Fifth Annual Study Shows Improved Use of Customer Experience Metrics Within Large Organizations
WABAN, Mass., Dec. 23, 2015 /PRNewswire/ — Temkin Group, a leading market research, advisory, and training firm that helps organizations transform their customer experience, released a new research report: "State of Customer Experience Metrics, 2015." The report analyzes how large companies use customer experience (CX) metrics and compares results to similar studies over the previous four years.
Photo – http://photos.prnewswire.com/prnh/20151222/317845LOGO
The study, which is based on a survey of nearly 200 large companies, shows that firms are using CX metrics more than they have in the past, and that they are also improving the way that they use them. The percentage of firms that earned a "strong or very strong rating in Temkin Group's CX Metrics Competency & Maturity Assessment grew from 11% in 2014 to 14% this year.
The study also shows that companies with stronger CX metrics program outperform their peers. Forty-nine percent of companies with stronger CX metrics programs have well above average customer experience compared to 17% of those with weaker CX metrics programs. The stronger CX metrics programs are also 50% more likely to have significantly better business performance then their competitors.
"While it's great to see more companies using CX metrics, it's even more encouraging to see that they're being used more effectively," states Bruce Temkin, Customer Experience Transformist & Managing Partner of Temkin Group. "But companies still have a long way to go in mastering the use of CX metrics."
Additional findings from the report include:
- Temkin Group's assessment of CX metrics programs shows that companies improved across all four competency areas: Consistent, Impactful, Integrated, and Continuous.
- While 64% of respondents rate their company as good or very good at collecting and sharing CX metrics, only 22% gave themselves those high marks when it came to making trade-offs between CX metrics and financial metrics.
- Likelihood to recommend and satisfaction remain the most popular CX metrics, while companies are most successful in using satisfaction as a measure of specific customer interactions.
- Seven out of 10 companies have compensation tied to CX metrics for some of their employees. Net Promoter® Score is the most common metric used and customer service is the most common group to be affected.
- Companies are most effective at measuring customer service and phone interactions and least effective at measuring the experiences of prospects and customers who have defected.
The report "State of Customer Experience Metrics, 2015" can be downloaded from the Customer Experience Matters blog, at ExperienceMatters.wordpress.com as well as from the Temkin Group website, www.TemkinGroup.com.
About Temkin Group: Temkin Group is widely recognized as a leading customer experience research and consulting firm. Many of the world's largest brands rely on its insights and advice to steer their transformational journeys. Temkin Group combines customer experience thought leadership with a deep understanding of the dynamics of organizations to help accelerate results. Rather than layering on cosmetic changes, Temkin Group helps companies embed practices within their culture by building four critical competencies: Purposeful Leadership, Employee Engagement, Compelling Brand Values, and Customer Connectedness. The firm's ongoing research identifies leading and emerging best practices across a wide range of activities for engaging the hearts and minds of customers, employees, and partners. For more information, contact Bruce Temkin at 617-916-2075 or send an Email.
About Bruce Temkin: Bruce Temkin is widely recognized as a customer experience thought leader and is Customer Experience Transformist and Managing Partner of Temkin Group. He is also the co-founder and past chair of the Customer Experience Professionals Association (CXPA.org), a global non-profit organization dedicated to the advancement of customer experience management. Bruce is also the author of a very popular blog, Customer Experience Matters®. Prior to forming Temkin Group, he was a Vice President at Forrester Research for 12 years where he ran the customer experience, eBusiness, financial services, and B2B sectors and was the most-read analyst for 13 consecutive quarters.
Net Promoter Score, Net Promoter, and NPS are registered trademarks of Bain & Company, Satmetrix Systems, and Fred Reichheld.
Customer Experience Matters is a registered trademark of Temkin Group.