6 Ways A CFO Can Guide Your Business Through The Pandemic

CFO

While governments work to safeguard society against COVID-19, businesses must move quickly to protect critical stakeholders and their finances. The abrupt interruption created by the coronavirus pandemic resulted in a global economic collapse. Financial and operational issues happen, and it’s up to business managers and owners to overcome them. While CEOs will use their expertise to steer their firms through difficult times, they will heavily rely on the chief financial officer or CFO inputs to make business financial decisions.

A CFO is a single corporate executive officer or entity who performs the duties of a chief financial officer for a corporation. Many startups and corporations are trying to outsource services to save staffing costs including CFO. Because of this, it increased the amount of virtual CFO services hires rather than hiring a full-time in-house CFO.

Here’s how a CFO could help a company get back on its feet through the pandemic:

  • Analyze The Present Financial Situation

CFO

To get achievements, successful leaders do three things well: set priorities, work with the right people, and manage connections. To keep the business afloat, they would need to pay close attention to cash flow and raise any capital they could. 

The current scenario is difficult for many. Collecting payments from delinquent customers should be a priority to boost the company’s financial status. When working capital is low, CFOs may seek a line of credit, joint ventures, or divestitures to raise funds. They may also desire to seek debt covenant relief. Currently, real-time liquidity tracking is required.

During a crisis, transparent and proactive communication with investors and boards is critical. The first several months are crucial for increasing communication frequency and transparency, and the CFO is responsible for this.

  • Implement Cash War Room

Cash is king in uncertain times, and liquidity is vital. Also, future financial shortages aren’t just a concern, but a reality for many.

To enforce strong expenditure controls across firms, CFOs need to create a cash war room. Customer payment delays require organizations to keep track of their cash on hand, as well as any additional capital they acquire, and CFOs to understand how all those assets are being utilized. CFOs will realize when working capital isn’t sufficient anymore. Finance leaders will require reliable technologies to give actionable knowledge that drives the organization. Establishing a cash war room is a smart starting step.

  •  Improve Productivity Through Digitalization

To cope with the pandemic, many people may need to work remotely, utilizing digital collaboration tools. But the finance team’s use of technology to assist the company is not exceptional. Automated closings and real-time predictions are now possible. After the crisis, the CFO and finance team will push for enterprise-wide digitalization. Financial tools like the cash war room, rolling forecasts, and collaborative dashboards can benefit the entire firm. In future emergencies, reliable reporting, informed decision-making, and company continuity are important.

CFOs undoubtedly have a lot on their plates. Modern software can solve many of the CFO’s greatest difficulties. Enterprise resource planning or ERP systems, for example, include modules for financial management, production, procurement, supply chain management, warehouse, and fulfillment. In addition, reliable, robust data combined with real-time speed and strong analytic tools assist CFOs and their teams offer the correct information at the right time for sound decisions.

CFOs will manage creative company strategies. Giving the right people the proper technology and data to manage risks, achieve compliance, and drive their enterprises to innovative growth is their biggest challenge.

  • Succeed In The ‘Next Normal’

A CFO must plan for a transformation mindset when allocating corporate resources if they want their business to prosper following a devastating economic crisis.

The CFO’s team should assess the company’s investment portfolio and focus on each business unit’s maximum potential.

During the previous economic crisis, resilient corporations divested 1.5x more than non-resilient companies. During a recession, profitable organizations can benefit from mergers and acquisitions. This may improve a company’s investment in mergers and acquisitions or M&A.

Remote working has become popular and productive for many firms since the COVID-19 outbreak. After the crisis, most companies should continue the practice. When the pandemic problem is over, CFOs should check the financial implications of a digital workforce. The CFO team can help the entire company and its subsidiaries scale financial predictions and collaborative dashboards.

  • Reassess Investment And Strengthen Balance Sheet

During a crisis, CFOs should examine goodwill impairments, reduce inventory, refinance debt, lower accounts payable and receivable terms, and so on. Balance-sheet cleaning can increase financial flexibility while keeping everyone focused on essential indicators during a tumultuous period. CFOs should help peers examine important R&D, IT, and capital allocations to improve the company’s investment portfolio. The pandemic is quite likely to have altered business units’ initial estimated returns on investments.

  • Manage Profitability

CFO

In the short term, companies are looking at their costs to flex and cut them. When the market takes up again, the challenge will be to balance cost reduction with rapid expansion. Critical resources may have been underestimated to the point that they cannot support future growth.

Finance should look at both sides of the profitability equation to avoid this error. Actions to reduce costs and generate revenue should be prioritized. Desperately seeking higher profit markets or goods, firms could shift resources. To minimize over-discounting by salespeople who are eager to make a sale at this difficult period, sales support could be focused on monitoring pricing.

Moreover, the analysis should probe the business, the operating model, the added value of activities, the sourcing model (in-house or outsourced), the demand/supply chain network setup, and so on. The CFO should aim high for a business-wide transformation. Now is the time to rebuild the fundamentals, to completely revamp the business model, and to prepare for the competition that’ll follow once we all emerge from this catastrophe.

Conclusion on Having a CFO

The CFO will keep all employees informed of the company’s crisis management plans. Effective communication dispels rumors, keeps staff focused and motivated. When planning initiatives, CFOs must evaluate both the best- and worst-case scenarios. No one knows how this global crisis will end, so they must consider all stakeholders, suppliers, customers, and employees.

Social Media Marketing: How to Market on Instagram

social-media-marketing

Social media is a massive part of our lives, and it’s not going anywhere. If you own a business, social media marketing is an essential factor to being successful. In the past, social media was just there for us to connect with friends and family. Now, it has become an important tool for businesses to promote their products and services while expanding their reach on a global scale. So what are the strategies for promoting your business on Instagram? And what tools can you use to achieve success?

Social media marketing is a strategy for brands to promote themselves on social media. It includes the use of many different channels, such as Facebook, Twitter, and, of course, Instagram. In recent years, Instagram has gained a lot of traction as a powerful marketing tool. Marketers use it to share photos and engaging videos about their brand, connect with customers and followers, and drive traffic to their websites.

The Elements of Social Media Marketing

There are three essential elements of a social media strategy: creating content, building relationships, and driving traffic. First, you need to create valuable and interesting content that will engage your audience. This could be blog posts, images, videos, or infographics. Once you have created some great content, you need to start building relationships with other users on Instagram. Follow others in your niche, like and comment on their photos, and participate in relevant conversations. Finally, you’ll want to drive traffic back to your website or blog by adding links in your bio and using effective hashtags.

The Advantages of Social Media Marketing

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The benefits of Instagram are many. For starters, it has a massive user base with over 2 billion monthly active users. This presents a huge opportunity for businesses to reach new customers and build brand awareness. With the right strategy, you can create a loyal following who will become advocates for your brand.

Instagram marketing is also an affordable advertising option for small businesses since it does not cost much to promote your posts on the platform. You can gain new followers organically by using hashtags and getting involved with other users’ photos.

Additionally, Instagram is visual-centric, which makes it perfect for promoting products and services. Brands can post photos and videos that showcase their products or services in an attractive way.

Social Media Marketing Trends

Nothing stays the same forever, and as Instagram gains new features, marketing trends shift from time to time. The trends for Instagram promotion in 2022 include Stories, Live Videos, and influencer marketing. One of the popular trends is also using emojis or stickers in their captions, so they stand out from all the images people are viewing every day.

Stories are a great way to connect with your followers and share snippets of your day-to-day activities. They disappear after 24 hours, so it’s a more informal way to engage with your audience.

Live videos are also becoming increasingly popular on Instagram. This is a great way to give people an inside look at what you do and connect with them in real time.

Finally, influencer marketing is still one of the most effective ways to reach new customers on Instagram. Work with influencers who have a large following in your niche and collaborate on content that promotes your brand or product.

Tools for Instagram Marketing Success

There are a number of great tools that can help you with your Instagram marketing efforts. These include services for producing content, tracking performance, and driving traffic.

  • Hootsuite is one such tool that allows you to manage all of your social media accounts in one place, schedule posts ahead of time, and measure the success of your campaigns.
  • Another great tool is SproutSocial, which helps businesses grow their social media presence by providing detailed analytics on who’s following them and what content resonates most with their audience.
  • LumaFusion is a quick and easy way to create engaging video content for your Instagram followers. With this tool, you can add captions, transitions, music tracks, special effects, and more – all in one place.
  • Canva is a great way to create attractive visuals for your Instagram posts. With over one million templates and tools available, you can design anything from simple graphics to complex infographics.
  • Finally, Iconosquare is a powerful management tool specifically designed for Instagram users. It provides insights into who’s liking and commenting on your photos and can even be used to schedule posts ahead of time.

Promotion Ideas for Your Business on Instagram

social-media-marketing

There are many different ways to promote your business on Instagram. The key is to find the right mix of content and promotion that works for you and your audience. Here are some ideas:

  • Post photos and videos related to what you sell, such as company events or new products that customers might want to buy; don’t forget about coupons! Burberry shares images from runway shows and behind-the-scenes events with its millions of followers. Rohan uses Instagram Stories to show customers what happens in their warehouse before they ship items out each day.
  • Showcase customer testimonials in a creative way, with images or video clips. Include their name and country along with each photo so they can receive recognition where it matters most.
  • Run contests offering free giveaways. Make sure it aligns well with your brand image, though – you do not want people associating your contest with spam.

Some other great promotional opportunities include hosting a contest or giveaway where you encourage your followers to tag friends in order to gain more entries and get yourself some free advertising. You can also run an ad campaign using popular hashtags in order to target specific audiences interested in certain topics.

To generate leads directly from Instagram, consider adding a CTA button to lead generation forms, such as email sign-ups and webinars below your profile picture. And lastly, if you already have a blog set up on WordPress, make sure it’s connected here too! This will allow you to easily share your blog posts on Instagram and attract even more people to your website.

Final Say on Social Media Marketing

Social media marketing is an essential part of any business’s online strategy. Instagram, in particular, is a great platform to reach new audiences, connect with other businesses and promote your products or services in a creative way. By using the tips and tools above, you’ll be able to create successful Instagram campaigns that will help grow your business and brand. So if you’re not already on Instagram, now is the time to join!

6 Reasons Why Businesses Should Use Online Contract Maker

online-contract-maker

Do you have a business? Do you have any partnership agreements with other businesses, independent contractors, or vendors? If so, you should consider using an online contract maker. 

Using an online contract maker will ensure that all your contracts are up-to-date and legally binding.

It can be complicated to prepare contracts on your own. First, you need to make sure that the agreement is explicit and elaborates all the business terms. Then, you must also understand what your obligations are under it.

Sometimes, legalities require specific clauses to be included in the contract. So, for example, if you’re contracting with an overseas partner, then there are also dispute resolution procedures that might need to be spelled out in the contract as well.

When it comes to entering into agreements with others, it’s essential to do so responsibly for both parties involved. So, this article will discuss six reasons why using an online contract maker is vital for your business. Let’s start:

1. Legal obligations and an online contract maker

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The first reason why using an online contract maker is essential for your business is legal obligations.

When you’re entering into agreements with others, it’s essential to make sure that a legally binding document covers all your legal obligations. It ensures that there are no conflicts between the terms of the contract and your legal rights.

On the flip side, if you use a manual contract, you must ensure that all of the legal obligations are being fulfilled. In addition, since it will be a manual task, it will consume a lot of your precious time that you could spend growing your business.

Or, if you hire an experienced person for this purpose, you will have to pay them a fixed salary every month. Not only the salary but also the cost associated with hiring the right person for this job will just be another cost for your business.

If you are a large enterprise, these costs may not affect you. However, for a fledgling business, these costs can indeed break their bank. So what’s the solution? It is to use an online contract maker that will take away all your hassles associated with the legal obligations of a contract.

If you are confused between multiple contract makers online, Bonsai’s online contract maker is reliable and useful in almost any use case. In addition, it offers tons of features that a business, especially a freelance business, agency, or individual, would require the most.

Bonsai has an arsenal of pre-made, frequently used contract templates to choose from, such as Service Contract Template, Non-Disclosure Agreement Template, Videographer Contract Template, and many more.

The captivating thing about them is that they all are legally binding. They include all of the necessary clauses, so you don’t have to worry about missing any essential terms of your business with the other party.

2. You get tons of pre-made contract templates

Another cost associated with manual contracts is their design. Had it been about designing a few contract templates, you could have continued with the conventional, manual way of contract making. But, since you come across different deals every day, you need different contract templates.

So, to get each new contract template designed every day would not be a wise choice. Not only will it cost you a lot, but it will also consume much of your time every day. So, to optimize this process, you need an online contract maker.

An online contract maker would provide you with the templates of almost all frequently used contracts. You will also have an option to customize the pre-made templates to tailor them to your exact needs.

These pre-made templates include but are not limited to:

  • Employment Contract Template
  • Consulting Agreement Template
  • Vendor Contract Template
  • Product Design Contract Template
  • Professional Services Contract Template

Simply put, you will get access to many pre-made templates to save much of your time. Remember: all of them are legally binding, so you don’t have to worry about missing out on any essential legal clauses.

3. Protecting your business

online-contract-maker

Before entering into partnership agreements with others, you need to make sure that you’re prepared. One of the best ways to protect yourself is using an online contract maker. 

Your business needs to enter into agreements with others in a clear and enforceable way. Therefore, whenever entering into a deal or partnership, it must be made sure that every detail is incorporated in the contract. Neglecting even a subtle detail may cost you a lot in the end. 

Also, you must know the legal clauses that give you the right to make those details enforceable in the future.

For instance, if a dispute occurs between you and the other party at any later time, you will have this contract to present against them in court.

If you don’t have it, or even if it is missing the crucial details, clauses, and the opposing party’s signatures, the contract will lose its significance in the eyes of the law.

It all comes down to the point that you must incorporate all the details, clauses, and signatures into your contract to add a bar of protection for your business. Yes, it is humanly difficult, but an online contract maker can help you do it within minutes.

4. Easy to create

At times, a generic, pre-made contract template may not cater to your specific need. So, you need a customized contract template that incorporates the specifics of your deal. It may sound like a hectic task, but it is as easy as inputting your specifics.

Firstly, you will have to choose a pre-made template that best resembles the contract you want to have. It would have most of the details you want, but you can add those it lacks by editing it.

Then, the online contract maker will walk you through the whole process in an easy way. It will show you the guidelines of what needs to be done, making your task much easier.

Usually, these steps would include adding your basic information, the scope of the work, payment details, and more.

At the end comes the best part—the digital signature that legally binds the parties. Once you are done editing your contract, give it a thorough review. Then, you can digitally sign the contract and send it to the other party for their digital sign.

5. Low cost with an online contract maker

An online contract maker’s cost is considerably lower than the cost if you create them by yourself.

You’ll probably need a document designer if you can’t do that by yourself. But, then, you may also require some legal help to know about your rights and the other party’s rights in that scenario.

Doing all of it would require a lot of time that in itself is a cost. Also, this way becomes a lot more demanding if you have to sign many contracts every week.

On the flip side, you can remove all of these hassles by using an online contract maker. For instance, Bonsai’s online contract maker would cost $19/month for its basic plan that comes with many benefits.

Not only the contracts, but it can also help you with invoicing, time-tracking, project management, and many other important business tools. So, it’s a bundle of many benefits besides your primary contract-making needs.

As also mentioned earlier, the contract you’ll create with an online contract maker will include all the contract essentials, such as legal obligations, clauses, and ready-to-sign. Hence, you don’t have to bear any further costs other than buying the above-mentioned plan.

6. Supporting relationships

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Contracts are a big part of business. As your business grows, so does the number of contracts you might have with others. So, as your company expands, it’s essential to make sure that everyone involved understands their obligations and responsibilities.

Using an online contract maker would be a great way to ensure that all parties are clear on what they agree to. It will also provide an easy way for you and your business partners to communicate back and forth about any changes or updates in the agreement.

Since it will all be an online process, the communication will be real-time as well as hassle-free. However, as described in the process of an online contract maker above, you will have to send the signed, reviewed contract to the other party for their review and sign.

If the other party requires any modification, omission, or addition to the contract specifics, they can easily communicate. So, it will ensure that the binding parties are on the same page.

This way, an online contract maker supports the binding parties’ relationship and minimizes the chances of dispute at any later stage of the business.

Wrapping up the reasons for an Online Contract Maker

Simply put, contracts are a necessary part of doing business, and you need to make sure you have the right ones in place to protect your company. But what if you’re not a lawyer and don’t want to pay for one? What do you do?

Luckily, you can use an online contract maker that can help you create the perfect contract in minutes. It cuts down on time and costs, and it also prevents costly mistakes when you’re filling out the contract yourself.

To elaborate on these points, this article mentioned six main reasons why businesses should use an online contract maker. We hope you enjoyed it. So, if you are not currently using an online contract maker, now is the perfect time to start.

How to Foster High Performance by Creating the Right Workplace Culture

workplace-culture

Having the right workplace culture can make all the difference, in regards to your company’s success. As a company executive, you’ve probably wondered about the things you can do to boost the productivity and performance of your organization. While nothing can change how your employees feel about their duties and responsibilities or who they work for, organizational culture can boost engagement levels and improve the day-to-day experience of your employees.

Culture is defined as the collective mind and heart of an organization. There are a lot of things that affect the attitudes of your employees about their duties and responsibilities and who they work for. When most managers conduct culture assessments, they find that most mechanisms, activities, and processes connected to the experience of employees affect their attitude toward their work and organization. The biggest influence on the experience of an employee is their managers. Let’s discuss how managers can create the right workplace culture to foster high performance.

1. Create meaningful values and communicate them

Organizational values are not philosophical principles. Values help in guiding employees on how they should interact with customers, the community, and with each other. Your organization should have no more than five values to make it easier for employees to understand and remember what’s important to the organization.

Leaders should communicate the values and the expected behavior linked to each value. This will help employees to know what’s expected of them thus reducing uncertainty and ensuring that everyone’s behavior is aligned with the values of the organization. The best way for managers to communicate values to their employees is by setting a good example. Values do not just apply to frontline staff but the entire organization including senior management. For organizational values to have meaning, leaders should adhere to them every day.

2. Proper selection is key

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Most of the time, managers rush to fill a vacant position in the organization without asking the right questions. And this leads to poor hiring decisions. Most managers look at the experience of a candidate to determine their employability. But according to essay reviews, successful leaders, on the other hand, look at how well the individual will work with others. It’s important to ensure that the candidate fits with the values and culture of the organization.

Human resource managers should consider using questions that have been tailored around the core values of the organization to know their candidates and make the right hiring decision. Another great way to conduct proper selection is by using a behavioral-interview approach. This method ensures that candidates engage in an activity during the interview process. This activity will help in pushing candidates out of their comfort zone and provide an opportunity to assess behaviors instead of asking a lot of questions.

3. Enhance the onboarding and orientation process

Research studies have shown that close to thirty percent of new hires quit within the first three months of working. To prevent this from happening to you, you should ensure that new hires receive an engaging and effective orientation during the first few days on the job together with an excellent onboarding process. It is important to set up success for new hires during this period to ensure that they feel connected to their team, job, and organization.

You can do this by establishing the right priorities from the first day. Ensure that all employees are happy and feel welcomed from the first day. By creating an organized training program and testing the comprehension of new hires, you will reduce turnover and boost the productivity and performance of your organization.

4. Communicate with all employees

The one thing that leads to poor engagement levels, low productivity, and an increased turnover rate in most organizations, according to a pro essay writer, is poor communication. Most managers are usually surprised when employees or teams report that there is ineffective communication because they think they communicate with their employees regularly. The key issue is not the quantity but the quality of communication transmitted within an organization.

Business leaders can improve communication in the organization by keeping their words short and simple, using their tone and body language effectively, and communicating in a timely fashion. Using the right channels to communicate and reinforce a message is also important. Keep in mind that communication is a two-way process. Checking on your employees regularly to ensure that they understood your message is important.

5. Recognize your employees

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Recognition is a great way to reinforce good habits, make employees feel appreciated, boost engagement and retain the best talent. However, most employees don’t feel appreciated in the workplace. A research study found that 63 percent of employees don’t feel like they get praised enough in the workplace. Every employee learns and processes information differently. Therefore, managers should ensure that they recognize their employees effectively.

Managers should use different methods to recognize their employees. And they should be based around writing, saying, or doing something. The best ways to recognize your employees include writing thank you cards or emails, mentioning their achievements in meetings, or coming up with a fun recognition program. Employees are different. Therefore, recognition should be tailored to meet the needs of every person.

6. Coach your employees

Informal feedback is one of the best ways to help your employees understand how their behaviors measure up to your expectations. Research studies have shown that 32 percent of employees wait for at least three months to get feedback from their managers. This makes it harder for employees to measure their performance and link it to the expected results. Informal feedback can be effective by ensuring that it is timely, fair, and balanced. You should explain why specific behaviors are important and include a gesture of appreciation.

7. Show employees that you care about the workplace culture

Showing your employees that you care about them individually and you’ll do whatever it takes to improve the culture of your organization. You can do this by listening to their needs and supporting them as much as you can. As you listen, make sure that you listen attentively and try to understand the perspective of your employees.

Conclusion on Workplace Culture

Successful leaders are always on the lookout for areas that need adjustments or improvements. While workplace culture is complex, the tips that we’ve shared here will help you foster high performance in the organization.

Author Bio:

Leon Collier is a blogger and academic writer from the UK. He likes trying new subjects and is always focused on proving his worth as a writer in new and challenging writing areas. His hobbies are reading books and playing tabletop games with his friends. You can reach him via Twitter @LeonCollier12.

5 Quick Ways To Improve Customer Satisfaction

customer-satisfaction

Your business’ success depends on customer satisfaction.

If you have unhappy customers, you will lose sales and clients, and end up with a bad reputation, all of which will negatively impact your business. Businesses understand the repercussions of this, which is why they do their utmost to prevent this from happening and take all measures to ensure happy customers. The possibilities for increasing customer satisfaction are numerous, and the digitalization of processes is actually simplifying them. Continue reading if this is something you’re interested in. Our goal in this blog post is to provide you with five quick ways to improve customer satisfaction.

Let’s get right to it.

What is customer satisfaction?

The concept of customer satisfaction refers to the degree of satisfaction customers have with the products, services, and capabilities of your company.

Why is customer satisfaction important?

customer-satisfaction

Customer satisfaction is one of the most important aspects of any business, regardless of its size.

A satisfied customer can bring many benefits to your business. The following are some of the most relevant ones.

1. Increase in sales

One of the main advantages of satisfied customers is the increase in sales. A happy customer, for instance, who receives exceptional support will be more likely to make a purchase from your business. Profits will therefore rise significantly.

2. Loyal clients

Clients who are happy are more likely to return again and again, thus becoming loyal clients. Having loyal clients means you will experience consistent sales periodically, allowing your business to grow. 

3. Better brand reputation

The clients who are satisfied with the products and services you provide and the services your business has provided are likely to leave positive reviews. Positive customer reviews are a powerful tool for influencing future purchases from other clients and improving the reputation of your business.

4. Free advertising

Customers who are highly likely to become loyal customers will serve as brand ambassadors. They will more likely spread positive words about your business, product, and services to their friends, relatives, and so on, or also on social media. This means you will get free advertising, which means more clients and sales.

How to measure customer satisfaction

There are multiple ways through which you can measure the satisfaction of your customers. Listed below are a few of the most reliable methods.

  • Conduct surveys

Conducting surveys is a good way to determine if there is anything wrong with your business or if you can improve your service or product in any way. These tools will allow you to ask questions to clients and potential customers and receive insightful answers. By analyzing these, you can identify the pain points in your business and take steps to improve the experience for your customers.

There is now a wide variety of survey templates available on the web. You can learn more about how to use survey templates if you’re interested.

  • Read reviews and comments on social media

Examining all reviews and comments under your social media posts is another effective way to measure customer satisfaction. Critical reviews and negative comments are all red flags that indicate that something is wrong with your product, service, or business.

Even so, you can also use negative reviews as a tool for improvement. Indeed, many bad or neutral reviews contain suggestions for improvement. If you respond to bad signals about features of your product, aspects of your service, or aspects of your business, you’ll improve customer satisfaction.

  • Analyze information from live chat and support service

In websites and apps, live chats and tickets can be a rich source of information. As part of the conversation, you can either analyze the most common requests, issues, and doubts of the client, or you can provide the client with a quick survey or review.

By taking these actions, you will be able to gain insight into how your support service is working and the level of satisfaction your customers are experiencing. 

  • Calculate and analyze KPIs for customer satisfaction

By calculating and analyzing some specific and useful KPIs, you can be more specific about the satisfaction level of your customers. The following are some of the most relevant and representative KPIs.

  • Churn rate

Churn rate refers to the percentage of clients you lose over time. A high percentage indicates poor customer retention. Although this percentage may not exactly tell you what’s going on in your business, it can be a great indication that something is amiss.

Dividing the number of customers you lost last quarter by the number you started with last quarter gives you the customer loss percentage.

  • Return customer rate

The return customer rate indicates the percentage of customers who make a second purchase from you. The higher this rate is, the better it is and indicates a higher level of customer satisfaction.

Return customers / total customers x 100

  • Net Promoter Score (NPS)

NPS measures how loyal your customers are. The Net Promoter Score measures a customer’s willingness to tell their family, friends, and colleagues about your brand’s products or services. The score is determined by analyzing the answers to all surveys you conducted.

  • Customer satisfaction score (CSAT)

The CSAT score indicates the percentage of customers who are satisfied with the company’s products or services. The CSAT score is expressed as a percentage. 100 percent would be great; 0 percent would be lousy.

This score can easily be calculated by providing clients and other people who interact with your business with a one-question survey that specifically asks them to rate their satisfaction with your products or services.

5 quick ways to improve customer satisfaction

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There are a number of ways through which you can increase customer satisfaction. Listed below are a few of the most effective ones.

  • Provide an omnichannel experience

The social media revolution has made it possible for businesses to promote their products and services across multiple social media channels and other platforms, and they should be able to provide the same level of support and experience to their clientele across these platforms as well. In addition, by exhibiting professionalism and competence on every channel, you will improve the satisfaction of your customers.

  • Offer money-back guarantee and free returns

Money-back guarantees and free returns will certainly increase sales and improve customer satisfaction. For instance, in the case of selling clothes, not offering returns or making people pay a price will discourage sales, since most people will not be sure if the clothes they choose will fit them.

Rather, clients who are able to order and change products and request a refund if the products do not meet expectations will be more likely to make purchases.

  • Pay attention to all reviews

As mentioned previously, reviews are opinions and tell about the experience your customers had using your product or service. When these are negative or neither exceptional, potential customers will be discouraged from buying from you, and they’ll most likely buy from someone else. On the other hand, positive reviews will make new customers want to buy from you. This explains why it is important to read all the reviews and pay attention to them. In many cases, they include suggestions for improvements or describe bad experiences with the product or service you offer.

Identifying all the bad aspects of your business and addressing them will keep you from losing customers, and you can improve your product and offer a better customer experience.

  • Provide exceptional customer support

Customer support refers to the service you provide when a client or potential customer contacts you about a problem with a purchase, product choice, or with their experience with your service or product.

In today’s world, customers are highly discerning when it comes to customer support services; they expect them to be fast and provide effective solutions. If your business fails to provide this service efficiently, it may result in bad reviews and unhappy customers. 

Therefore, you should invest in providing efficient support in any way you can. In order to achieve this goal, it is recommended that you create extensive FAQ pages, incorporate Live chats and chatbots, and make sure that it is available 24/7.

  • Offer loyal programs 

At some point in their journey, returning clients feel the need to be recognized as such and to be rewarded for their loyalty and their efforts. This explains why more and more organizations are adopting and implementing loyalty programs. With these programs, loyalty customers can receive specific rewards depending on how much they spend or how many times they order.

The presence of loyalty programs makes loyal clients feel appreciated and special, which strengthens the relationship between your brand and them, building brand loyalty

Conclusions on Customer Satisfaction 

customer-satisfaction

The key to business success is customer satisfaction. Increased sales, loyalty, improved brand reputation, and a good reputation go hand in hand with happy customers. Today, there are many ways through which a business can improve customer satisfaction, including excellent support service and loyalty programs. Putting into practice some of the strategies listed in this article will ensure that your business has higher levels of customer satisfaction. I appreciate you taking the time to read this article. Hope it was helpful and informative for you. If you’d like to know more about this topic, check out this blog post on five easy steps to create a killer customer success plan.

Author:

Flavia Silipo is a skilled SEO copywriter and digital marketing specialist with over two years of experience. You can find her on LinkedIn.