How to Measure Customer Satisfaction
It is just as important for companies to measure customer satisfaction as it is to measure the cost per lead. Many firms track a new key performance indicator (KPI) called the positive review efficiency average (PREA), which is calculated by taking the number of positive reviews obtained by the company in a given time period and dividing that by the number of completed jobs in the same period. The higher the number, the better, with a PREA of 60% or above considered exceptional. PREA gives firms a clear, numeric indication of whether their customer-focused initiatives are working. Companies should track this KPI for accountability, as what gets measured can get managed. They should share the PREA with staff on a monthly basis and let them know what they can do to improve it, which encourages each employee to do their part to create consistently exceptional customer experiences.