New From Forrester: How CX Affects Revenue
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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