How to Measure the Success of Customer-Centric Initiatives?
To evaluate the effectiveness of customer-centric strategies, leaders should focus on several key metrics:
Customer Satisfaction (CSAT): Measures how satisfied customers are with the company’s products or services. Net Promoter Score (NPS): Gauges customer loyalty and the likelihood of them recommending the company to others. Customer Lifetime Value (CLV): Estimates the total revenue a business can expect from a single customer over time. Churn Rate: Monitors the rate at which customers stop doing business with the company. Customer Retention Rate: Indicates the ability of the company to retain its customers over a given period.