Customer Relationship Management Platform

A Customer Relationship Management Platform (CRM)  refers to the technology that manages interactions with a customer while capturing key information generated during those engagements.

Unlike a Customer Data Platform (CDP) which collects and connects data from multiple sources for identification and unification, CRM platforms focus on transactional data and activity from known customers.

Being an important element of the stack onboarding CRM data into a unified platform enables retailers to target visitors efficiently and accurately with demographic and geographic data, interests and preferences, buyer persona and internal segments captured by BI tools (VIP client, frequent buyer, etc.).

Customer satisfaction (CSAT) score

A customer satisfaction score or a CSAT score is used to measure how well a company meets or exceeds the level of expectation felt by a customer upon interacting with their products or services.

Marketers can use the CSAT score to determine customer satisfaction during key intervals such as, 

• During the time of purchase and checkout 
• During the time when products are added to cart 
• Customer onboarding process
• Support ticket exchange 
• During a digital conversation

The best time to send  A CSAT survey would be after key customer lifecycle moments. This way the brand can tie customer insights with business questions and measure the effectiveness of key moments in a customer’s journey.

CSAT directly reflects the customer’s perception of a product or service offered by an organization. While CSAT scores vary across industries and geographies, an ideal score can range anywhere from 75% to 85%. A score of 75% can indicate that three out of four customers have given the brand a positive performance review instead of a negative or neutral one. Given below are the industry benchmarks for CSAT scores according to the American Customer Satisfaction Index

• Apparel: 79
• Automobile: 82
• Banks: 82
• Cellular telephones: 79
• Computer software: 79
• Financial advisors: 80
• Restaurants: 81
• Hotels:76
• Internet retail: 80
• Life Insurance: 80 
• Speciality retail: stores: 78

CSAT can be short, intuitive and simple to follow. The rating scale can also vary based on inputs given by the brands themselves. This makes the process flexible to use based on what works best for select audiences.

The data is through customer service-oriented surveys in the aim to analyze the experience through either a single question, set of queries or long-form assessment.

Note: As there is no universal CSAT score scale, retailers need to test the length and type of feedback messaging they employ for the most optimal experience, ensuring the collection of information after key events or actions a person takes with a brand.