Are Executives Measuring the Right Thing?
First of all, there is no wrong thing to measure. Be it behavioral metrics, feedback, or customer experience analytics, they all have their place in strategic, tactical, and operational decision making.
However, there is a hierarchy of importance based on desired results that needs to be established. And customer experience analytics reigns prime here regardless of which industry you are in or which touch point (web, mobile, social media, store, contact center, etc.) you are measuring. That is if you want a proven and predictive methodology that provides actionable insights derived from the customers’ perspective.
When pulling together the data for the 2012 ForeSee Mobile Satisfaction: Financial Services Edition, we learned some interesting facts about app store ratings and download numbers.
So, what do app store star ratings tell you? Not much at all.
The feedback provided by tracking how many stars an app gets in an app store is questionable at best. Usually only the most satisfied and the least satisfied provide feedback, leaving the silent majority – the segment you want to hear from – unrepresented. That feedback proves to be more useful for customers than it is for companies and provides no direction or insight as to how you might improve the customer experience. The following chart demonstrates how misleading star ratings can be when it comes to truly understanding the mobile customer experience.
How does ForeSee know that satisfaction is any more valid than Google ratings or Apple ratings? Because the methodology ForeSee uses to measure satisfaction in these studies as well as for our clients has 20 years of academic research behind it, linking it to critical future behaviors and financial success. Moreover, the way ForeSee measures and calculates satisfaction provides important insights into how to improve the experience, which simple ratings do not.
A lot can be learned here even if you’re not a financial services company.
Read the full 2012 ForeSee Mobile Satisfaction: Financial Services Edition.