If you are confused about the acronyms in use in the customer experience arena, such as CX, NPS, CSAT and CES, you are not alone. Artificial Intelligence has added more acronyms thereby complicating matters further. Nevertheless, be not afraid for help is at hand!
Every organisation prides itself on the value they offer to existing and prospective customers. Often times, there is a disconnect between how an organisation perceives itself, and how others (especially its customers) perceive it. Internally focused organisations risk losing customers and going out of business. Given the global and local economic uncertainties, it will be the height of foolishness to ignore the voice of the customer.
Customer experience, or CX, refers to how consumers interact with a brand over a period of time. CX influences the way people feel about your business, and how likely they are to do business with you and talk positively about your brand. In the end, CX impacts a customer’s decision to stay with your brand or seek alternatives.
CSAT is a shortened form of ‘customer satisfaction’ and is a key performance indicator that tracks how satisfied customers are with your organisation’s products and/or services. CES stands for Customer Effort Score and measures how much effort customers put in to interact with your business. The more effort a customer requires to interact with a brand, the less likely that the customer will be delighted with that brand. Ease of interaction is therefore key to enhancing a customer’s experience.
Finally, NPS refers to the Net Promoter Score. Of all the customer experience measurement tools, the NPS stands out as the most significant in that can it shape or destroy your brand. NPS is the key measure of your customers’ overall perception of your brand. A question that is most used to measure a NPS score is “How likely is it that you would recommend brand X to a friend or colleague?”. A rating scale of 0 to 10 is often used to measure responses. Unhappy customers, called detractors, are more likely to score your brand from 0 – 6. On the other hand, your most loyal customers, termed Promoters, are highly likely to give your brand a score of 9 or 10. In the middle of the scale are the Passives who are ambivalent about your brand.
Artificial Intelligence has provided practical and useful tools to help organisations with their customer experience journey. Technologies such as machine learning, chatbots, conversational user experience (UX) and advanced analytics help analyse customer data in an effort to personalize customer interactions, boost customer service efficiency and increase self-service options.
Insight2Lead has launched ProCXI, a customer experience index that measures satisfaction with a product, service or experience in line with what matters most to customers. ProCXI is benchmarked against the best around the globe and is calculated using the American Customer Satisfaction Index (ACSI) and similar methodologies. ACSI uses a cause-and-effect model that measures satisfaction quantitatively as the result of survey-measured input of customer expectations, perceptions of quality, and perceptions of value (i.e., quality for cost).
This methodology allows ProCXI to rank consumers’ satisfaction with products and services provided by local companies and compare them with those of other countries that use the same ACSI methodology. Our ProCXI model draws a strong correlation between customer satisfaction and customer loyalty.
ProCXI is a valuable digital platform for both businesses and consumers, and challenges providers of goods and services to improve customer satisfaction – which is to the benefit of consumers. Companies that subscribe to ProCXI will be able to benchmark themselves against their local and global peers, thus improving their credibility and brand equity.
Talk to us on how we can help your organisation along your customer experience journey, and in the process grow your brand and your competitive position.
Connect with us on connect@insight2lead.co.za or give us a call on 0113268822. We will be very glad to chat to you.