A New Era For Customer Experience In Australia? We Think So.
A new era for customer experience (CX) measurement has just been launched in Australia — are you ready for it?
Forrester’s Customer Experience Index (CX Index™) report for Australian brands is now available for clients here. With the introduction of this research methodology you now have a tool that:
- Reflects how well your brand’s customer interactions fuel the types of customer loyalty that drive revenue — retention loyalty, enrichment loyalty, and advocacy loyalty.
- Measures how well your brand delivers on 25 industry specific drivers of CX quality, like how quickly your company resolves customers’ problems.
- Provides a competitive benchmark of the quality of your brand’s CX compared to other brands within and across industry sectors, on a national or international level.
Forrester has published a FAQ about the CX Index here.
So how did Australia’s brands do? Well, we asked almost 9,000 consumers to tell us about their experiences with 58 of Australia’s largest or best-known brands across eight industry groups: banking, credit cards, retail, Internet service providers (ISPs), mobile service providers, home and auto insurance, cable TV, and digital-only retail. The CX leaders in many of those groups will surprise you!
On the industry level, banks average the best overall CX Index scores in the country, while ISPs average the worst. In fact, Australia’s cable TV, mobile, and ISP industries were in the last three spots in the industry rankings. And this was despite the presence of a couple of innovative, customer-focused businesses that rated in the top 15 of all the brands evaluated.
Some other key takeaways you will find in the report include:
- Size, age, and business model are no barrier to delivering a quality CX. The leading brands in the eight industry groups represent a mix of busines models, range in size from tens of thousands of employees to no more than a few hundred, and range in age from almost 200 years old to just a few years old. And in five of the industry groups, the CX leader was not one of the industry big boys.
- Most retailers’ experiences lack differentiation. Neither traditional nor digital-only retailers were rated by their customers as delivering anything better than an OK customer experience.
- The right emotional experiences lift brands above their competition. The one common trait among CX leaders across all industries is that they are perceived by their customers to be delivering the right emotional experiences more frequently than any of their competitors. And delivering that right emotional experience is critical to building customer loyalty.
There are many more insights in the published report, so to ensure that you’re ready for the new era of customer experience measurement in Australia, book an inquiry call with me here.