Additionally, word of mouth and personal recommendations have become active drivers for business growth - satisfied customers are very likely to put your company’s name forward.
However, at this point, it is important to note that an upward trend in revenues does not always mean that all your customers are satisfied - there is a host of other factors that can have a profound effect on your bottomline - increase in marketing spend, product integrations, and more.
The key is following up. Hiver's Email Reminders ensure you send follow-ups at the right time. Know more.
In this graph, the most common high-effort issue is ‘too many replies’ which essentially means - a lot of information exchanges before the final resolution. I’d want to narrow down to the agents who were receiving these scores and work on their training.
Ensure that your support agents have quick access to all the answers they need. Make it easy for them to communicate with others in the team. Check out Hiver's Email Notes.
Even the largest companies suffer from customer churn - it is a strong indicator of how satisfied your customers are with your product.
The natural question here is - What is an acceptable churn rate for a SaaS business?
It’s a pretty simple metric - the average revenue you have already received from your customers.
Once you have your churn rate under control and have a good addition to your customer base every month, the natural progression is to have your existing customers pay more. That happens when you are able to up-sell and cross-sell - which again is an indicator that your customers are satisfied.
A great way to increase your revenue per customer is to have them buy your annual plan - it puts them into a longer billing cycle.
As for the calculation bit, while there are a number of formulas out there. The formulas include your cost per acquisition and the cost of customer service - it basically gets pretty intense.
Given that you just want to see the LTV trend over a period of time, it would make sense to keep things simple. You can consider two crucial metrics: your average subscription length and the average revenue per customer. The metrics, when multiplied, will give you a number which is very close to your LTV.
It is usually not considered to be a huge problem for companies that have just started out, they will be happy to see the customers being more participative. But, as your products become older, you’d want them to be easy enough for customers to not have any problems.
The ideal number of interactions per ticket is ZERO. Because you’d ideally want to resolve customer issues even before they arise. But for operational purposes, you still need to define an ideal number of interactions in which you’d want to resolve your customer’s issues.
Now, this metric is closely related to measuring customer satisfaction. The more your customers have to wait to get a problem addressed, the more will they lose faith in you. In other words, the lower your response time, the more satisfied your customers will be.
This is an important function of your staffing too. You will have to plan it well to scale with the customer count. Many SaaS companies fail to project the growth of support volumes - this is when customers have to bear the brunt. You should hire and train support people before you need them - accurate projection is inevitable.
Looking to bring down the average response time of your support team? Hiver's Shared Inbox lets you delegate tasks in seconds and communicate seamlessly. Know more.
Sentiment refers to the emotion behind a social media mention. It’s a great way to mention the tone of a conversation - whether the person is happy, or frustrated, or annoyed. Without measuring sentiments, the measurement of mention alone would not be very useful.
Call deflection is the process of re-routing customer calls to an alternative service channel. Let’s begin by seeing how it’s done. Customer service departments prepare a list of top reasons why customers have to reach out to them by phone or email. Then, they produce content (videos or FAQs) which can address these problems and populate the social media pages with them. The ideal outcome is the customer relying on these elements and not having to call or email.
See if the number of calls and emails about similar issues has gone down.