May News Round-up

At Simplesat, we like to keep a close eye on industry news and we always value fresh perspectives. There’s plenty of nonsense out there, and when we find something great, we want to share it.

Here is an overview of our favorite articles we’ve read this month:

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What’s Your NPS And CSAT, And Why Do They Matter? by Mike Kappel, Forbes contributor and accounting software CEO.

A good overview of NPS and CSAT for beginners. 

🔎 NPS survey results help you learn why your customers prefer you over your competitors. A low NPS score is a danger sign, indicating a dissatisfied customer who might cancel soon (these customers also account for 80% of negative word of mouth).

CSAT questions focus on a particular customer experience, service, or product. Response rates are typically high because CSAT surveys are quick and easy to fill out.

Monitoring both customer satisfaction metrics is key to reducing churn. You can also use positive feedback to find highly satisfied customers and reach out to them for reviews.

7 Key Customer Experience (CX) Metrics to Monitor, a ChannelE2E guide by Stratosphere Networks marketing director Lori Leonardo.

To understand the customer experience and start improving it, you must ask the right questions.

🔎 Companies need to get better at listening to feedback, according to 63% of consumers in a recent global survey. But before you can improve your customers’ experience with your company, you need hard data you can track as you start implementing changes.

Important metrics to consider are CSAT, NPS, churn rates, wait times, customer retention rates, support ticket handling time, and employee engagement. These metrics are interconnected, and any one of them could be that missing puzzle piece that explains why your customers are dissatisfied.

The Customer is King, and our workplaces must reflect that, by Viktor Prokopenya, founder of Capital.com, writing for Business Matters.

Building a customer-first culture is the only way to stay afloat in competitive industries — and that means treating your staff well too.

🔎 Traditional banks in the UK keep losing customers to the fintech industry, and that’s largely due to low customer satisfaction. It’s time for banks to adopt a “the customer is always right” approach, and to start paying more attention to comments and reviews. When companies respond to feedback continually, respect for the customer becomes a part of the culture.

But that same respect has to be reflected within the company. If any employee is mistreated, the customer will eventually receive poor or distracted service. Respect from leadership increases employee engagement, and engaged staff members make 60% fewer mistakes.

Customer surveys don't have to be boring

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