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5 Most Essential KPIs for Business Growth

5 Most Essential KPIs for Business Growth

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Business leaders frequently use Key Performance Indicators to measure their business performance. With so many Key Performance Indicators to choose from, have you picked out the most suitable ones for your team or company? Well, before you answer that question, just in case you are new in the game or you need a quick reminder, let’s refresh your memory on this particular subject.

Key Performance Indicators, or KPIs for short, are units of measurement that are used to gauge the success of a business or team in reaching its objectives. KPIs are crucial for businesses not only because they show whether your company or team is going in the right direction to a certain target, but also because they can identify your business’ strengths and weaknesses. Therefore, you and your team can pinpoint which areas that need improvements, enabling you to come up with an action plan or solution to deal with it.

There are numerous types of KPIs for businesses, ranging from general ones that are applicable to every business to specific ones that focus on the individual department, such as sales, human resources, marketing, etc. KPIs that are used in one business or department may differ from the others simply because of different objectives and targets each business or department wants to accomplish. Even so, there are KPIs that need to be implemented by every business, regardless of which business sector you are in. These KPIs focus on customer experience, and as we are all aware, customer experience is one of the keys to a successful business. So, here are 5 KPIs measurement your business truly need:

1. Customer Satisfaction Score (CSAT)

Undeniably, the most important thing in a business is customers. Hence, ensuring high customer satisfaction is a must. With CSAT, you will be able to understand whether your customers have a pleasant experience with your brand, as well as whether your business, products, or services live up to their expectations. The higher the Customer Satisfaction Score is, the more likely you have a positive brand image.

2. Customer Retention Rate (CRR)

Customer retention goes hand in hand with customer satisfaction. When your customers have a positive experience with your business, they are more likely to return. CRR helps you gain insights into the overall customer loyalty and trust in your brand. A positive customer experience will result in a higher CRR.

3. Net Promoter Score (NPS)

Bringing in new customers is as important as maintaining good relationships with existing ones. So, what is better than having your current customers put in a good word for you? When customers have a pleasant experience, they tend to promote your brand. NPS lets you know whether your customers would recommend your brand to their family and friends. At a glance, NPS may look like it only reveals how loyal your customers are to your business. However, after further analysis, NPS is more than just a loyalty metric. NPS is one of the indicators of business growth, which makes it one of the most vital KPI measurements.

4. Customer Effort Score (CES)

Customers do not only want effortless and smooth transactions, but they also expect it. When you successfully fulfil this expectation from your customers, your customer experience (CX) score would escalate as well. CES helps you measure how easy it is for the customers to make transactions with your business or find solutions to particular issues they are facing. The less effort your customers have to put in, the better your business is in their eyes. Tracking and finding out your CES, you will be able to know whether your business is doing well in this particular matter and identify room for improvements. Therefore, CES is also another indicator of business growth.

5. Average Handle Time (AHT)

Being served quickly is also part of customers’ expectations. AHT measures the average duration of a transaction. The quicker the transaction is, the lower the AHT score is. This particular metric helps you gain a better knowledge of your team’s overall “serving time”; therefore, you will be able to use that knowledge to make any necessary changes.

All of those 5 KPIs measurement require data that is best acquired through customer feedback. A revolutionary customer feedback solution, SMARTSURVEYS™ from Business Smart Solutions (BSS), can help you acquire accurate survey data directly from customers themselves.

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Introducing SMARTSURVEYS™: A Hassle-Free Customer Feedback Solution

SMARTSURVEYS™ is a customer feedback platform that accurately and effectively gathers customers’ opinions, concerns, needs, interests, and preferences in real-time. This customer feedback module is a component of BSS’ queue management system, SMARTQUEUE®. SMARTSURVEYS™ offers the flexibility of methods and application, enabling your customers to fill in the survey without hassle while still effectively capturing what your business requires for those KPIs measurement.

To accurately gather the data that you need for each KPI measurement, you need to use the correct format of question. SMARTSURVEYS™ understands that, which is why there are options of the format of questions, including a single question, multiple-choice questions, smiley face selection, thumbs up or down selection, satisfaction scale, and free form response. Furthermore, SMARTSURVEYS™ also enables your customers to submit their feedback with their preferred method, whether it is by entering ticket number, scanning QR code, or directly at the kiosk.

Learn more about SMARTSURVEYS™ here or reach us at info@bss.com.au.

 

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