KPI stands for key performance indicators. These are areas of your business that you want to measure and monitor. This information helps you make smart business decisions to manage and grow your brand and business.
One KPI I recommend is customer feedback.
Customer feedback helps you measure customer satisfaction which is key to first time business transactions and to repeat customers by improving customer retention.
Repeat customers spend 33% more than new customers. Referrals among repeat customers are 107% greater and it costs six times more to sell something to a prospect than to sell the same thing to an existing customer.
Customers feedback also helps you create the best customer experience, shows that you value their opinion and provides help with your continuous improvement program for products and services.
Yesterday when I went into my local post office, I saw this new wireless customer feedback system. It caught my attention because it was simple, colorful and very easy to provide feedback. Simply push one face.
When I checked out the company, they provide 24/7 online access to a dashboard with reports that show how your customers rate their experience. https://www.happy-or-not.com/en/
Whether you use a survey, feedback box, email, website pop-up, contact form, interview or a focus group to gather customer feedback, it is an important way to grow your brand and business.
Gary Heisey
Founder and Brand Strategist with Brand Door
