Metrics That Matter in Measuring B2B CX in SaaS
A recent B2B marketing survey reveals that about 66% of marketers have made CX (customer experience) a priority in their campaigns. This is because CX has become an influential element in consumers’ minds as they evaluate their choices in saturated business markets. Firms that have refined their CX strategies are reaping the rewards of strong ROI and revenue growth.
The message is clear: tracking and enhancing the customer experience is good both for consumers and the organization. Focusing on CX produces a competitive edge that drives revenue expansion, customer retention, and company valuation over the long term.
Multiple CX Data Sources: B2B SaaS products give you access to several sources of CX information including data from CRM, support cases, learning management solutions, online communities, content management platforms, marketing automation applications, and the customer success system. These data collections enable you to measure the CX by proxy and you don’t need to survey your consumers to measure CX performance.
For instance, data about support response average times taken from your case management tools like Service Cloud or Zendesk enables you to measure whether your firm is meeting customer support SLAs (service level agreements). This knowledge can help you to better comprehend your company’s CX performance.
You can also monitor other interactions such as:
- Outages or bugs experienced by buyers.
- Customer time to value and on-boarding.
- Vital feature usage rates.
- Open support queries that are pending for ‘x’ days.
- Percentage of closed-loop follow-up after getting negative feedback.
You can track internal procedures related to customer success, product, support, and on-boarding that address all these aspects.
Now, let’s look at the important metrics that matter in B2B CX measurement in SaaS. You can utilize SaaS products such as a customer experience software solution to measure these metrics.
Loyalty, Health, and Customer Outcomes Metrics: This group has metrics that specify the risk and strategic value of your consumer base, and includes loyalty, health, and sentiment metrics. Up-sell rates, retention, NPS, reference gaining ability, and customer outcomes are also contained in this segment.
Customers who get tangible results often have a lifetime value for a longer period. However, customer outcome is an imprecise metric to measure as they are exclusive to the service delivery method, product, value proposition, and market of each SaaS firm.
However, you still need to use a formula-based approach to gauge customer value. A customer experience app can help you utilize adoption-related metrics to measure value by proxy. For example, an HR software company whose solution is used to simplify the recruiting process may measure the number of candidates and the time taken to fill open roles correlated with retention and hiring cost targets.
Customer Engagement Metrics: These metrics gauge strategic engagements with your buyers that result in growth, loyalty, and retention. Strategic interactions typically happen outside of daily product use. This category includes customer community interactions, identification of up-sell opportunities, reference requests, and business reviews. These activities concentrate on strengthening the business relationship, validating value, and engagement in advocacy and customer community.
Delivery Quality Metrics: Delivery quality metrics measure services that are essential to customers and they expect all companies to provide them without fail. These include consumer support responsiveness, service delivery, and product up-time/availability.
Buyers expect these daily engagements to be dependable and reliable. Therefore, robust transactional delivery may not lead to corresponding consumer retention and growth. However, if your company fails to deliver in these aspects, your business may take a significant hit. Strategic growth, retention, and revenue opportunities become hard to maintain if you don’t provide quality basic services to customers in their day-to-day interactions.
Transactional Results Metrics: Lastly, utilize a customer experience software tool to measure transactional results so you can comprehend tactical results related to strategic customer delivery engagements.
Combine Them Together: In combination, the above range of metrics presents a balanced overview of the customer experience. Each SaaS company is unique, however, your firm should consider measuring a mixture of these metrics in your customer journey.
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