It’s no secret that customer engagement is critical to the success of a company. But what do you do when your customer engagement metrics are flat or dropping? Let’s take a look at 5 essential metrics that you can track in order to improve and measure the success of your customer engagement initiatives.
The First-week engagement
Customer engagement metrics tell you what is working and what is not, and so, it’s essential to interpret the first-week engagement data. We will use this week’s blog post as an example of what it looks like in practice and evaluate customer engagement based on this week’s statistics.
The User Activity
Customer engagement is a key factor in successful business operations. When a customer isn’t engaged, it can have a negative impact on the business’s bottom line. And, with more than half of all firms failing within two years of opening, it’s good to know how to improve customer engagement across the board. If you want to know the metrics your clients are using to judge your brand, you need to start tracking them. You can use several measurement tools to understand how your customers are interacting with your brand.
Sticky users are easy to spot; they keep coming back to your brand. These customers tend to launch an app or click on your website and quickly move on. You can use stickiness metrics to study how often people return to your web app and application. In the case of apps, you can also measure retention by counting how many times people open the app during a week. You can also use the same metrics to create and improve a marketing strategy. Additionally, stickiness metrics can be applied to measure the effectiveness of your product.
The satisfaction of the customer
Today, the word “satisfaction” has come to mean something nice to get—something that’s wonderful to have and experience. But for most people, satisfaction is far more complex than that. The KPI (Key Performance Indicator) is often overlooked, and it is an integral part of the customer engagement equation. KPIs are a crucial way of measuring the important metrics—a pivotal way to gauge your performance from the customer. However, they are often based on the ‘old school’ sales approach of measuring sales versus the cost of sales. You need to keep track of your KPIs to ensure that you are doing everything possible to optimize your online business or figure out what is wrong with your current strategy. KPIs are like the engine of your enterprise—if they are not working correctly, you cannot expect to have a successful virtual business. The importance of customer engagement metrics and Key Performance Indicators to each business is very much taken into consideration by all the stakeholders on a serious note.
The Net Promoter Score
Customer engagement is the Holy Grail for any business. You need to have happy and loyal customers because they pay your bills and keep you in the business. However, the problem is they are not always loyal. Discouraged customers can cut your revenue in half overnight, and there is not a single metric that can tell you who your customers actually are. Herein, comes the worth of the Net Promoter Score (NPS). It is actually a part of a more extensive set of customer engagement metrics called “Customer Engagement KPIs,” and it’s one of the most important metrics if you want to run a successful business. For those unfamiliar, the NPS (a.k.a. the Net Promoter Score) is a measurement tool that calculates the percentage of people who would recommend the company to a friend or colleague.
Having said that, customer engagement metrics are important to any business. The only way to survive in business is to provide customers with the best products and services that you can offer. It is your job to make the customers stay with you and to keep them coming back. To do this, you must understand them and optimize your business so that you can meet their needs. That is when you will be able to maximize your business revenue, profits and gain long-term loyalty from your customers.