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The State of Customer Experience (CX): The Economics of CX are Compelling from The Temkin Group.

The State of Customer Experience (CX): The Economics of CX are Compelling from The Temkin Group.

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  • 1. 74% 53% The State of Customer Experience (CX) The Economics of CX are Compelling Companies Have Strong CX Ambitions Firms Are Still in Early Stages of their CX Journeys Did You Know? CX Excellence is Rare, But the Level is on the Rise Amount of revenue generated by a modest improvement in customer experience over 3 years for a $1 billion firm. (Percentage points above or below their industry average) Customers willing to purchase more from company 64% not likely to repurchase 9% likely to repurchase Large companies that rate themselves as CX leaders today 86% likely to repurchase 3% not likely to repurchase Very dissatisfied with customer service Very satisfied with customer service Customers likely to recommend company After poor customer service, consumers are much less likely to buymore from a company CX LeadersCX Laggards CX leaders have more loyal customers 5.8 times more likely to forgive a company if it makes a mistake $380 million PROMOTER Promoters are extremely valuable. Some companies classify customers that are likely to recommend as promoters. Compared with detractors, promoters are 5.2 times more likely to purchase more from a company 5.2 5.8 9.9% -9.6% 9.2% -9.2% Large companies with goals to be CX leaders within three years Companies in Temkin Experience Ratings with “good” or “excellent” ratings (based on feedback from 10,000 U.S. consumers) has grown from 16% in 2011 to 37% in 2013 More than 200 large companies with revenues of $500 millionor more completed Temkin Group's CX Maturity Assessment CX Success Requires More Than a Veneer There are more than 100,000 CX professionals in North America. 72% of companies think predictive analytics and open-ended verbatims will become more important sources of customer insight. Consumers who earn $100K or more are 2.5X as likely to tweet about a bad experience, compared with those who earn less than $50K. 38% of consumers give feedback directly to companies after a very bad experience and 31% give direct feedback after a very good experience. 74% of CX leaders have a senior executive in charge of customer experience compared with only 53% of CX laggards. $100K+ CX leaders are more than twice as likely as CX laggards to focus on making their company’s culture more customer-centric. Highly engaged employees are 5.8x more committed to helping their companies succeed and 4.7x more likely to recommend that someone apply for a job at their company than are disengaged employees. Do your leaders operate consistently with a clear, well-articulated set of values? Is customer feedback and insight integrated throughout your organization? Sources: 1. Temkin Group Insight Report: The ROI of Customer Experience 2. Temkin Group Q3 2012 Consumer Benchmark Survey (6,000 U.S. Consumers) 3. Temkin Group Insight Report: The State of CX Management, 2013 4. Temkin Group Insight Report: 2013 Temkin Experience Ratings 5. Customer Experience Matter blog post: 101K CX Professionals in North America 6. Temkin Group Insight Report: Employee Engagement Benchmark Study, 2013 7. Temkin Group Insight Report: Prepare for Next Generation VoC Programs 8. Temkin Group Insight Report: What Happens After A Good or Bad Experience? Purposeful Leadership Customer Connectedness Compelling Brand Values Employee Engagement Are your brand attributes driving decisions about how you treat customers? Are employees fully committed to the goals of your organization? To build and sustain CX differentiation, companies must embed practices within their culture and operating processes, building what Temkin Group calls the Four CX Core Competencies. 8% 62% After 3 Years 2011 2012 2013 84% 15% 1% 72% 24% 4% 63% 33% 4% Other Good Excellent 0 5 10 15 20 25 30 35 40 40% 21% 15% 18% 4% 2% Only 6% of large companies have reached the top two stages of CX management maturity w w w . t e m k i n g r o u p . c o m Copyright c 2013 Temkin Group. All rights reserved IGNORE EXPLORE PercentageofCompanies MOBILIZE OPERATIONALIZE ALIGN EMBED Stage 6Stage 5Stage 4Stage 3Stage 2Stage 1 CX Core Competencies 72% 38% 31% CX Management Maturity Level