Understanding your customers is no longer a luxury, it’s a necessity. Customer Data is probably the most important Retail Data Domain.
But with so much data at our fingertips, it can be overwhelming to know which metrics truly matter.
This guide will equip you with the essential customer-related metrics you need to track, analyze, and ultimately, transform your business.
We’ll delve into metrics that span the entire customer journey, from acquisition and satisfaction to retention and advocacy.
They are KPIs you need to understand because you’ll gain valuable insights into how your customers interact with your brand, identify areas for improvement, and ultimately build stronger, more profitable relationships.
Are you ready to unlock the secrets hidden within your customer data? Let’s dive in!
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Customer Satisfaction
- Customer Satisfaction (CSAT) Score: Measures customer satisfaction with a specific interaction (e.g., post-support interaction survey).
- Customer Effort Score (CES): Measures how easy it is for customers to complete a task or resolve an issue.
Customer Acquisition
- Customer Acquisition Cost (CAC): Tracks the average cost of acquiring a new customer.
- Customer Acquisition Source: Identifies the channels (e.g., social media, organic search) that bring in new customers.
Customer Loyalty
- Net Promoter Score (NPS): Tracks how likely customers are to recommend your business to others (a strong indicator of loyalty).
- Customer Lifetime Value (CLTV): Predicts the total revenue a customer is expected to generate over their relationship with your company.
Customer Retention
- Customer Churn Rate: Measures the percentage of customers who discontinue your service within a given period.
- Customer Repeat Rate: Measures the percentage of customers who make repeat purchases.
- Repeat Purchase Rate: How often do they purchase (similar to Customer Repeat Rate, but might consider timeframe or number of repurchases.)
- Customer Lifetime Value (CLTV): Predicts the total revenue a customer is expected to generate over their relationship with your company.
Customer Service Performance
- First Contact Resolution Rate: Measures the percentage of customer issues resolved on the first interaction with customer service.
- Average Resolution Time: Measures the average time it takes to resolve a customer service issue.
Social Media Feedback
- Social Media Sentiment Analysis: Tracks the overall tone (positive, negative, neutral) of customer mentions on social media platforms.
