By now, you’re well aware of the benefits of customer centricity. (But here’s a video if you a need a refresher!) However, the journey from wanting to be a customer-centric business to actually being one can be difficult.
Regardless, one thing is for certain: Using data to inform decisions is at the center of customer centricity.
But with seemingly endless customer data at your disposal, it can be overwhelming to determine what to focus on. In fact, up to 61% of CMOs admit that they still have a long way to go in using customer data properly. And that's just in the marketing function.
The Customer Lifecycle
At Torrent, we’ve simplified the process. We measure our success upon only eight different Key Performance Indicators (KPIs) - all centered around the customer, in what we refer to as the Customer LifeCycle.
Of course, we’re looking at several leading and lagging indicators that work around these KPIs, but sticking with only two main customer-centric metrics per function (Marketing, Sales, Service and Community) keeps our team focused. Add more and things start getting convoluted. Take some away, and you risk overlooking vital indications of success/failure.
8 Critical Metrics for a Customer-Centric Business
Of course, you may need to modify this for your own business needs, but here are the metrics that keep us customer centric:
Customer-Centric Metrics for Marketing:
1. Marketing Qualified Prospects (MQPs)
- A prospective customer that has interacted with us in some capacity (attended an event, submitted a form, downloaded an e-book, etc.) but has not expressed explicit interest in doing business….yet.
2. Marketing Qualified Leads (MQLs)
- A prospective customer who meets basic qualification criteria and has a call scheduled with a member of our sales team.
Customer-Centric Metrics for Sales:
1. Sales Qualified Leads (SQLs)
- A prospective customer who has spoken with our sales team and has the need and budget for our services. (We’re also working with a decision-maker and have a timeline.)
- A deal has closed, and a Statement of Work has been signed.
Customer-Centric Metrics for Service:
1. Weekly Satisfaction Score
- A customer satisfaction score based off of a text message that is automatically sent to customers each week, asking them to rate us on a scale of 1-10.
2. Net Promoter Score (NPS)
- A measure of how likely our customer is to refer our services.
Customer-Centric Metrics for Community:
(Note: This is a new function we’re committed to, which has a goal of generating customer advocacy.)
1. Success Stories
- A published case study showcasing the customer and our work together.
- The ultimate win! It’s one thing for a customer to say that they’d be likely to refer you, but are they actually doing it? This is what we’re measuring here.