It’s no secret that customer engagement is critical to the success of a company. Customers are people who can either make or break a business. Needless to say, businesses across the world seem to have understood this very well, which is why they tend to ensure that their marketing and customer engagement strategies are on point.
Take the case of a B2B firm that perhaps sells POS. They already know that the competition is tough in the market. This means they have to consider going out of their way to strategize a plan to market their products to other businesses–the plan should be such that customers are engrossed and smitten by the item (for this they might certainly have to consult a growth marketer). The same is true for B2C companies across the globe. Without a great marketing plan that can engage customers, no business can thrive or succeed in the present times.
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 even hamper your company’s reputation by leaving negative feedback online. Though a well-known Reputation Management firm can help you remove those biased and sometimes misleading reviews, there isn’t even a single metric that can tell you who your customers actually are. This is where 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, and profits and gain long-term loyalty from your customers.
For instance, many business owners do not understand that their unresponsiveness to the messages of customers is a huge turnoff. If a buyer enquires about a specific service or a product, it is probably because they want to buy that; hence, it is the duty of an entrepreneur to put customers first and then focus on other business operations. Moreover, if business owners want to learn networking and customer satisfaction skills, they can check out reviews of resources similar to Modern Millionaires (for instance, https://devinschumacher.com/review/modernmillionaires/ for more information about business learning platforms) that can provide various courses and mentorship opportunities for entrepreneurs.
Even though there could be many reasons why there was no answer from the merchant’s side, it is still the duty of the seller to find a resolution. It is understandable that maybe the seller’s Internet speed was messed up, making it impossible for him to receive messages or respond. But this could have been fixed quickly if the merchant were aware of the problem –he could have tested his Internet speed (by searching for “test my internet speed” on the Web) and called his Internet service provider right away to get a solution. This could definitely have eliminated the chances of downtime.
Anyway, business owners should know that customers might not entertain this behavior every now and then. Hence, knowing them properly and catering the services to their liking is crucial.