Today, I want to give you tips on how to check in with your clients with four KPIs around the client experience. These tips will help you immensely when your business is growing.
What doesn’t get tracked, can’t get managed. That’s why key performance indicators are essential within your processes so it’s easier whenever you want to step into the next level with your business.
In today’s blog, we’re sharing 4 KPIs to help you track your success with clients. They include:
1. Tracking your client retention
This is a great KPI to measure. How do you do it? First, pull your client list from last year – some CRMs will do it as well. Then, get your current client list. You will be able to see how many clients you have kept and how many have gone elsewhere.
That’s easy, right? The idea is to narrow down the ones that have left or that are no longer with you and understand the reasons why. This will give you information on where and how to improve. You can get stronger, get better, and get some ideas on how to tweak your process.
2. Client Success ratio
The next KPI we recommend to keep track of is the client-success ratio. How well is your client performing? What do they see as success and what does success mean for them? How can you measure that?
For example, if you’re in a service-based business, are they improving their service with what you’re providing? You can measure if they are getting to the end of their processes. You can also track if they are strengthening the part of their business you are helping them with. Client success is unique to your business, but I want you to take into consideration that the more success they have with your help, the more they are going to stay with you. And recommend you to their peers!
3. Prospect-to-Client process
Another KPI when it comes to the client experience is YOUR prospect-to-client process. Do you have a process in place for your sales cycle? For instance, how long are you talking to a prospect before they become a client? What are their reasons when they say “not now”? The answers to these questions will help you see where you can improve the process.
4. Client experience and lifespan with you
How long are your clients staying with you? For some businesses, clients are annuity-based. They are reoccurring in your business and repeat revenue sources for you. Some others are more transactional where it is a one-time and done type of client experience.
Going back to your clients to track KPIs like client retention, client success, timing your prospect-to-client, and client lifetime and experience will provide you with sufficient data to steer things in your business and make better decisions in the future.
If you haven’t revisited your clients, the data, and KPIs before, I advise you to do it. You will learn to improve your business while also improving the experience of your team and clients, which is the most essential aspect.
Do you feel these KPIs help you and your business? What KPIs do you have already in your business? Let me know, my email is email@example.com. I’d love to learn more about your business, your services, and your clients. I’m happy to help you and share even more KPIs around the client experience. Performance indicators are more than just ratios and metrics. You can track unique things to gain traction and grow your business.
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About Annette Walter
Much like Marcus Lemonis, host of CNBC’s “The Profit,” who lends his expertise to struggling businesses, Annette analyzes businesses, supports them with the right resources, and designs the plan they need to go from surviving to thriving.
Annette Walter has started, acquired, owned, and operated more than 15 companies in her lifetime. As a wife, mother of two young boys, and owner of a national company, Timber Industries, that was included on last year’s Inc. 5000 list, she can serve her true purpose and passion in coaching and consulting entrepreneurs through her business coaching company, iEvolve Consulting. Annette works with business owners across the globe in various industries to support their overall well-being, teams, and operations. As an operations expert and strategist, she works with business owners to help them identify organizational gaps and opportunities in their companies. She works with businesses to help make their finances, marketing efforts, technology solutions, and sales more efficient and effective.
If you would like to know more about iEvolve Consulting, visit: http://www.ievolveconsulting.com, or send an email to YouRock@iEvolveConsulting.com.
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