Global Journal of Management and Business Research, E: Marketing, Volume 22 Issue 3

© 2022 Global Journals Global Journal of Management and Business Research Volume XXII Issue III Version I Year 2022 ( ) E 53 The Three Most Critical Aspects for Implementing Holistic Customer Experience at Scale • 70+: exceptional NPS • 50 to 69: strong NPS with room to improve • 49 or less: should be actively improved • Below 0: needs immediate attention 2. Customer Effort Score (CES) This metric corresponds to the level of effort a customer must go through to solve their problem e.g., find a product, take an action on the site, or get a question answered. CES often indicates how much effort customers are putting into interacting with the brand, service, or product and has a significant impact on driving loyalty and satisfaction. In fact, Harvard research has shown that level of effort a customer puts into finding a solution to their problem is a better indicator of customer loyalty than delighting the customer. Reducing friction points can reduce customer service costs and attrition. Therefore, measuring the ease of a customer’s experience can help improve customer service. Methodology: Typically, this can be measured with a post-interaction survey to the customers asking about their recent experience. The response will be on a scale of low to high effort, and the calculation will be around average and score distribution. Question: To get the score, the survey must have a question “The company made it easy for me to find the answer to my problem” The customers are asked to score from 1 to 5 or 1 to 7 depending on the objective. The company also can decide to set the score as 1 – strongly disagree and 5 or 7 – strongly agree. Analysis: The responses can be collected in numerical value or emoticons. Based on the emoticons, the company can assign a numerical value and calculate the score. Calculation: CES can be calculated with a simple formula = Although there are multiple types of survey questions, a company can formulate, here are a few sample questions to ask in the survey: • How fast were you able to find a solution to your problem? Here the company can decide the numerical scale to use. • How much effort did you put in to find the solution to the problem? Here the company can assign a numerical number to the level of effort. e.g., a lower score for less effort and a higher score for more effort. Alternatively, the company can also use emoticons for low, medium, and high-level effort and assign values to each for calculation. • How easy was it to take a specific action related to an event, e.g., adding to cart, finding a product, or signing up. 3. Customer Satisfaction (CSAT) This metric helps measure customer satisfaction with the product, service, or brand. It also indicates whether the customer will churn and steps to take to retain the customer. However, companies should not use CSAT alone to make churn and retention decisions. In fact, they should use the customer satisfaction data to understand at a more granular level which parts of the product or service customer is satisfied or unsatisfied with and can be improved. For example, a customer can help with indicating satisfaction with a particular product feature by opening a support ticket or returning a product for a particular reason that can used by the business to optimize the experience. Methodology: To calculate CSAT, a company can send a short survey with a targeted question to the customers after their interaction with the product, or service. The question is around asking the customers about their satisfaction on a scale of 1-10. Question: To get the score, the survey must have a question “How satisfied were you with your recent interaction with your company?” Here the customers can score on a scale of 1- 10 or from very dissatisfied to very satisfied or can be star ratings from 1-5. Analysis: The responses collected can all be converted into a quantitative score no matter what method was used. Calculation: CSAT can be calculated with a simple formula ( ) = 4. Customer Lifetime Value (CLV) This is a key metric to track as part of the overall customer experience management program. Companies can use CLV to measure the value of a customer over a period, not just based on purchase but on the overall relationship. CLV represents the net present value of the profit that a customer generates across the relationship with the business.