Consumers expect better, faster and more connected experiences, emphasizing the importance of customer experience (CX) for businesses today. New Forrester data shows that 71% of businesses are prioritizing CX improvements, and those initiatives are paying off—according to the firm’s new U.S. 2016 Customer Experience Index, CX quality improved overall, and more industry average scores rose than fell since 2015.
Based on a survey of 122,500 U.S. online adult consumers, Forrester’s CX Index measures and ranks more than 300 U.S. brands across 18 industries to identify how leading brands build loyalty through the quality of the customer experiences they provide. Key findings include that digital brands have a strong CX advantage, while CX laggards trigger strong negative emotions and a lack of loyalty from dissatisfied customers.
“Empowered consumers want emotionally satisfying experiences, but a good experience does not always lead to customer loyalty,” said Harley Manning, vice president and research director at Forrester, in a news release. “Loyalty emerges when brands make their customers feel valued and appreciated, which has a strong effect on driving revenue. For example, a one-point score improvement in the CX Index can lead to an increase of $65 million in revenue in the upscale hotel industry, driving the point home that CX and loyalty have a measurable impact on a company’s bottom line.”
Forrester’s CX Index reveals the companies that are recognized as best-in-class—firms that are in the top 5% of CX quality across industries in their regions. USAA topped the 2016 best-in-class list this year, with the following companies in the top 15 (in alphabetical order):
- Ally Bank
- Barnes & Noble
- Edward Jones
- Huntington National Bank
- Navy Federal Credit Union
- Regions Bank
- Residence Inn
Forrester’s CX Index gives businesses a deep and actionable understanding of the quality of their customers’ experiences, competitive benchmark data so business and technology leaders know how they stack up against their peers, and the ability to model which improvements will have the biggest impact on revenue.
Source: Business Wire; edited by Richard Carufel