Businesses today know the importance of customer engagement and are deploying a significant resources to grab their audience’s attention, convert them into leads, and retain them. But how can you know which customer engagement campaign is working and which isn’t? Today we’re going to look at the best metrics you can use to measure your campaigns.
Benefits of measuring customer engagement metrics
You may be wondering what the use of tracking or measuring metrics is as long as the company is getting leads, so let’s delve into the “why” part first.
Understanding how your customer views you
You won’t know how the market perceives your product or company without measuring customer engagement metrics like Net Promoter Score (NPS) and Customer Satisfaction Score (CSAT). Measuring such metrics helps you learn if your customers are promoting your product in the social community and if you’re getting any leads from them or not.
Allocating resources better
If you’re running multiple customer engagement campaigns, knowing how much time and resources to allot to each campaign is essential. Tracking metrics will help you identify the campaigns that are getting you a good number of leads and allocate more resources to these campaigns while stopping the underperforming ones.
Establishing standards to monitor and assess
Just measuring customer engagement metrics won’t fetch you any results if you’re not assessing and implementing the required changes to these campaigns. Set a benchmark and monitor if your campaigns are meeting those standards. This will help you make better decisions supported by raw data.
6 key customer engagement metrics to measure
KPIs differ from industry to industry, but the following customer engagement metrics will be relevant across industries and can be used to understand what ticks with your customers.
Net Promoter Score
Let’s say you’re running a customer engagement campaign to encourage your customers to refer your products/brand to others. But how do you measure the campaign performance? The Net Promoter Score (NPS) measures your relationship with your customers. Are they satisfied with your product and willing to recommend it to others? This can be measured using a survey that asks customers to rate their satisfaction on a scale from 0-10. And if you’re looking to learn why customers feel the way they do, you can always ask more open-ended questions.
Not all your customers will stay with you for a lifetime, but if a bunch of them are leaving, something is likely wrong with your customer engagement strategy given the product is the same. This is where the churn rate comes in. The churn rate is the percentage of customers who stop doing business with your company within a specific period. Keeping customers satisfied and engaged is the best way to keep churn rate low and profitability high.
Every campaign has an end goal, and a business must know if a particular strategy is taking its customers across that line. Conversion rate is one of the most vital customer engagement KPIs. Conversion rate is the percentage of visitors who complete an action or go through the entire funnel tied to a specific campaign. The goal could be to get leads, make visitors sign up for the free trial, or get demo requests. Conversion rate gives an overview of how effectively a campaign made visitors reach the end goal.
Social media engagement
Businesses must be on social media, and it provides a great opportunity to have two-way communication with their customers. Apart from just tracking impressions and engagement, it’s equally important to know the conversations going on around your brand—whether positive or negative—and respond accordingly.
Customer satisfaction score
As the saying goes, “A satisfied customer is the best business strategy of all.” The customer satisfaction score (CSAT) tells you how satisfied a customer was with the latest interaction with your brand. It gives companies a chance to follow your customer sentiment and you a chance to improve your business based on feedback.
Customer lifetime value
Several customers are lost and gained over a company’s lifetime, but a truly great customer engagement strategy will keep your customers well-fed yet still wanting for more. Customer lifetime value is the expected revenue a company can generate from a customer. It gives you an estimation of the future value you can generate from your marketing initiatives. The longer customers stay with you, the more likely they are to spend and recommend your brand to others.
Is your website appealing to your visitors? Bounce rate can give you a fair idea about it. Bounce rate is the percentage of website visitors who leave without initiating any action like visiting another page. If your website’s content and user experience (UX) aren’t good enough, visitors will likely bounce off to other websites in search of a better experience. That’s why it becomes critical for you to provide quality content and a seamless user experience to anyone visiting your website.
Zoho SalesIQ – the easy way to improve customer engagement
Ideating, implementing, and measuring customer engagement strategies is an ongoing process and requires a lot of time and effort to get right.
Zoho SalesIQ is a customer engagement tool that will help you provide a seamless website and in-app experience to your customers. Also, by integrating it with Zoho Analytics, you can track most of the above-mentioned customer engagement KPIs.
Tell us in comments what other metrics you think are vital to measure to improve customer engagement.