SUCCESS METRICS
Measuring Improved Customer Satisfaction
Renewal Rates
The rate of customer contract renewal provides insights into the satisfaction and loyalty of existing customers. It indicates a high degree of revenue stability and customer retention and leads to cost efficiencies, upsell and cross-sell opportunities and the potential for brand advocacy.
Billing Issues
Tracking billing issues over time gives companies a strong indicator of the strength and effectiveness of their billing processes, people and systems and can be an early-warning indicator for potential problems.
Billing issues are important because they have a direct impact on important areas like revenue accuracy, cash flow management, customer satisfaction, operational efficiency and compliance and audit readiness.
Customer Satisfaction Scores (CSAT/NPS)
CSAT (Customer Satisfaction Score) and NPS (Net Promoter Score) are two popular metrics used by businesses to measure and evaluate customer sentiment and loyalty.
CSAT measures satisfaction with a specific product, service or interaction on a numerical scale from 1-10. It can be measured at specific touch points to help businesses understand how well they are meeting customer expectations and can show trends over time.
NPS measures loyalty and advocacy and is based on a single question (how likely are you to recommend the brand to others?), scored from 1-10. NPS is a leading indicator of business growth because it correlates with customer retention, repeat purchases and word-of-mouth referrals.