Maintaining loyal customers is crucial for business growth and improving brand loyalty. When customers are satisfied, they are more likely to recommend your business to others. That’s why monitoring customer satisfaction is essential for contact centers.
The Importance of Customer Satisfaction
Do you know your call center’s CSAT scores?
Customer satisfaction, commonly referred to as CSAT, measures how well you satisfy your customers through interactions and the products or services you provide. Software programs can automatically collect and analyze CSAT data. For example, a survey at the end of a call can gather customer satisfaction information and calculate a CSAT score for the specific agent. To gain a comprehensive view of agent and call center performance, it’s important to use CSAT scores in conjunction with other key performance indicators (KPIs).
Building Brand Loyalty Through Customer Satisfaction
Your call center should prioritize the customer experience, with agents adopting a business and marketing approach rather than a sales-centered one. By offering current customers personalized attention and the best deals, you can capitalize on building brand loyalty. Agents should aim to understand customers on multiple levels whenever they reach out for information or assistance. Robust customer relationship management tools can help maintain up-to-date records and continuously improve customer experience.
However, without a solid understanding and ongoing monitoring of CSAT KPIs, your efforts may be in vain.
5 Key Customer Satisfaction KPIs You Need to Understand and Measure
In the day-to-day activities of your call center, your agents generate large amounts of data. Within this data lies the information you need to gauge customer satisfaction with your brand, products, and your agents’ performance.
Still not convinced of the power of customer satisfaction?
Consider these statistics:
- Nearly 90% of people who have positive interactions with a customer service agent tend to make repeat purchases.
- 93% of consumers continue purchasing from a brand that offers exceptional customer service.
- Even when a brand makes a mistake, if they offer exceptional customer service, nearly 80% of people will continue doing business with them.
- Brands that improve customer retention by 5% can enjoy increased profits of anywhere from 25% to 95%.
- Almost 60% of consumers consider excellent customer service the most important driver of brand loyalty.
With these figures in mind, let’s dive into the most important customer satisfaction key performance indicators (KPIs) you should track:
- Customer satisfaction score
- Customer health score
- Churn rate
- First response time
- First call/contact resolution
Now, let’s take a closer look at each of these KPIs.
#1. Customer satisfaction score
How frequently do you receive surveys after customers interact with your brand or make a purchase? CSAT is the most important measurement of customer satisfaction. Surveys allow you to gather feedback on customer experiences, highlighting areas where you excel and areas in need of improvement. Higher scores indicate a customer-centric brand.
#2. Customer health score
Customer health score tracks the likelihood of customers continuing to do business with you or switching to your competitors. By segmenting customers based on their health score, you can tailor messages to specific segments and prioritize those at risk of leaving.
Your agents may not have visibility into this metric, so actively tracking it is vital to ensure they focus on retaining valuable customers instead of investing too much time in customers likely to churn.
Some metrics to consider when calculating customer health scores include purchase frequency, product variety, active license usage (if applicable), customer spending patterns, and call center interactions.
#3. Churn rate
Churn rate measures the rate at which customers stop purchasing from your business or using your services. While some churn is expected, monitoring your churn rate allows you to identify areas for improvement and assess agent performance.
Now, let’s explore two customer satisfaction KPIs that work together. The shorter the time for both metrics, the higher your overall CSAT scores.
#4. First response time (FRT)
FRT is the length of time it takes your customer service agents to reply to a customer once they’ve logged a support request. But how does FRT impact your CSAT score?
Today’s consumers almost demand that their questions or issues receive a response in a timely manner. Any delay in your reply adds additional frustration to the overall customer experience. How long do you have to respond? Well, according to Statista, it depends on the channel customers use to contact you. If a customer uses your online chat feature, 77% expect to hear from you immediately. Of users who reach out to you through email, 62% expect to hear from you within 24 hours. Reducing the time between initial customer contact and your response can meet or exceed your customers’ expectations and boost satisfaction.
#5. First call/contact resolution (FCR)
First call resolution (or first contact resolution) is the measurement of how many customer support tickets get resolved during the first interaction between your agents and your customers. If the customer has contacted you by phone or online using a live chat feature, FCR refers to providing a satisfactory resolution to the customer before the end of the call or live chat session.
Customers have come to expect swift responses and swift resolutions, and this expectation is why FRT and FCR go hand in hand. The faster you initially respond and resolve issues, the happier your customers will be, improving overall customer satisfaction and bolstering brand loyalty.
Are you curious how you can improve these customer satisfaction KPIs? Call Tools offers multiple benefits for call centers. Reach out to learn more about our software, or request a free demo to see Call Tools in action.