Customer is King Of Successful Business - Prism Around Gurjeet

Customer is King Of Successful Business

Knowing about customer need, requirements and how satisfied customer is with your service is important to make the organization grow and work efficiently.
Customer success is the function of a company responsible for managing the relationship between a vendor and its customers. Customer and business go hand in hand. Customer success pours success to your organization so it is very important to make good relationship with customer and vendor.
A good customer success moto is to value the customer throughout the journey from pre-purchase to post-sale and beyond. This can include onboarding, product training, customer service, and support. Welcome to the world of customer success with IQ user that gives the wide knowledge of it.

How Do You Measure Customer Success?

There are three Essential Customer Success key performance indicators

Churn

Customers churn is very necessary to understand why customers churn- churn means customers come and go or you can say leave your products for a given period of the time. As a performance metric, this will help to understand why customers churn.

Net Promoter Score (NPS)

It’s a customer satisfaction benchmark that measures how likely your customers are to recommend you to a friend. NPS measures the loyalty of customers to a company. By gathering more data than just your customers’ likelihood to recommend you, you’re able to make links between their responses and your NPS.
To calculate your NPS, you first have to survey your customers. The NPS is the typical answer to the question “On a scale of 0 to 10, how likely are you to recommend to a friend?”

  • Promoters: Customers who answer the question with 9-10
  • Passives: Customers who answer the question with 7-8
  • Detractors: Customers who answer the question with 0-6

Promoters are the loyal customers brings back new customer by recommending your products and services. Passives are indifferent and could become promoters — or they could switch to your competition. Detractors are unhappy customers, who do not like to stay with you and also can damage your reputation by sharing their bad experience with others.
But changes in the breakdown of scores — between promoters, passives, and detractors — also gives customer success teams an indication of which direction the overall NPS is trending.
NPS surveys help in cut down churn rate in half. Based on the responses received, contacting customers by sent emails and offers to customers depending on their level of satisfaction.
We can give offer discounts on products to the promoter, and thanked detractors for their honesty reviews and asked little help how to improve and come over with their expectations.

Customer Effort Score (CES)

Customer Effort Score (CES) is a type of customer satisfaction survey used to find customer loyalty by reducing customer efforts by measuring the ease of service experience with an organization. It asks customers to rate the ease of using products or services on a scale of “very difficult” or “very easy”.
The quest to improve customer effort score is seemingly never-ending, especially given the rise of new trends in customer success. To increase customer effort depend on the nature of your business model, customer journey, and customer relationships.

 

30 thoughts on “Customer is King Of Successful Business

  1. Customer is giving you the conversion so for any kind of business, they play the key role. Even when we get a project we first chalk out the TG because success rate depends on it only.

  2. Very true, customer is the real king of any kind of business. If there is no customer then the business will not able to rise and customer satisfaction is equally important to grow any business.

  3. Now I understand why every brands once in a while comes up with a survey asking if we would recommend it to other people! This post is really interesting!

  4. Customer is the most important person when it comes to any kind of business. You shared some great pointers about maintaining good customer client relationship.

  5. After 15 years of doing business development I have learnt the same thing – customer is King. But measuring success is very unique but a sensible way of assessment.

  6. You have really pointed out great points and mentioned very clearly how a bussiness can be successful with giving customer a satiisfaction !!

  7. This is an insightfull post. Got to know about the Customer Effort score survey. A perfect guide for all those who want to excel in their busienss. I totally agree that customer is a king and should be treated like one.

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