Today we will explain which are the key metrics that you need to adopt if you really want to become customer-centric.
In the very first video on our channel, we explained: how both product and customer-centric companies have the goal to maximize shareholders value, but they try to get there in different ways.
We know that customer-centric companies build their success on relationship expertise. In this case, managers main goal shouldn’t be just revenue, but a mix of a set of metrics, more in line with customer-centric goals.
We truly believe that both company goals and employee incentives should be connected to these type of metrics mainly because of:
Customer Lifetime Value, or CLV, measures how much your customers will spend during the, hopefully long, relationship with your company. This is the number one metric, as it shows how healthy your customer base is, and how likely is your company to grow in the future.
The cool thing is that you can determine the customer lifetime value specifically for different types of customers, as well for acquisition channels. So that you can easily identify who are your greatest supporters.
Early Repeat Rate measures the number of customers who purchase again from you in a determined time frame. The time frame length is influenced by the industry where you operate and for example it short for fast-moving consumer goods, and long for car manufacturers. The frequent and regular purchase indicates the good health of your business.
If your products are sold online the star rating that they get on e-commerce is your most important metric. Having a star rating higher than your competitors drives sales, and inspire new customers to buy. Your company goal could be to reach a certain average star rating across all channels. Or to improve the score compared to the previous years. Or to make it higher than your competitors.
Implementing these new metrics and connecting the employee incentives to them is essential if you want to foster a customer-centric transformation.
Watch our video about who will benefit from customer feedback analysis in your company
Wonderflow empowers businesses with quick and impactful decision-making because it helps automate and deliver in-depth consumer and competitor insights. All within one place, results are simplified for professionals across any high-UGC organization, and department to access, understand, and share easily. Compared to hiring more analysts, Wonderflow’s AI eliminates the need for human-led setup and analysis, resulting in thousands of structured and unstructured reviews analyzed within a matter of weeks and with up to 50% or more accurate data. The system sources relevant private and public consumer feedback from over 200 channels, including emails, forums, call center logs, chat rooms, social media, and e-commerce. What’s most unique is that its AI is the first ever to help recommend personalized business actions and predict the impact of those actions on key outcomes. Wonderflow is leveraged by high-grade customers like Philips, DHL, Beko, Lavazza, Colgate-Palmolive, GSK, Delonghi, and more.
Other articles you might like:
Customer experience · Jan 31, 2023
Top 8 CX Trends in 2023 (And No Shock VoC Analytics Still Tops)
In a period of inflation, rising energy costs, staffing shortages, and more, many businesses are at a crossroads in 2023 as they try to juggle economic uncertainties while focusing on delivering an exceptional customer experience (CX). Therefore, it’s never been more crucial for companies to adapt and deeply listen to the customers’ needs and wants. And how you precisely do that can be answered in our eight top CX trends in 2023! Let’s take a…
Retail · Jan 04, 2023
What Do Retail Reviews Reveal On Customers’ Price Perception?
Wonderflow’s Business Intelligence is dedicated to bringing you valuable consumer insights based on the actual voice of the customer. In this analysis, we dig deeper into the effects of inflation, particularly customers’ price perception across major Italian supermarkets. Moving forward into 2023, as price concerns continue to rise, retail managers may use our insights to become more aware when creating a better customer experience. A recent article published by Kantar, the world’s leading data,…
E-commerce · Dec 23, 2022
7 Top Retail Trends Predicted for the 2022 Holiday Season
2022 may have rushed past, but it isn’t quite over yet. With the holiday season fast approaching, retailers are steeling themselves for the craziest months of the year. Knowing what retail trends to expect from the 2022 holiday season can help brands and retailers to prepare and carve a strong position in the market in what’s undoubtedly been a volatile economic year. Overview of 2021 Holiday & 2022 Cyber Weekend First, let’s take a look…