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Industry Research : Customer Experience Metrics Are on the Rise, According to New Temkin Group Research
Temkin Group, a 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.
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(R) 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.
Posted by Veronica Silva Cusi, news correspondent
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Published: Monday, December 14, 2015