Abandonment Rate: The rate that a customer will leave items behind often in a virtual shopping cart or the rate the customers stop completing a survey part way through.
Application Programming Interface (API): This is a connection between computers or between computer programs.
Average Order Value (AOV): The average amount of money that customers spend when they place an order.
Average Resolution Time (ART): How quickly a customer success team is able to resolve an issue that a customer is having.
Average Speed of Answer (ASA): The average time that a customer success team answers customer queries.
Brand Advocate: These are your top customers, they love your product/ brand and are often very brand loyal.
Closed Loop Feedback: This is the process of making sure you replied to customer feedback, addressed the issue and responded to the customer with your solution.
Cloud Infrastructure: The hardware and software components, such as servers, storage, networking, virtualization software, services and management tools, that support the computing requirements of a cloud model.
Cloud Spanning: The interlinking of different clouds and services together to build a stronger network.
Company Culture: How the employees of a company feel about working there and the overall work environment. It is very important to have a good company culture so employees enjoy coming to work and feel appreciated for the work they do.
Conversational Feedback: Customer feedback that is given through chat channels/ direct messaging. It is a great way to receive feedback as you are able to ask direct questions about the customer’s feedback.
Conversion Rate: The percentage of people that enter a store or visit a website compared to the amount of people that make a purchase.
Cross-Channel: Ensuring that a brand has presence on multiple platforms to ensure maximum and consistent brand exposure.
Custom Dashboards: Creating rich dashboards with visualizations for curating surveys, conversion and ticket insights to summarize results for your CX initiatives breaking experience data down by location and/or room.
Customer Acquisition Cost: How much it costs to acquire a new customer.
Customer Analytics: Analyzing statistics on customers to gain better insights as to who your customers are and the purpose behind their purchase.
Customer Behaviour Index (CBI): Metric used to measure customer engagement by measuring website or in app activity.
Customer Churn Rate: Percent of customers lost in a given time period.
Customer Effort Score (CES): A metric that measures how much effort a customer has to exert to get an issue resolved, request fulfilled, a product purchased/returned or a question answered. A good Customer Effort Score is a sign of great customer service.
Customer Engagement: How customers interact with a brand, either virtually or in person.
Customer Experience (CX): Customer experience is about each customer’s perception of your company, brand, and product. This perception is based on all the interactions that customer has with your employees, brand, messages, and product across every channel.
Customer Experience Management (CEM): Managing a customer’s experience to ensure a positive view of a brand across all platforms.
Customer Experience Strategy: An approach to ensure customers have a positive experience with a brand and making customer experience the top priority.
Customer Feedback: Comments made by customers that gives insights about what they think about a brand or product.
Customer Insights: Information about a customer base that could help determine their purchasing decisions.
Customer Journey: The path that a customer takes through a brand. There are typically 5 steps:
Customer Journey Mapping: This is mapping out what each step of the Customer Journey looks like for your products/ brand and how to help encourage customers from one step to another.
Customer Lifecycle: This is the total time that a customer spends within your brand and how they move from awareness of a product/ brand to a loyal customer.
Customer Lifetime Value: The total worth to a business of a customer over the whole period of their relationship. It’s an important metric as it costs less to keep existing customers than it does to acquire new ones, so increasing the value of your existing customers is a great way to drive growth.
Customer Loyalty: How supportive of a brand customers are and how likely they are to stay with one brand vs flip flopping to a competitor.
Customer Relationship Management (CRM): Tools for managing a customer relationship with a brand often to ensure that customers have a positive experience and become loyal customers.
Customer Retention Cost: The amount of money that it cost to keep customers in the customer lifecycle.
Customer Satisfaction (CSAT): How satisfied customers are with a company’s product or service. This is often one of the Key Performance Indicators as it shows how satisfied customers are with a company’s products, services, customer support and brand.
Dashboard: A dashboard is a quick glance Key Performance Indicators (KPI) from a website or survey typically displayed in a series of graphs and number overviews. It will indicate how well these KPI’s are performing and if they have increased or decreased in a particular time period.
Digital Transformation: The impact of digital technology across all aspects of a business and how technology is changing the business.
Direct Feedback: This is specific comments directly from the customer related to a particular product or brand.
Employee Experience: This is your employees experience working for a company. Ensuring that employees are happy and enjoy their work is important, as they are your top brand ambassadors.
Engagement Loop: Convincing customers and prospects to continually engage with your product and gain insight in product use with engagement methods. Keeping a customer consistently engaged with a brand or product is important as it keeps a brand top of mind and ensures customer loyalty.
Feedback Survey: A survey given to customers that provides insights to a business based on the brand or product.
In-Product Call to Action: This indicates the purchase intent of prospects and aids in the conversion of prospects of Product Qualified Leads (PQL’s).
Heat Maps: Visualize the relationship between quantity of customer responses and sentiment over days and times in one easy-to-read panel.
Kano Scale: An approach to prioritizing features on a product roadmap based on the degree to which they are likely to satisfy customers. Keeping customers satisfied is key to keeping them in the customer lifecycle and keeping your existing customer base happy.
Key Performance Indicator (KPI): These are metrics that a company uses to measure a brand’s success long term. They are tracked over a long period of time to show continual growth and improvement.
Loop Feedback: Hearing feedback about customers’ perception of a company’s product or service and then using that feedback to make improvements.
Loyalty Loop: Continued process of delivery sustainable value and customer experience to keep customers using the product and adopting new features.
Net Revenue Retention: This is a SaaS metric that calculates the percentage of revenue retained from existing customers over a specific period of time (usually monthly or yearly), including upgrades, downgrades, cross-sells, and cancellations.
Net Promoter Score (NPS): Net promoter score is a widely used market research metric that typically takes the form of a single survey question asking respondents to rate the likelihood that they would recommend a company, product, or a service to a friend. NPS is a great way to measure the loyalty of customers to a company.
Omni-Channel: This is a multichannel approach to sales and marketing strategies to ensure you have brand awareness across a multitude of channels. This will ensure a brand stays top of mind to their customers.
Personalization: A customer’s ability to personalize certain aspects of their purchase. In the digital world ensuring customers are able to customize their purchase can be incentive for a customer to finalize a purchase.
Product Champion: The individual or customer who is most engaged with your product, they will be very brand loyal and expects similar or better quality products from a brand.
Product Qualified Leads (PQL): It refers to a prospect who has indicated they are interested in purchasing a product. This indication can be based on previous product interest, usage and behavioural data.
Prospect (User) Onboarding: How a prospect goes from initial signup to initial value to PQL status. It is intended to assist users in quickly becoming familiar with the product and walks them through how to use a product.
Response Rate: What percentage of customers respond to a survey. This will let you know if it is quality research that you are able to use or if the sample size is too small.
Retention: What percentage of customers come back and continue to shop with a brand. Ensuring customer retention is high is important because it is easier to upsell an existing customer than to acquire new customers.
Reviews: Positive and negative feedback about a brand or product that customers leave for others to see. Ensuring a company responds constructively to reviews is important to show they care about what customers think of their brand.
Root Cause Analysis: Looking at overall feedback from customers and figuring out what the reason is for the feedback and making changes if necessary.
SAAS Company: A company that specializes in software as a service.
Sample Size: A term used in market research when there is only a small percentage of survey respondents in a customer base and using the data acquired to extrapolate to the entire customer base.
Social Listening: Monitoring social media accounts to see what people are saying about your products or brand online.
Software Development Kit: A collection of software development tools to help a business better grow their brand.
Total Quality Management (TQM): This is a management approach that focuses on long term success through customer feedback.
User Experience: How the end user of a product feels about using the product and how user friendly it is for the user.
Velocity Metrics: The time it takes for an organization to reach specific milestones and KPI’s.
Voice of Customer (VOC): A brand being aware and wanting their customers to have a voice and an opinion about a brand or product and listening to feedback given by the customer.
VOC Software: Platform provides online reports, real-time alerts and notifications and occurrence management. The platform combines survey data with customer data from other sources such as CRM, social media and financials.