How to Calculate the Customer Health Index for Sustained Performance and Improved Client Retention (By up to 95%)

customer health indexThe customer’s Net Promoter Score (NPS) was in the highest percentile, yet I found myself closing the account. How did we miss this churning customer? Were there early warning signs we’d failed to notice?

I used to work as a technical customer service representative for an environmental testing laboratory. It was my job to keep an eye on the accounts I handled. I needed to make sure the customers were happy and meeting their goals with us. For this, we relied heavily on NPS scoring, but this measure was failing us.

NPS scoring could be failing you, too.

The problem is that NPS metrics give reactive, snapshot values. Plus there are other aspects to an account’s health beyond customer satisfaction. For instance, you need to understand your customer’s goals and whether they’re on track to meeting those goals.

According to McKinsey and Company, perfecting account health scoring can improve client retention by up to 95%. If I knew this, I could have prevented that one account from churning. In this Process Street article, we introduce a more comprehensive and proactive means of determining the health of your accounts: the customer health index (CHI).

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Why You Need an Account Health Scorecard Which Measures Customer Health and Yours! (Free Template)

Why You Need an Account Health Scorecard Which Measures Customer Health and Yours!

Companies with a customer-centric account health scoring system enjoy a 95% increase in customer retention.

To be more customer-centric, you need an account health scorecard that takes a holistic approach to measure your health and your customers’ health. In this Process Street article, we’ll show you how to do that.

We’ve produced your ultimate workflow guide to help you create this account health scorecard. This template is free for you to use from your Process Street account (you can sign up to create your free account here). This workflow guide has been produced based on the Customer-Centric Digital Transformation report by Deloitte.

You’ll also learn the key benefits you’d expect from taking this holistic approach to measuring an account’s health, with two real-life case studies.

This article is structured as follows:

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There’s a New Way CS Leaders Should Measure Value Generated

There's a New Way CS Leaders Should Measure Value Generated-01

According to Deloitte Insights, advances in technology are changing the business landscape and they are calling this a digital disruption. This is altering customer expectations and demands, presenting critical challenges for customer success teams globally.

To successfully ride this wave of change, Deloitte – and us here at Process Street – believe businesses should rethink how they are measuring value delivered to the customer. The aim is to ensure these measurements are customer-centric to refine CS activities and enhance the customer’s experience.

Think of it as a customer success evolution in response to digital disruption.

This CS transformation has the potential to bolster positive referrals by 83%, lower costs by 20%, and increase customer lifetime value by x1.6.

What have you got to lose?

In this article, you’ll learn how to apply a customer-centric means of measuring customer value generated for your organization. I’ve split the process down into three steps based on the Customer-Centric Digital Transformation report by Deloitte.

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How to Manage a Successful CS Transformation to Be More Customer-Centric

How to Manage a Successful CS Transformation to Be More Customer-Centric-04A recent Deloitte study found a mere 30% of respondents stated customer success was a strategic priority by the board of directors. Only 26% reported official business communications to regularly mention customer success.

At Process Street, we find this concerning. Technological advancements and the rise of Industry 4.0 are altering the business landscape. Businesses are facing new pressures, with changing customer demands and expectations as the biggest catalyst altering how business is done. To respond, organizations need to focus on customer success (CS).

Businesses need to lead a successful customer success transformation, one that means they’re more customer-centric. In this Process Street article, I explain how organizations should do this in three simple steps.

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