Research Analyzes How More than 200 Large Companies Collect and Use Customer Experience Metrics
WABAN, Mass., Nov. 9, 2011 — A new research report published by Temkin Group, State of CX Metrics, 2011, examines how companies keep track of their interactions with customers. The research is based on a survey of 228 companies with $500 million or more in annual revenues.
While 41% of respondents feel like they are doing a good job with their customer experience (CX) metrics programs, only 10% earned a "good" or "very good" rating in Temkin Group's CX metrics assessment. The assessment grades CX metrics programs across four dimensions: Consistent, Impactful, Integrated, and Continuous. Companies scored the lowest when it comes to making decisions based on integrating their CX metrics with financial metrics.
"Many companies have started to collect customer experience metrics, but very few have figured out how to use them to make good business decisions," states Bruce Temkin, author of the report and Managing Partner of Temkin Group.
Here are some highlights about how companies measure and use CX metrics:
- More than six out of ten companies think they do a good job measuring customer service interactions, but only 30% feel they do a good job measuring when a customer is researching a product
- Less than one-quarter of companies measure the emotional reaction of customers after interacting with their company
- Less than one-fifth of companies effectively measure wireless interactions and less than one-quarter effectively measure customer interactions that go across multiple channels
- Only 19% of companies think they do a good job making trade-offs between financial and CX metrics
- In only 41% of companies do executives review CX metrics more frequently than once every three months
The research compares companies with high-rated CX metrics programs with their lower-scoring peers. Successful firms track more metrics, more regularly review and act upon those metrics, and rate themselves well above their peers in delivering a great customer experience.
According to Temkin: "Companies need to integrate CX metrics into the rhythm of how they run their business and link those measures to their business and brand strategy."
This report can be accessed from the Temkin Group website at http://www.temkingroup.com or from the blog, Customer Experience Matters, at http://experiencematters.wordpress.com.
For more information about Temkin Group, visit http://www.temkingroup.com.
About the author, Bruce Temkin
Bruce is a Customer Experience Transformist and Managing Partner of the Temkin Group. He is also the co-founder and Chair of the Customer Experience Professionals Association (CXPA.org).
About Temkin Group
Temkin Group is a customer experience research and consulting firm with one simple goal for its clients: increase customer loyalty by becoming more customer-centric. We combine customer experience thought leadership with a deep understanding of the dynamics of large organizations to help senior executives accelerate their results. For more information, contact Bruce Temkin at Email or 617-916-2075
# # #