Research reveals that a bad consumer experience can result in 75% of customers quitting supporting any brand. Contrarily, a good consumer experience leads to enhanced business endorsement criteria up to 50%.

Making the right use of the right information at the best point of time can best determine the level of business strategies to be adopted. Customer information stating their needs, preferences and the reasons they made a purchase creates a deep impact on how the company looks forward to dealing with its customers and retaining them for a long time.

Consumer information is essentially required to be transformed into important marketing metrics.  The aim is to enable marketing professionals in estimating their next successive steps to catch up with the market’s needs and practice with utmost confidence the most powerful communications methods.

In the blog currently in view, we aim to dig deeper to explore the most powerful and impactful customer insights and understand to our best their immediate impact over business strategies as well as consumer experience.

What Do We Mean by Consumer Insight?

Customer insight implies the entire set of information a business owes about its customers, all integrated and transformed in the shape of marketing analytics.

Types of Customer Insights

There are numerous types of customer insights. These are majorly categorized as:

•       Transactional data refers to the information related to consumer transactions. These purchase records are extremely precious for companies looking forward to promoting customized deals to their consumers.
•       Sociodemographic data helps to understand the factual traits of its consumers: such as customer’s name, age bracket, sex, nationality, ethnicity etc.
•       Interaction data refers to the consumer’s engagement in connection to your brands such as social media touchpoints or individual interactions.
•       Navigation data also called behavioral data, is produced by consumer interaction with your device application or your website.

So, what do you think is the ultimate goal of all this data? Of course, to develop an incredibly deeper understanding of its customers.

Taking Great Benefits of Customer Data

According to research, over 50% of customers would reveal their information in a good faith for receiving an improved customer experience.

But to make the best out of consumer information, the technological tools should be perfectly put in place along with the phase of the continuous update.

Receiving a positive consumer insight is of course a wonderful way to enhance the forthcoming user experiences that ultimately build lifelong loyalty with your brand.

Let us explore the prime metrics you can utilize to compute your user experiences and the level to which your customer insights have influenced the business.

Performance Metrics For Gaining Best Customer Insights & Enhance Customer Experience

1. The NPS Net Promoter Score

The Net Promoter Score (NPS) is a widely used consumer satisfaction measure that helps to understand the ratio of consumers who adore, are not sure, or do not like your brand on a 0 to 10 scale.

This ratio is obtained by collecting surveys from your consumers and determining how much they spread your word of mouth.

On receiving this very important data, you can now invest your efforts in the right direction to improve the customer experience for your potential prospects.

2. The Rate of Termination

The termination rate refers to the ratio of users who discontinue or are not willing to continue with their subscription during the period of the progressive customer cycle.

Termination Percentage = The Sum of Consumers / Total Consumer Attrition x 100 (in a defined period).

This metric can help you to determine the exact reasons why consumers are patronizing your brand. This also stands to be a great way to estimate consumer behavior: is it because of the lack of commitment? Poor customer experience? Bad customer support?

This way, analyzing your attrition rate would immensely help you to escalate consumer experience.

4. Score of Consumer Satisfaction

One of the most critical criteria of customer experience is the consumer satisfaction score.

To determine the score, everything that you are required to do is commence a survey right after developing an interaction with the business.

This consumer satisfaction criterion is the average score of the survey proving a quick response on the customer level of satisfaction with the overall experience. In case, if you have a consumer satisfaction score that is less than the average score, you must look forward to carrying out a strategy to improve your results.

3. Logs of Consumer service

A very helpful metric that can immensely support you to understand much more deeply your consumer experience is service logs.

These logs of customer service help you to explore if there are repetitive issues that disturb and exhaust your consumers such as slowed delivery, or inaccessible offers. In such a case, one must expedite to fix the issues and transform your unsatisfied consumers into happy customers!

Final Words

Sustaining a great consumer experience with utmost consistency along with revamping marketing strategies can invest some extra chunk of effort as well as time.

However, by using the right tools and approaches, any business can give its customers the best experience possible.

Turn your customer data into meaningful and actionable insights with Zoom Digital’s business intelligence platform. You can learn more about our services or book a demo with our team and see your customer satisfaction performance metrics revealing incredible results!