Cost & Benefits of Market Research
What exactly is market research? Put simply, market research is the process of collecting data to gain deeper insights into target demographics and consumer behavior, enabling businesses to enhance their marketing strategies and ultimately thrive in the marketplace. Why Market Research? Market research has become indispensable for growth in just about any industry. Whether you’re […]
What is the Net Promoter Score? Understanding NPS
The Net Promoter Score (NPS) development can be traced back to business strategist and author Fred Reichheld. In 2003, Reichheld introduced NPS in his Harvard Business Review article “The One Number You Need to Grow.” He aimed to create a simple yet effective metric to measure customer loyalty and accurately predict business growth. Reichheld realized […]
What is CSAT? Understand Customer Satisfaction
Understanding and prioritizing customer satisfaction (CSAT) is crucial for business growth and success. CSAT is a critical metric of a company’s performance in meeting customer expectations and fostering loyalty. By measuring satisfaction levels, businesses can retain existing customers and attract new ones through positive word-of-mouth and referrals. CSAT also provides insights into areas for improvement, […]
11 Ways to Improve the Customer Experience
What is the customer experience? One famous definition of customer experience (CX) comes from Shep Hyken, a renowned customer service expert: “Customer experience is the sum total of all interactions a customer has with a company. It goes beyond just providing good customer service, which is reactive, to delivering an experience at every touchpoint, which […]
What is the Voice of the Customer Analysis?
Listening to your customers is critical in improving your bottom line and getting repeat business. But understanding what they think and feel as they interact with your company–from visiting your website to calling support–is tricky. A Voice of the Customer program is as close as you’ll get to reading your customers’ minds. It’s a strategic […]
Top 34 Customer Experience Statistics You Should Know in 2024
In 2024, there’s more competition in banking than ever, and banking leaders are responding by focusing more on the Customer Experience. Simultaneously, technology has quickly advanced, and banks are working hard to provide seamless customer experiences across multiple channels. Banking leaders have taken on the responsibility for solving this complicated problem. Institutions are innovating to […]
