What Metrics Should a Customer Success Manager Track to Measure Client Relationship Success?
ClientRelations.io
What Metrics Should a Customer Success Manager Track to Measure Client Relationship Success?
Understanding the success of client relationships is crucial for any business, so we've gathered insights from top executives, including CEOs and Partners. From tracking word-of-mouth references to assessing the Client Satisfaction Score, discover the five key metrics these leaders use to gauge the health of their client partnerships.
- Track Word-of-Mouth References
- Note Communication Frequency
- Gauge Customer Satisfaction Levels
- Monitor Partnership Strength Ratio
- Assess Client Satisfaction Score
Track Word-of-Mouth References
Word-of-mouth references are a great, but often-forgotten metric to track when it comes to measuring the success of client relationships. In this virtual age, we have a tendency to focus on online reviews instead, but studies have shown that people trust personal recommendations far more than those posted on the internet.
If your clients aren't bringing you their colleagues and friends, don't be afraid to ask if there is something you could be doing better. There is a good chance you can up your game to the point where they can't stop talking about you.
Note Communication Frequency
When measuring the success of a client relationship, it's important to take note of who is contacting whom, and how often.
You might be lulled into complacency if all your interactions seem good, but keep in mind: If you're always the one reaching out, there might be an underlying reason. The last thing you want is to over-involve yourself, so consider if it's time to step back a little. Don't be afraid to ask if there is a better schedule that works for them.
On the flip side, if they're constantly calling you, that's equally worrying. They may be insecure in the relationship, or maybe you're not conveying the appropriate information to them in a timely fashion. Time to reevaluate.
An ideal client relationship should feel balanced. Take notes of your communications to get an idea of where things could be improved, and strive for a schedule that shares the onus.
Gauge Customer Satisfaction Levels
Success in client relationships can be multifaceted, but one crucial metric to track is customer satisfaction. Regularly gather feedback through surveys or direct communication to gauge their level of contentment. Happy clients are not only more likely to stay loyal, but also to recommend your services, fostering long-term success.
Monitor Partnership Strength Ratio
At our tech company, we gauge the vitality of client relationships by monitoring what we label as the 'Partnership Strength Ratio' or 'PSR.' This metric offers an understanding of how intertwined our business goals and operations are with each client. Rather than treating clients as mere customers, we want to work alongside them—almost as business partners. If our PSR score is strong, it indicates that our relationship is thriving because we're achieving reciprocal success—their achievements are ours too, and vice versa.
Assess Client Satisfaction Score
Measuring the success of client relationships is a critical aspect of business. While there are several ways to gauge this, one specific metric that I've found particularly insightful is the Client Satisfaction Score (CSAT).
CSAT is a simple yet effective tool that involves asking clients to rate their satisfaction with our services on a scale. This provides a direct feedback loop and allows us to gauge how well we are meeting our clients' needs.
For instance, after the completion of a project or at regular intervals, we ask our clients to rate their satisfaction on a scale of 1-10. A high score indicates that the client is happy with our services, while a low score signals the need for improvement. By tracking CSAT, we can continually assess and enhance the quality of our client relationships.
