“Why Retailers Should Refocus on Customer-Centric KPIs” by Greg Chen via Total Retail

“Why Retailers Should Refocus on Customer-Centric KPIs” by Greg Chen via Total Retail

Credit: Getty Images by Fang Xia Nuo The science of customer attraction these days goes beyond offering a helpful, useful and accurate product that fulfills a need; it’s also about ensuring the customer is satisfied throughout their journey with your brand. Being top-of-mind for customers has become more difficult, with around 53 percent of global consumers having higher customer service expectations than they did a year ago. But how do you know if you’re meeting these customer expectations? The way to track this and to a successful digital transformation for startups is through data analysis. And yet, for all the different marketing channels and profit-centered metrics, many businesses fail to put customer loyalty and satisfaction at the heart of their data efforts. Without them, teams would blindly follow numbers instead of encouraging critical thinking and the implementation of value-based, customer-centric metrics. With so many different marketing channels and profit-centered metrics to keep track of, retailers often overlook crucial key performance indicators (KPIs) that focus on the relationship between a customer and the brand and how this ties into building solid customer loyalty and a customer-focused product. Building a data-driven organization around customer-centric KPIs helps startups guarantee sustainable strategies to keep them competitive and lead in their respective industries. Small-to-midsized businesses (SMBs) especially must seize this opportunity and reap the benefits of a startup or SMB culture willing to act fast on meaningful data. Crucial customer KPIs are paramount to help measure and effectively monitor retail processes and performance. But what exactly are these KPIs that retailers must be aware of, and what do they mean for their business? Let’s take a look....