ROI of CX, NPS, and Voice of the Customer Maturity (November 2015)
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Greetings!
- ROI of Customer Experience, 2015. Our research shows a strong correlation between CX and several areas of loyalty across 20 different industries. Our model found that a modest improvement in CX can generate more than $800 million in additional revenues over three years.
- Net Promoter® Score Benchmark Study, 2015. We surveyed 10,000 U.S consumers and used their feedback to calculate the NPS® of 291 large organizations across 20 industries. USAA earned the highest score, while Comcast earned the lowest.
- State of Voice of the Customer Programs, 2015. For the fifth straight year, we benchmarked voice of the customer (VoC) programs. While nearly 200 large companies completed our VoC Competency & Maturity Assessment, only 16% ended up in the top two levels of maturity.
In addition to our reports, I also urge you to check out a post from the Customer Experience Matters® blog called Emotions, Behaviors, CX, and Colin Shaw. It includes a recorded webcast with Colin and me, along with some other content exploring these very important topics.
As 2015 comes to an end and you start making plans for 2016, keep in mind that Temkin Group can help accelerate your CX success. We can:
- Support you all year with a Research & Advisory Subscription, which includes access to all of our reports and data along with personalized advice from our CX Transformists.
- Review and enhance your CX plans to make sure that you're focusing on the right activities for culture change, voice of the customer programs, metrics, employee engagement, and other key CX efforts.
- Teach you leading-edge practices when you attend one of our open enrollment workshops or enlist us to create tailored sessions just for your organization.
- Provide inspiration and motivation with compelling speeches for client events, internal kick-off meetings, CX ambassador meetings, or off-site planning sessions.
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Temkin Group is a leading CX research, advisory, and training firm. We help the world's largest brands accelerate their transformational journeys towards customer-centricity and build loyalty by engaging the hearts and minds of customers, employees, and partners. Our team combines CX thought leadership with a deep understanding of the dynamics of organizations to accelerate results.
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Customer Journey Mapping Workshop in Miami on Dec. 8 & 9
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In Case You Missed It...
Here is some content we discussed in recent journals: |
ROI of Customer Experience, 2015
In the report ROI of Customer Experience, 2015, we examined the connection between customer experience (CX) and loyalty by analyzing feedback from 10,000 U.S. consumers describing both their experiences with and their loyalty to 293 companies across 20 industries.
We built a model to evaluate how, over a three-year period, customer experience impacts the revenue of a $1 billion business within each of the 20 industries. This model shows that CX has the largest impact on the revenue of hotels ($823 million) and rental cars ($755 million). At the low end, utilities would gain $472 million and Internet service providers would gain $539 million.
When we compared the consumers who gave companies a very good customer experience rating to those who gave companies a very bad customer experience rating, we found that at companies with high customer experience ratings, the percentage of customers who are likely to:
- Purchase more is 18 points higher.
- Forgive the company is 12 points higher.
- Try a new offering is 10 points higher.
- Trust the company is 19 points higher.
Additionally, companies with very good CX ratings have an average NPS that is 24 points higher than the scores of companies with poor CX.
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Net Promoter Score Benchmark Study, 2015
In the Temkin Group report, NPS Benchmark Study, 2015, we provide Net Promoter Score (NPS ®) details for 291 companies across 20 industries .
The three companies with the highest scores are USAA, with an NPS of 70, and Lexus and Mercedes-Benz, each with an NPS of 62. Additionally, USAA's banking, credit card, and insurance businesses all outpaced their respective industries' averages by more than any other company.
Meanwhile, at the bottom of the list, Comcast, Time Warner Cable, and McDonalds received the three lowest scores, and RadioShack, McDonalds, and eMachines fell the farthest below their respective industries' averages.
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State of Voice of the Customer Programs, 2015
For the fifth straight year, Temkin Group has published its State of VoC Program report , which benchmarks the voice of the customer efforts within large organizations.
We found that while most organizations consider their VoC efforts to be successful, less than one-third of organizations actually believe they are good at making changes to the business based on these insights. Respondents think that the most important source of insights in the future will be customer interaction history, and they think that going forward, multiple-choice questions will be the least important.
In addition to asking questions about their VoC program, we also had respondents complete Temkin Group's VoC Competency and Maturity Assessment, which examines capabilities across what we call the "Six Ds": Detect, Disseminate, Diagnose, Discuss, Design, and Deploy. Although only 16% of companies have reached the two highest levels of VoC maturity, this is still an improvement from only 11% last year.
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Temkin Group Research Plans and Updates
We have quite a few exciting new reports underway, including Best Practice in B2B CX, Temkin Experience Ratings of Tech Vendors, and Making VoC More Actionable. Here are some ways that Temkin Group can help accelerate your CX success: - Research & Advisory subscriptions. Get access to leading-edge best practices, assessments, and benchmark data, in addition to ongoing advice from our CX Transformists to help keep your efforts on track.
- CX training. We deliver leading-edge CX practices through in-house workshops, open-enrollment workshops, and customized training programs.
- CX assessments. We identify gaps and opportunities in your CX plans and competencies.
- Speeches and webinars. We will inform and inspire your internal or client audiences.
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If you're interested in Temkin Group's research or services, then drop me a line at
bruce@temkingroup.com, visit our website at www.temkingroup.com, or give us a call at (617) 916-2075.
Sincerely,
Bruce Temkin, CCXP
Customer Experience Transformist & Managing Partner
Temkin Group
Co-founder, Customer Experience Professionals Association
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.
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