New Research Shows Strong ROI of CX

The XM Institute has published new research that examines the impact that customer experience has on the loyalty of U.S. consumers across 20 industries. You can download these reports for free:

  • The ROI of Customer Experience. This research examines the correlation between customer experience and the likelihood of consumers to exhibit the following behaviors: purchase more products or services, recommend a company, forgive a company, trust a company, or try a company’s new product or service.
  • Data Snapshot: What Happens After a Bad Experience, 2019. This research shows how often consumers run into bad experiences, and then examines how consumer spending changes based on those miscues.

The graphics below from The ROI of Customer Experience show a strong correlation between good customer experience and improved levels of consumer loyalty. While these graphics cover some of the overall findings, the report also includes data showing the impact of CX on loyalty for 20 industries.

1912_ROIofCX_v2.png

The graphics below are from the Data Snapshot: What Happens After a Bad Experience, 2019. As you can see, the percentage of consumers reporting bad experiences ranges from a high of 17% for TV/Internet service providers to a low of 3% for retail and streaming media. We also found that the impact that a bad experience has on spending is greatest in fast food and smallest in health insurance and utilities.

AfterBadCX_v1

Remember, you can download these research reports and many, many more for free from the XM Institute.

The bottom line: If you improve CX, you’re very likely to improve customer loyalty.

Written by 

I am an experience management transformist, helping organizations improve business results by engaging the hearts and minds of their customers, employees, and partners. My "job" is Head of the Qualtrics XM Institute. The Institute is still being established, but our goal is to help organizations around the world thrive by mastering Experience Management (XM). As part of this focus, I examine strategy, culture, interaction design, customer service, branding and leadership practices. And, as many people know, I love to speak about these topics in almost any forum. Prior to joining Qualtrics, I was managing partner of Temkin Group (leading CX research, advisory, and training firm), co-founder and chair of the Customer Experience Professionals Association (CXPA.org), and a VP at Forrester Research. I'm a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Check out my LinkedIn profile: www.linkedin.com/in/brucetemkin

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