How does your customers really think of you? This is a question that every business owner should know the answer to, from their customer’s perspective! How was their experience in your establishment and overall, did your level of service leave them with the best impression? Customer Relationship Management is a way to synchronize your sales revenue, marketing, and customer service to interactions with your current and future customers. One or a few happy customers out of many should never be enough.

There are customer metrics you can use to provide insight on how effectively you’re penetrating your market. If your customers are satisfied, they will be loyal, help increase your market share, and ease the work it takes in improving your brand image. Below are the four customer metrics that will help you gage your overall market share and reputation:

  1. Customer satisfaction – The number one way to see if customers are happy with your products or services is to simply ask for feedback! A quick survey regarding their experience or a few verbal questions about their level of satisfaction can go a long way! Customer satisfaction metrics bring to light their perception on your business’ overall quality and reliability.
  2. Competitive Pricing – Your price communicates your level of value to your customers. Your cost of goods or services should be considered in calculating that value to them. Your compeitive pricing analysis should also be measured against your competitors to assess if you’re providing the right value for a the right price.
  3. Customer referals – Happy customers tell their friends about how good their experience was with your company. Referals are an opportunity for new business from a customer reference or recommendation to their peers. Customer referrals are free leads; if you’re not considering referrals, you’re missing out on significant value.
  4. Customer Retention – This is often thought of as being synonomous with customer loyalty. Customer retention is about keeping your current customers, while customer loyalty is about building the long-term relationship through monitoring churn rates and cohort analysis.

The PMC Team