockets of unsatisfied customers.
4 Meaningful, Customer-Focused Metrics You Should Be Tracking:
1. Referral Counts
Do your customers and clients refer you to others? This is the basis for one of the most revered metrics in customer experience – NPS.
Net Promoter Score is all about the one question: Would you refer us to others?
If you are a growing business, track the number of referrals you’re getting and do what you need to move the needle for your current customers.
Have you ever been so grateful as a customer that you’ve gone out of your way to compliment the person in charge?
Doesn’t it feel good to tell the restaurant manager that the young server you had made your night that much better? It goes a long way.
Don’t just enjoy those moments as a moment — track them and praise the person responsible publicly, then look for best practices to train!
3. Cancellations or Disappearing Customers
Relying on loyal customers is great…until they disappear without a trace.
Have you seen a pattern of customers leaving you at certain key moment in the customer journey or after a specific amount of time?
You won’t know unless you actually watch this as a trackable metric.
If they were your best customers – the ones you know by name – it gives you a chance to pick up the phone and see if you can do something to keep them.
I’m amazed when this simple step is overlooked. In the best case, you’ll gain back a loyal customer. In the worst case, you’ll get valuable feedback to help you grow your business.
4. Employee Retention
The only way to truly deliver a superior customer experience is to have top-notch employees.
Employees go — and stay — where they feel valued and where they know they can grow.
“We just have trouble finding great employees” is a classic complaint of those not willing to accept their role in the company culture.
Track your employee retention rate and better yet — watch for how your employees refer other employees to you. Friends don’t let friends come to work at crappy places!
Are You Ready?
Are you ready to add some metrics to your business strategy?
Paying attention to these can help you grow in the right way – by treating your customers and employees like the incredibly valuable assets they are.