Metrics That Matter: How To Measure CX
Ahead of the CX NXT KSA summit, Martechvibe spoke to some customer experience experts about the value of CX measurement and customer feedback, and the significance of using metric tools.
Topics
Is CSAT your go-to CX metric tool, or is it ‘profit’? Regardless, measuring CX is not a question of addressing one metric, and brands need to design their CX strategy with clear initiatives and KPIs.
Some companies have more than 50 metrics in their CX tech stack, and choosing the right tool for specific purposes can be tricky. In today’s advanced digital marketing ecosystem, massive amounts of complex data can complicate CX measurement. Several management solutions help brands make sense of their data and identify CX strategies that work and those that ought to be discarded.
Martechvibe spoke to some customer experience experts about how brands need to measure their CX for optimal performance. Some of them are speakers at the upcoming CX NXT – the Customer Experience summit in the Kingdom of Saudi Arabia on March 14-15, 2023.
Abdulaziz Alshamsan, Founder & CEO of CXKSA
Customer feedback is essential to improve product quality. However, we must ensure capturing all aspects of the journey across all touchpoints. The CSAT is a standard indicator,but gives us only the emotional side of the story.
To capture a different side of the story, we must use multiple indicators. CX Index is a more critical and complex indicator.
There are many methodologies to measure the CX index. Organisations need to adopt one that covers multiple levels of the journey. The analysis is essential to develop insights that can help decision-makers improve the quality. A governance model must be implemented to ensure the complete cycle continues.
On the other hand, a CX strategy without KPIs could go into a dark tunnel. So, it is crucial to design onewith clear initiatives and KPIs—ne of these is the measurement process. Continuous measurement and improvement help decision-makers take the right decision at the right time and prevent the organisation from going in the wrong direction. To determine the impact, we should measure our initiatives and make sure we succeed in implementing great CX transformation.
Adam Toporek, Customer Service Expert at CTS Service Solutions
CX metrics are merely tools that should be used to achieve specific results, so I don’t have a favourite. However, if I must choose, my answer might be slightly different than many customer experience experts; my favourite CX metric is profit.
While not every transaction needs to be profitable, the overall customer experience must be. Whatever metrics you use, they should all be deployed towards creating a positive, emotionally resonant, and profitable customer experience.
Hazem El Zayat, Chief Experience Officer at Memac Ogilvy
Measuring CX is not a question of addressing one metric. It is a matter of measuring across all touchpoints, each against and relative to its intended objectives and KPIs and attributing performance accordingly. The real impact of CX is seen and measured through a combination of tangible and intangible values, which correlate to customer behaviour
and emotion, respectively. This includes retention, which breaks into metrics such as retention rate, repurchase rate, and renew rate, and expansion value, which breaks into metrics such as upgrade sales and ancillary sales.
CX strategies should focus on measuring experiential value demonstrated in customer satisfaction, reviews and feedback; relational value showed in referrals and NPS; and symbolic value demonstrated in social influence, user-generated content and events participation.
Mostafa Kamel, Head of User Experience at Mrsool
We use a combination of methods to measure our CX and gather customer feedback, including customer surveys, NPS, customer feedback forms, social media monitoring, call centre and chat logs, and website analytics. Our specific methods depend on the goals, resources, and target audience.
