Learn why measuring customer education programs' impact is important and gauging their success with these 7 key metrics.
In today's highly competitive business landscape, having a well-designed customer education program is no longer a nice-to-have but a must-have for companies.
However, with so many businesses competing for customer attention, offering a robust education program can be the key to winning and retaining customers.
But how can you tell if your program is working or not?
This is why we will explain in this blog the importance of customer education programs and the 7 essential metrics to measure success.
Let's get started!
Customer education programs or customer training programs provide more benefits than you might realize. That's why they are becoming widely popular among all types of businesses.
Here are some key benefits that emphasize the importance of a customer education program. These benefits also illustrate why every business should consider implementing one:
To sum up, investing in a customer education program is a smart move for any business that wants to improve customer satisfaction. Besides, not only does it provide a competitive edge but it also increases revenue and customer retention.
Now that you understand the importance of a customer education program, it's time to learn about customer education metrics.
The following are the seven major customer education program metrics to measure the effectiveness of customer education programs. Let's take a brief look at each one and learn how to calculate them.
One of the most critical KPIs (Key Performance Indicators) for measuring the effectiveness of your customer education programs is the engagement rate.
This KPI (Key Performance Indicator) tells you how involved and invested your users are in the training programs. By monitoring this metric, you can see how well your program is doing overall and spot areas where you need to improve.
Calculating engagement rate: Divide the number of users who took action by the total number of users who accessed your content.
To ensure the success of your customer education program, it's important to track how many users complete your course or program. This is known as the completion rate– one of the key metrics in customer education programs.
By measuring this KPI, you can assess how engaging and effective your content is in keeping customers interested in learning.
Calculating completion rate: Divide the number of users who completed the program by the total number of enrolled users.
The customer retention rate is the third critical metric for measuring the success of your customer education program. This KPI assesses the percentage of happy customers who use your product or service over time.
A high retention rate means your educational program effectively keeps your customers happy and loyal to your brand. A low rate indicates otherwise.
Calculating retention rate: Track the number of customers who continue to use your product or service over time.
The Net Promoter Score (NPS) is another widely used and useful way to measure customer education programs' success. It is a simple metric that shows how likely your customers are to recommend your product or service to others.
By consistently tracking your NPS score, you can gain valuable insights into your customers. Besides, you can also identify areas for improvement to enhance their experience.
Calculating NPS: Subtract the percentage of detractors (0-6) from the percentage of promoters (9-10).
Time to competency is a metric that measures the time it takes for customers to become experts in using your product or service.
This can help you evaluate the effectiveness of your customer training programs as well as understand product adoption.
Also, by tracking this metric, you can identify improvement areas and measure the overall success of your efforts.
Calculating competency: Track the time customers take to finish your educational program. Also, evaluate their proficiency in using your product or service.
The sixth crucial metric for measuring the success of your customer education program is customer satisfaction. This metric allows you to evaluate the overall quality of your content, customer support, and delivery methods.
Furthermore, the customer satisfaction metric can also help you identify your strengths and weaknesses and improve your educational program accordingly.
Calculating CSAT score: Ask customers to rate their satisfaction with your educational program.
ROI (Return on Investment) is the last critical customer education program metric on our list. It measures the financial impact of the program, such as increased revenue or cost savings.
By tracking ROI, businesses can understand whether their educational program is providing a positive return on investment and meeting their desired outcomes.
Calculating ROI: Subtract program costs from program benefits, divide by program costs, and multiply by 100.
These are the 7 key customer education metrics that can give you valuable insights into your program. These also let you measure customer satisfaction, retention, engagement, and the ROI of your educational efforts.
The metrics listed above can certainly help you measure the success of your customer education program. However, to achieve the desired results, it's important to have a well-planned customer training program.
This is where Trainn, an advanced customer education platform for SaaS businesses, comes in.
With Trainn's video-led customer education solution, you can deliver personalized training at scale and drive customer success.
Schedule a demo with Trainn's experts today to learn more.
|READING TIME:||4 MIN|