The customer journey and customer experience play a critical role in any business’s customer retention capabilities, brand reputation, and growth. How a KPI software can help provide a better customer journey? Well, a customer journey is not very simple and easy to measure a thing, in fact, it is a very complex phenomenon. The easiest way is to identify different phases of the customer journey and then for each phase measure the KPIs or key performance indicators. This way you can easily identify your strong and weak points and then take decisions to further rectify your weaknesses. Once everything is in place, you can easily monitor and tweak your entire customer journey with a more effective strategy and far efficient approach. The KPI software is built specifically for analysis and data collection. The key here is that not all KPI software is capable enough to present all the data in actionable reports. With our KPI Software tool, you can easily gather vital business intelligence to streamline and improve your processes involving customer journey with more ease and precision.
Here is how a KPI software can help provide a better customer journey:
Measure Customer Lifetime Score to Improve Customer Retention
Customer Lifetime Score helps you understand the lifecycle of a customer. It is not easy to retain an existing customer along with struggling to get more. This KPI could be in a broader perspective a result of multiple other KPIs. The data can be sourced from different information centres and then analyzed and compiled to measure the customer lifetime score or value. This will provide you a better understanding of your customer retention and returning customers. The data can be utilized and compared with the existing customers and further analysis can be done to understand why customers are not returning back or how the customer lifetime score/value can be improved to improve customer retention.
Measure Direct Traffic and Improve Marketing Strategies
Measuring direct traffic is very important. It will show you how effective your marketing strategies are. In order to increase your sales and leads, a business should always have to pursue their customers either by advertisements, digital marketing, social media, email marketing or any other method of marketing. These are very precise and measurable actions hence they should have a measurable reaction. In our case, the reaction will be the traffic coming to your website. These KPIs should help organizations in improving their marketing strategies which will increase the number of leads and conversions.
For example, your customers are coming to your branches and offices or locations. You should be able to measure their quantity and then the conversion rate as well. This will help you understand the branch’s performance which could be further improved by other relevant KPIs.
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Measure On-Site Time and Improve Customer Experience
In the case of website and digital marketing, we need a customer to spend more time on the site which is the website. In the case of branch visits or office visits, we want our customers to spend less time on the branch to get a service done. In both scenarios, you will understand how you can improve your customer’s journey to an extent where you can also get optimum numbers of leads and sales. For example, if people are spending a good amount of time on your website that is good it means your website is engaging and people are reading it. Which shows a good customer journey and higher rates of conversion.
If visitors are spending more time at your branch or office that means the server staff is taking more time, or the queues are not managed properly which is worsening the customer experience and customer journey. And it is very bad, immediate actions should be taken to rectify this issue.
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Measure Customer Effort Score and Improve Customer Journey
Customer effort score is very valuable data. It has to be monitored and measured. The KPI Software enables you to measure the inputs from the different sources and accumulate them into a unified report or analysis which can help the management to take actions in the right direction to improve the customer journey. For example, you should know how much average time is consumed by your call centre to solve an issue over the phone, or to provide support? How much time is required for the prospect to enquire through a phone and get the required information? Similarly for the website, no one wants to read ten or twenty pages to get the required information, if the required information is not available in a few clicks the visitor will simply close your webpage.
This data can be collected and analyzed effectively to reach a conclusion to take steps to improve the customer journey. The best method is to utilize KPI software. Not only call or website, but visits at the branch and all other touchpoints should be scanned to gather as much data as possible. These KPIs will help you evaluate your existing strategies and also point you to the directions for improvements in the customer journey.
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Measure Customer Feedback and Satisfaction
Measuring direct customer feedback and taking their suggestions or feedback is a great way to measure customer satisfaction which is directly impacted by the customer journey. If the customer journey is better the customer satisfaction will be higher. A happiness meter can be placed in all strategic points to collect as much feedback as possible. The happiness meter or score scales can be published on the website, shared by the emails, SMS and social media as well to encourage more customers to share their opinions. This is a very direct measurement of customer satisfaction and all the data compiled from such feedbacks and surveys could be very helpful in taking steps and making up new strategies to improve the customer journey and customer experience.
It is important that you measure customer satisfaction score on various different touchpoints, this will help you further identify the problem in a particular area or a particular phase of the customer journey. This will also save a lot of additional efforts that are required to analyze the data and/or additional steps to precisely identify the problem.
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Measure Customer Churn Rate and Improve Customer Journey
The customer churn rate is the customers who have cancelled their subscriptions, or services or products or returned the products or even the customers who made only one-time-purchase and never returned back. This is very important as customer retention and repeats business is very vital to ensure growth but if you are having the same number of active customer on a certain interval such as today and six months back then there is something wrong. It could be either your service delivery mechanisms, your product/service quality, your support or a lot many other factors. But is important to measure the customer churn and then compare different values at different time intervals and co-relate them with your corresponding efforts which were going on during those particular intervals.
This data and these types of analysis will not only help you improve the customer journey but will also help you improving and evaluating your marketing efforts. Like I said every action that you take in order to engage prospects and customers should have a reaction and the reaction will determine the effectiveness of your actions which in fact is your strategy and policy.
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Measure Staff Performance and Improve Work Force
In order to improve the customer journey, a business must have an efficient workforce. The employee’s performance should be measured and improved in order to improve their work efficiency. This will overall improve the organization’s operational capabilities both in terms of finance and technical domains. Different types of KPIs should be set for different departments and their interaction with the customers and visitors. For example, if an average service delivery time for a particular service is five minutes once a customer or prospect is at the counter, and one or two employees are continuously showing more time is being consumed by them, then you should immediately check why this is happening, sometime it could be just a technical glitch or sometimes maybe it is lag of training. But since the KPIs are indicating that the employees are taking more time than anticipated for a particular service then there must be something wrong that has to be identified and rectified.
Business can arrange specialized training opportunities for their employees, they can improve internal IT infrastructure or anything which can normalize the things. This is very important as due to some rectifiable issue your customers are having a bad experience and your employees are unable to work on their full potential. Both are bad for the overall customer journey and customer experience.
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Measure Net Promoter Score and Improve Customer Journey
The net promoter score is the mathematical probability of how likely a customer is willing to suggest your brand or products or services to others. It covers a quite broader spectrum. The customer endorsements can be measured through social media and their feedbacks. The business could directly ask them this question and learn about their responses and the reasons for their responses. For example, if a customer is more likely to suggest your particular product or service then you can understand why that is and vice versa.
This KPI will provide you with a greater understanding of your overall relationship with your customer and what you should expect in the future. If you are losing customers or if you are not having repeated business then the chances are very slim that any one-timer (the customer who make a purchase only once) will be going to recommend you as a brand of choice to anyone else.
The Net Promoter Score is a very serious indicator and it could impact the overall business in a very huge way. The net promoter score can only be improved by improving the customer journey and once you know and understand why your net promoter score is declining only than you can identify the causes and then take serious actions to rectify those causes.
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Conclusion
KPI Software is a very critical tool for a business’s success. If you want to improve customer retention, ensure consistent growth and increase in sales and revenue then you must have to ensure you are providing the ultimate customer journey and customer experience. KPI Software is the ultimate tools to help organizations in achieving their goals. The KPIs will provide you a deeper understanding of your operations, business processes, customer journey and customer experiences and employee performance. The data could be sourced from multiple internal and external sources and the KPIs can be set for different touchpoints and phases of your customer journey. The KPI Software will ensure that your customers are satisfied and happy, all the organizational assets are working at their best efficiency levels and the effectiveness of your business and marketing strategies.
You must be thinking by now that setting up those KPIs or doing all those analysis and data comparisons would be a very difficult and costly task! You don’t have to worry, at RSI Concepts we provide full consultations, coaching and initial setup for your KPIs along with our KPI Software tool which is equipped with advanced tools and setup wizards to make the process very easy and user friendly. Give us a call or contact us through our Contact Us page and one of our consultants will assist you with all your queries and enquiries.
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