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The Best Metrics for Measuring Customer SatisfactionFeedzy

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Customer satisfaction is a very crucial component of a business. It can significantly help a business grow. There are plenty of ways business owners can improve customer satisfaction, including offering high-quality products and services, offering excellent customer service, and even rewarding loyal customers.

But how can you know that indeed your customers are satisfied with your brand and the products and services you are offering them? Well, thankfully, there are metrics you can use to measure customer satisfaction.

In this article, we discuss the different types of customer satisfaction metrics business owners or marketers can use to measure customer satisfaction. But before we delve into them, let’s discuss why it is important.

Why is it important to measure customer satisfaction?

If you are a new business owner, you are probably wondering if it is worth measuring customer satisfaction. The truth of the matter is that it can be very beneficial to measure customer satisfaction. Here is why measuring customer satisfaction is important. You can use survey maker to collect customer feedback and even conduct survey research. All these can help you improve customer satisfaction.

1. It can help you become customer-centric

If your customers are not satisfied with your products, services, or brand, they are more likely to move to your competitors. That’s why business owners need to fight customer dissatisfaction as much as possible.

By measuring customer satisfaction, companies can be able to identify factors of dissatisfaction. By doing so, they can implement the necessary measures to improve customer satisfaction before customers move to the next brand.

2. It can allow you to predict future behaviors

Through customer satisfaction, you will be able to gather the necessary data, including the trends and purchase history. This data can help you successfully predict future customer behaviors and make the necessary improvements.

3. It can help you improve your marketing efforts

Understanding what your customers like and what they don’t like is something that you cannot underestimate. If you know the challenges your customers are facing and what aspects of your business can solve their problems, you will know what to focus on when it comes to marketing.

4. It can help you improve customer experience

Customer dissatisfaction can be caused by various factors. It could be because of the quality of your product or service, or poor customer service. By measuring customer satisfaction, you will be able to reveal principal areas of improvement. This will enable you to improve your product where necessary to satisfy your customers. In addition to that, measuring customer satisfaction will also provide ideas for improving customer relationship efficiency.

With that said, let’s take a look at some of the best metrics for measuring customer satisfaction.

The best metrics for measuring customer satisfaction

1. Customer Satisfaction Score [CSAT]

CSAT is one of the most popular metrics used to measure customer satisfaction. Customer Satisfaction Score is used to rate the overall satisfaction with the service or services received by a customer. This metric tends to ask the question- “How would you rate your overall satisfaction with the service?”

Customers are generally asked to rate their levels of satisfaction on a scale from 1 to predetermined maximum numbers, typically 5 to 10. Sometimes, it can be a percentage scale [0 to 100]. Lower scores mean lower levels of customer satisfaction.

Another method is to use emojis rather than numbers as survey responses. Images, especially those of facial expressions are generally more engaging to survey respondents. They simply click on the one that closely reflects their experience.

Some of the top benefits of the CSAT survey include the ability to compare scores with other companies in the same industry as well as its simplicity. It is also inexpensive to implement.

2. Net Promoter Score [NPS]

Another popular and ideal metric you can use to measure customer satisfaction is the Net Promoter Score [NPS]. It measures the affective and behavioral dimensions of customer loyalty and customer satisfaction. It tends to evaluate the likelihood of customers to recommend your brand and products while at the same time providing a general idea of customer loyalty towards your brand.

NPS revolves around one question- “How likely are you to recommend our products and services?” The answer is given on a scale from 1to 10.

Based on their scores, customers are grouped into three categories:

Score 9-10: Promoters
Score 7-8: Passives
Score 0-6: Detractors

The detractors are unhappy customers who are less likely to refer other consumers to your company. They may even spread negative word of mouth and damage your company’s reputation. Passives are typically satisfied customers who you failed to fully engage, but they are here to stay and won’t switch to another brand. Finally, promoters are customers to whom you should give your full attention- they keep purchasing from your brand and refer your services to other consumers.

Knowing your promoters and detractors of your brand, it will be easy for you to calculate the NPS. That’s because NPS = % Promoters – % Detractors. NPS is easy to implement and it has a high response rate. It also promotes the word of mouth about your company and allows you to compare to the scores of other companies in your industry.

3. Customer Effect Score [CES]

Also known as CES, the Customer Effort Score is used to measure how much effort customers have put into a particular interaction with a brand. The survey tends to ask the question – “Did the company make it easy for you to handle your issue?” This is clearly a metric that has customer service applications.

CES is on a scale of 1 to 7, with 1 being ‘strongly disagree’ and 7 beings ‘strongly agree’ in regards to what extent they agree if the company made it easy for them to handle their issue. Like with any other metric, the best time to ask a CES question is right after a customer has completed a CES-specific action. Some of the pros of the Customer Effort Score are that it helps to identify the pain points of your customers, and also has a tangible effect on customer satisfaction and customer loyalty.

Final thoughts

There you have it- the best metrics for measuring customer satisfaction you can use. When it comes to choosing the right metric for you, make sure that you clearly understand what it measures and what it doesn’t. It should also have a precise scoring system and be easy to implement.

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Source: smallbusinessbonfire.com

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Will You Sell Your Dogecoin If It Reaches $0.50 (Again) in 2022? Over 75% Say…

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Every week, Benzinga conducts a survey to collect sentiment on what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.

This week, we posed the following question to Benzinga visitors: Will you sell your Dogecoin (CRYPTO: DOGE) if it reaches $0.50 in 2022?

Since early 2021, it’s no secret Dogecoin’s price has risen or fallen in sympathy with both the price of Bitcoin (CRYPTO: BTC) and tweets by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk. Heavy support for Dogecoin, by Musk, might give the meme crypto a shot at reaching $0.50 in 2022.

Back on May 8, 2021, Dogecoin reached an all-time high of $0.7376 in anticipation of Musk’s appearance on Saturday Night Live. The meme crypto is since trading lower by 81.7%. 

Here are the full results from this week’s survey:

Yes, I will sell my Dogecoin if it reaches $0.50: 75.3%
No, I will not sell my Dogecoin if it reaches $0.50: 24.7%

This sentiment study was conducted amid another active week of trading, which saw the meme cryptocurrency fall by over 28%.

At the time of publication, Dogecoin was trading around $0.1338, down 11.2% in the past 24 hours.

See Also: Dogecoin Vs. Shiba Inu

This survey was conducted by Benzinga in January 2022 and included the responses of a diverse population of adults 18 or older.

Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 1,000 adults.

Source: benzinga.com

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Apple Poised to Outperform Expectations in December Quarter, Analyst Says: How Will Shares React?

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Notwithstanding supply constraints, an analyst at Morgan Stanley is positive about Apple Inc.’s (NASDAQ:AAPL) December quarter performance.

The Apple Analyst: Morgan Stanley analyst Katy Huberty has an Overweight rating and a $200 price target for Apple shares.

The Apple Thesis: Cupertino is likely to post upside to Street forecasts for the December quarter and guide to a relatively in-line March quarter, thanks to improving iPhone production into year-end and modest Services outperformance, Huberty said in a note. Since hitting a low on Oct. 4, Apple’s shares are up 19%, suggesting the December quarter upside is largely priced in, she added.

The analyst models December quarter revenues of $122.3 billion, a 41.9% gross margin and $1.97 per share in earnings. Apple’s management will likely shed light on its active device and iPhone installed base, the analyst said.

Among products, Apple may have shipped 83 million units of iPhones, 7.6 million units of Macs and 14.9 million units of iPads, Huberty said. The analyst estimates total product revenues of $103.1 billion, which is above the consensus estimate of $100.3 billion.

Services revenue is likely to come in at $19.2 billion, also above the consensus estimate of $18.6 billion, Huberty said. The upside is due to stronger-than-expected App Store performance and Apple’s Licensing & Other segment, she added.

Given the sustained presence of COVID-19, management is unlikely to offer a revenue guidance range for the March quarter and instead will likely provide commentary on segment growth trends, she noted.

Related Link: Apple Becomes First Company To Top $3 Trillion Market Cap; Analyst Says Rally Has Further Legs

Apple shares have underperformed thus far in January after December’s outperformance, the analyst said. Apple is expected to release the iPhone SE3 in April/May this year, the iPhone 14 in Fall 2022 and a mixed reality headset in 2023, Huberty noted.

Morgan Stanley said it would be a buyer on any weakness post-earnings, as it views Apple as a more “defensive/quality outperformer” in challenging markets. The company’s 1.65 billion+ installed base with high loyalty/retention rates, underweight institutional positioning, along with strong capital returns and the tendency for it to outperform ahead of product cycles make the firm positive on Apple stock, Morgan Stanley noted.

AAPL Price Action: Apple shares were down 2.10% to $162.41 at market close Friday.

Original Article: benzinga.com

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Bitcoin May Be Plunging Hard, but Look Who’s Buying the Dip

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The sell-off seen in the crypto space is continuing into the weekend, and Bitcoin (CRYPTO: BTC), the apex crypto, is no exception. Bitcoin-backer and El Salvador President Nayib Bukele, unsurprisingly, is seeing the weakness as a buying opportunity.

What Happened: Bukele said in a late Friday tweet that the country has purchased an additional 410 Bitcoins for $15 million, the nation now holds over 1,500 BTC. The president also suggested that some current sellers are liquidating at throwaway prices.

The tweet was in reply to his own Jan. 14 tweet, in which Bukele indicated that he might have missed the dip at the time.

The tweet elicited mixed responses. One Twitter user said Bukele wasted over $36,500 per Bitcoin and suggested that if the president wants to make bad bets on Bitcoin, he should be doing so with his own money. He challenged Bukele to disclose his personal Bitcoin holdings.

Meanwhile, another user supported the Bitcoin purchase and said the president is seeing the big picture, while others don’t understand Bitcoin is a long-term asset.

Related Link: Bitcoin Slips Below Crucial $40K Level, Taking Ethereum, Dogecoin Down With It: US Treasuries, Russia, Outflows And More That’s Weighing

Why It’s Important: After seeing a downtrend since hitting a high in early November, Bitcoin has come under further pressure in the new year. Since the start of the year, the apex currency has lost over 20%, implying it is sinking further into bear market territory.

El Salvador has the distinction of being the first country to adopt Bitcoin as legal tender, alongside the U.S. dollar, on Sep. 7, 2021.

At the time, Bukele reasoned the move would spur investment in the country and come in handy for 70% of its citizens, who don’t have access to traditional financial services. The country has also made plans to build a Bitcoin city, financing the construction by the issuance of a $1 billion Bitcoin Bond.

BTC’s trajectory in the near- to midterm will determine the success of the country’s Bitcoin strategy and whether Bukele will be vindicated. At last check, Bitcoin was seen down 7.56% in the past 24 hours to $35,486.19.

Related Link: How to Buy Bitcoin

Photo: Courtesy Blockzeit CH on Flickr

Source: benzinga.com

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