Customer training is giving your clients the information, tools, and support they need to benefit from your products and be better in their industry. It is usually provided through a set of training programs or educational content created by the business using customer training software. The main aim of providing training is to guide customers through the entire process, from onboarding to mastery of the product. Customer training is beneficial for all involved parties, it allows customers to perform their business or personal tasks effectively and helps you retain your customers and gain their loyalty. A customer training platform will assist you in delivering an effective customer training programme.
Customer training is a great way to keep customers happy and boost customer retention. With a customer training LMS, you can create compelling material. It provides great training experiences and shows them how to achieve unique business goals using your software. As you invest a lot of resources and time in customer training, it’s essential to measure its success and the impact of training experiences on customers.
Here are 10 key point indicators (KPIs) that can be used to track the success of your customer training programme:
Customer Conversion Rate
Customer conversion rate is one of the most important KPIs you should be using. It depicts how successful you are at converting potential leads into paying customers. Conversions vary depending on the business goals. It could be to purchase a service or product, subscribe to a page or sign up for a newsletter. When you provide a training programme with the support of a learning management system for customer training, the conversion rates will show the effect of the training programme.
Customer Churn Rate
Customer churn rate, also known as customer attrition rate, is used to determine the percentage of paying customers who have stopped using your product or service. Measuring customer churn rate is helpful for businesses simply because keeping customers paying and reducing churn is crucial for growth.
Sales by Product/Service
The simplest KPI to measure customer training success is sales. If the number of sales increases after you’ve created a training program to educate customers on a new product or service, that means the programme is a success.
Net Promoter Score (NPS)
Net Promoter Score (NPS) is a measurement that evaluates customer loyalty and satisfaction. NPS is calculated based on customers’ answers to the question that asks the customers how likely they are to recommend your product or service on a scale of 1 to 10.
The participants of the NPS surveys are asked to explain the reason for their scores. This permits organisations to analyse the reason behind negative customer experiences. As one of the critical customer success KPIs, the Net Promoter Score helps measure quantitative and qualitative data to improve upon by providing valuable customer feedback.
Customer Satisfaction Score
The Customer Satisfaction Score is very similar to the Net Promoter Score. The difference is that the customer satisfaction score shows how happy the customers are with your service or product and the net promoter score’s main objective is to show customer loyalty.
Qualitative Customer Feedback
Qualitative customer feedback enables you to achieve insight and valuable data into why customers provided positive or negative feedback about your product or service.
Customer Retention Cost (CRC)
Customer retention cost is one of the most fundamental customer success KPIs. It shows the total cost of retaining an existing customer. A loyal customer base is a foundation for financial stability and your company’s long-term health. By measuring customer retention costs, you can make smart decisions on how much you should spend on your marketing activities and retaining loyal customers. As you provide a training programme by investing in customer training LMS, it should help retain the customers you have.
Customer Lifetime Value (CLV)
Customer lifetime value (CLV) is one of the essential customer success KPIs for any organisation to track. It is the net profit or total revenue that you can expect a single customer to bring to your company during the entire relationship with the customer. This helps find whether a customer is likely to become a repeat customer or not. Analysing CLV helps organisations invest in the right customers that are more likely to bring value to your brand.
Monthly/Daily Active Users (MAU/DAU)
Monthly Active Users or MAU is a KPI that works best for companies in a growth phase. As active users are an essential component of any small to medium-sized business, it is crucial to keep analysing them and make the growth plan accordingly. When you know how much a customer interacts with your product or service, you can see whether your users are interested in your product.
Positive Customer Reviews
Happy, satisfied customers have the potential to be brand ambassadors for your business. If you are receiving positive customer reviews, then your customer training platform is doing its job and your customers are being benefited from the training programme.
Modern customers are more informed and have more power in their buying decisions. Customer training helps customers gain the maximum value from your service or product. For a customer training programme that engages your customers and gets the word out about your product, Mykademy is your go-to customer training platform. With features essential for modern training needs, Mykademy is the best LMS for customer training, which allows you to craft effective training that aligns with your values and respect for the customers. To see Mykademy’s customer learning management system tools in action, start your 14-day free trial today.