Customer experience has been a buzzword for quite some time.
In its simplest form, it refers to the digital experience you provide your customers with. It's got to do with how they interact with your product, customer service, and website—from the consideration phase straight through to checkout and sales.
Businesses that have worked on improving their customer experience are seeing impressive results. So much so that they’ve seen an improvement in:
- Customer lifetime value by 30%
- Customer advocacy by 30%
- Basket size (items sold in a single purchase) increased by 23%
Tracking customer experience isn’t a guessing game; you need a customer experience analytics tool to gain the information you need in real-time.
What is customer experience analytics?
Essentially, it is the gathering and assessment of customer data to help improve online experiences when interacting with your brand. This includes data from reviews and ratings, feedback left on social media, and how often customers make purchases of your website. This kind of data can be useful in seeing if your efforts are working, or if it’s time to rethink your approach to your current offerings.
The benefits that come with using analytical tools to assess your customer experience is that;
- You can increase customer acquisition
- Increase customer engagement
- Decrease customer churn rate
- Offer a more personalized experience
- Improve your bottom line objective
Without data that gives you an idea of what needs improvement, what is working, and what isn’t, you'll spend a ton of time guessing and wasting time on tasks.
That’s how $98 billion dollars is lost a year by companies: they fail to improve their customer experience approach using insights from their customers. And, this is why customer experience is still something customers are searching for in 2021.
How do you track customer experience
Here are four steps to help you track your customers and their experience:
1. Know what your ideal customer profile looks like
Every business wants to attract its ideal customer and not just a visitor who mistakenly landed on your website. I mean, that's why you’re reading this article, why SEO is important, and why implementing certain metrics helps you narrow your search amongst the 2.14 billion people making purchases online. Right?
You want a user who is searching with the intent of buying to land on your ecommerce store. According to Forbes, most entrepreneurs fail because they don’t know who their ideal customer is. When you focus on understanding who your ideal customer and what their needs are, it will be easier to market to them.
2. Outline a customer journey
According to Hubspot, “a customer journey map is a visual representation of the process a customer or prospect goes through to achieve a goal with your company.”
This will help you get a better understanding of what your customers' needs are. When outlining a customer’s journey, you should focus on everything from the time they first visited your site to any dissatisfaction they may have, such as returns, exchange, and subscription withdrawals. Mapping out the customer journey will help you to identify any cracks that cause disappointment for your customers, which results in a loss of sales or stops you from customer acquisition.
3. Start tracking important metrics
Once you have an idea of who your customers are and their customer journey, you need to start tracking important metrics on Google Analytics.
On Google Analytics, you can track:
- Search queries to help you see which words or phrases potential customers are using when typing into a search engine to search a product or service
- Segment your data so you can narrow it down and see who your customers are and if you’re giving them a good experience
- Set up conversion rate goals you’d like to meet and see if they’re aligned with a customers goal and if you’ve met them
- See your load speed and ensure you aren’t driving customers away with a slow-loading website
- Your bounce rate per session
Additionally, here are metrics you should also focus on:
1. Customer effort score
This will measure the effort made by the customer to purchase from you. Businesses collect this data by asking their customers to rank their experience on their websites. Once you have the data collected, you calculate with this equation:
CES = Total sum of customers effort score divided by the total number of customers who responded
2. Customer satisfaction score
A key performance indicator that helps show you how satisfied or dissatisfied your customers are with your product, brand, and customer support.
Are they very satisfied, satisfied, not satisfied, or very dissatisfied?
You can calculate it by:
Average CSAT = very satisfied plus satisfied respondents divided by the total number of respondents
You can calculate this either through in-app surveys where you integrate a subtle feedback bar inside your website to find out how their experience was.
You can also do a post-service survey or through email marketing.
3. Net promoter score
This metric helps you measure customer advocacy and how willing they are to promote your offerings. This article says: “customers are asked their likelihood to recommend the brand on a scale of 1-10. Based on their response, they’re categorized as promoters (9-10), passives (7-8), and detractors (0-6).”
You use that data and calculate:
NPS Score = Percentage of promoters minus Percentage of detractors
4. Website visitor metrics
It measures the number of times a single user came to your website. You want a user to come to your web store often as it shows there is a high chance that they’ll come back to purchase. You can use remarketing to help finalize a purchase.
5. Conversion rate
This metric shows the number of targeted users who purchased or completed a certain goal from your website, like a user who signed up for your newsletter.
That’s considered a conversion.
6. Social listening
Some customers share their thoughts on your brand, product, or service on social media. Social listening acts as a metric that tracks how many mentions you have; whether they’re positive or negative, and it allows you to respond swiftly.
7. Cart abandonment rate
This shows you the percentage of online customers who add your products to their shopping cart but left before making a purchase. To calculate this, you:
Divide the total number of completed sales by the number of initiated checkouts that were abandoned. Then subtract this value from 1, and multiply by 100.
8. Support rate
This measures the number of buyers who need customer support as their concerns weren’t resolved through self-service. The metric will help you understand your customers more by letting you analyze the nature of their concerns, helping you resolve any issues so you can decrease support rate.
Finding a customer experience analytics tool
As you can see, there is a lot that you need to monitor in ecommerce. You may even be shaking your head and thinking you need to add more to your tech stack.
But not if you have Plytix, a free PIM software.
Plytix offers a next-generation PIM that helps you succeed at omnichannel analytics. Whether you need to improve your customer experience on your web store or need multichannel tracking to ensure you’re offering your customers the best experience through any sales channel, this is the perfect PIM for you.
Why Plytix is the tool for your small business
This product tool helps you store all your marketing product data in one place, but it also has a product analytics module that’s connected to Google Analytics.
So, what can you do with this ecommerce analytics tool? It allows you to implement omnichannel tracking, centralize your data from all your domains and products, create flexible segmentation of product and channel groups, and view all your product impressions for both your web store and marketplaces in one place.
Don’t waste your time and money on getting a number of ecommerce tools. Instead, get Plytix PIM. For more information on ecommerce metrics, read our Ultimate Guide to Ecommerce Metrics and Optimization to dig deeper!