Forrester released new research today that reveals the connection between customer experience (CX) quality and revenue growth across 13 different industries. As organizations have struggled to show a direct correlation between improving CX and growing revenue, the new research uses Forrester’s Customer Experience Index (CX Index™) data to model how CX improvements drive revenue growth through increased loyalty. For example:
- Traditional retail banks and direct banks are the two industries where revenue potential increases the most with higher CX Index scores: A one-point improvement in a retail bank’s CX Index score could result in $124 million in increased revenue.
- While the credit card industry has the lowest revenue potential related to CX Index scores, its advocacy revenue potential is five times greater than other industries, accounting for 15% of credit cards’ total CX-driven revenue potential.
- The high per-unit revenue from the sale of a vehicle gives mass-market auto manufacturers the highest revenue potential: A one-point improvement in a mass-market auto manufacturer’s CX Index score could result in $873 million in increased revenue.
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