Customer success is not a quantifiable concept, and as a consequence it really is not a metric. Because of that, it is very often misunderstood. However, it can be described precisely using different methodology and measuring KPIs. Churn rate is an important metric capturing the number of customers your business loses in a certain time period. Revenue that is recurring is also important, because it is a revenue you can rely on monthly. Net promoter and customer satisfaction indicators are similar and measure the level of positive experiences for customers. Cost of customer retention and lifetime value help businesses assess the viability of certain customers and the profitability of relationships.
Key Takeaways:
- There are three key concepts that you will want to monitor to see how happy your customers are.
- When calculating the churn rate for your company, you will have to look at the average for your industry to really know.
- One of the most important aspects is the renewal rate, this rate is the rate that customers are returning.
“Like NPS, the best way to capture customer satisfaction data is to integrate surveys into your product or service delivery.”
Read more: https://www.brafton.com/blog/strategy/customer-success-kpis/
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