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The Zonka Feedback Blog

Feedback Management, Feedback Trends, Feedback Technology, Data & Analysis, amazing Survey Tips & New Features at Zonka

4 Metrics You Need To Track to Measure Customer Satisfaction & Loyalty

4 Metrics You Need To Track to Measure Customer Satisfaction & Loyalty

Measuring the satisfaction of your customers is tricky business because, for the most part, they are not going to come right out and tell you. However, there are several ways that you can employ to gauge their satisfaction, and address any problems that may have arisen. One of the most valuable resource a business can have is conducting surveys and is, in fact, one of the very few ways to effectively collect customer satisfaction. While you most likely already knew that, are you using all of the metrics available to you? The Metrics More often than not, businesses continue to measure customer satisfaction using wrong or insufficient metrics. Measuring the right customer satisfaction metrics, on the other hand, can help you promptly know how you're doing, about your customers' satisfaction, expectations and needs. This is your cheat sheet for the right metrics you can, and perhaps should, apply. Rate of Return The customer rate of return is one of the easiest seen metrics a business can use. In small startups and large companies, the more a customer returns, the strong the loyalty is considered to be. From a business standpoint, you need to treat each new customers like a first date - if you impress them, they will build a relationship with you. As the customer builds that bond, they will tell their friends and your business will grow through word of mouth, which indeed is one of the best forms of advertising and one that can aid any business greatly. However, that same aspect…read more
Customer Loyalty: What it is and how it can be measured

Customer Loyalty: What it is and how it can be measured

One of the most prevalent misconceptions in today’s business environment is the idea that a repeat customer implies customer loyalty. Business owners and managers like to believe that a customer who brings business again and again is a loyal patron of the establishment. While this may not be far from the truth, there is a subtle difference between a 'loyal customer' and a 'repeat customer'. What makes customers loyal? Let us see the various reasons why a customer may be choosing to do business with you repeatedly: It takes a lot of effort to go elsewhere You have achieved cost leadership in your segment Old habits die hard They may have developed bonds with your employees (rather than your business) They are keeping you as a 'safety back-up' while actively searching for alternatives In each of these cases, a competitor can swoop in and win away your customer by attractive discounts, aggressive campaigning or simply upgrading their service offering. It turns out that loyalty is above repeat customers. Customer loyalty may be loosely defined as a strong belief in your customers that your organization’s product or service is their best available option, maximizing their value appeal. Loyalty is expressed by customers when they stand by your business through thick and thin, when they are not seeking out competitors, and if approached by them, ignore them. They will spend extra time and effort to approach your establishment. How can you build more customer loyalty? To sum up, customer loyalty is much more than repeat customers, and…read more
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