CSI Stands for Customer Satisfaction Index
Customer Satisfaction Index or CSI is an analytical tool that measures how satisfied customers are with products or services. CSI helps companies determine the reasons why customers may like or dislike the products or services offered. More specifically, it reflects overall customer satisfaction in terms of product quality, customer service, price, and more.
When it comes to operating a successful business, maintaining customer feedback, and handling reputation management, CSI is extremely important. Marketers can utilize this tool in order to:
- Identify the level of customer satisfaction from varying perspectives
- Increase sales
- Build customer retention and loyalty
- Improve products
- Allocate the budget more wisely
How does CSI work?
The Customer Satisfaction Index works by combining customer survey scores from various business attributes. This process creates a single index that can indicate the overall customer satisfaction of a company. For example, if you add the customer survey scores for product quality, price, and customer service and divide them by 3, this will give you an estimated value of the index.
To refine for accuracy, make sure to determine how important each attribute is in driving overall customer satisfaction. For example, maybe your customer satisfaction is 50% based on product quality and 25% on each of the other attributes.