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How Measuring Customer Experience Is Vital To Measure Long-Term Revenue Predictability

  • Gina 

Measuring customer experience can help companies measure more accurately long-term revenue predictability. It is vital to measure customer experiences regularly and consistently in order to keep track of potential earnings. There are a plethora of things that could happen if you don’t carefully assess customer satisfaction both overall and with specific transactions with your business. 

You risk losing your best customers when you choose not to reach out to customers, whether by the means of a survey, message or phone call – these missed opportunities to engage are detrimental to their CLV (Customer Lifetime Value) and you don’t get the chance to gather actionable feedback on what you’re doing well or what needs critical improvements. Asking customers to rate their satisfaction after an interaction with your company is a great way to learn what changes you can make that are beneficial to your line of business. 

Tracking your customers’ feedback can be critical to customer retention and attracting future business from that customer and others. If you have no idea what is going through the customer/s head when they use your business or what their interaction was the first time they spoke to you or utilized you, that can lead to a HUGE problem. I find it to be imperative to be transparent with customers and to always encourage questions or feedback if they think we can do better in any situation. At Refinery Lab, we work with companies to measure their customer satisfaction in a number of ways, including the use of surveys like Net Promoter Score (NPS). This allows for important information to be tracked and to see whether there is a pattern in order for corrections to be made to the overall customer experience or to specific touchpoints and restore a healthy customer experience to indicate positive financial outcomes.