I just published a report called The Business Impact Of Customer Experience that I think will have a significant impact on how companies think about customer experience. Here’s an excerpt from the executive summary:
Executives know that customer experience is important, but they can’t always tie it directly to business results. So we examined the correlation between the customer experiences delivered by 112 US firms (as defined by Forrester’s Customer Experience Index) and the loyalty of their customers. Our analysis shows that good customer experience correlates highly to loyalty.
Most of us already intuitively knew that good customer experience is good for business; that’s the basis for My Manifesto: Great Customer Experience Is Free. But there’s no longer a need to debate the issue. This research objectively shows a strong tie between customer experience and consumer loyalty. Here are some more of the specific findings in the research:
- For all 9 industries that we examined, there was a strong correlation between customer experience and loyalty.
- Bank customer experience was the most correlated with loyalty, followed by wireless carriers.
Health plan customer experience was the least correlated with loyalty, followed by investment firms and retailers.
For more information, read my blog: Customer Experience Matters