Only 12% of Large Firms Receive at Least a "Good" Rating in Temkin Group Assessment
WABAN, Mass., Dec. 17, 2013 /PRNewswire/ — Temkin Group released new research, State of Customer Experience Metrics, 2013. The report examines how 173 large companies use customer experience (CX) metrics and compares results to similar studies from the previous two years.
For the third straight year, Temkin Group found that very few companies have mastered the use of customer experience metrics. While 49% of respondents said that they were "good" or "very good" at using CX metrics, only 12% of respondents earned "good" or "very good" ratings in Temkin Group's assessment of CX metrics programs. These assessment ratings represent a small increase from 11% in 2012 and 10% in 2011.
"Many companies have some customer experience metrics, but few firms are actively putting those metrics to use," states Bruce Temkin, Managing Partner of Temkin Group.
Temkin Group's assessment evaluates four characteristics required for successful CX metrics efforts: Consistent (using the same core set of CX metrics across the organization), Impactful (using CX metrics to make key decisions), Integrated (making explicit trade-offs between CX and financial metrics), and Continuous (regularly reviewing CX metrics).
Here are some additional findings from the research:
- Seventy-three percent of CX metrics leaders have above average customer experience compared with only 45% of CX metrics laggards.
- The two most widely used CX metrics are interaction satisfaction and likelihood to recommend. More than 80% of respondents use each of these metrics.
- Customer service is the highest rated area of measurement across the customer lifecycle, an area that companies have steadily improved on since 2011.
- More than 60% of companies think they do a good job collecting CX metrics on phone calls, but less than 30% feel that way about wireless devices and cross-channel interactions.
- Only 30% of respondents think they do a good job measuring customer's emotional response after an interaction, but that's an increase from 25% in 2011.
- Less than 30% of respondents think they are good at tying compensation to CX metrics and making trade-offs between financial and CX metrics.
- Forty percent of companies review CX metrics more frequently than quarterly.
- Fifty-two percent of companies use the same core CX metrics across most of their operating units, an increase from 43% in 2011.
This research report can be accessed from the blog, Customer Experience Matters, at ExperienceMatters.wordpress.com or at the Temkin Group's website, www.TemkinGroup.com.
For more information about Temkin Group, visit www.TemkinGroup.com.
About Temkin Group: Temkin Group is widely recognized as a leading customer experience research and consulting firm. Many of the world's largest brands rely on its insights and advice to steer their transformational journeys. Temkin Group combines customer experience thought leadership with a deep understanding of the dynamics of organizations to help accelerate results. Rather than layering on cosmetic changes, Temkin Group helps companies embed practices within their culture by building four critical competencies: Purposeful Leadership, Employee Engagement, Compelling Brand Values, and Customer Connectedness. The firm's ongoing research identifies leading and emerging best practices across a wide range of activities for engaging the hearts and minds of customers, employees, and partners. For more information, contact Bruce Temkin at 617-916-2075 or send an email.
About Bruce Temkin: Bruce Temkin is widely recognized as a customer experience thought leader and is Customer Experience Transformist and Managing Partner of Temkin Group. He is also the author of a very popular blog, Customer Experience Matters® (ExperienceMatters.wordpress.com). Prior to forming Temkin Group, he was a VP at Forrester Research for 12 years. Bruce is a highly demanded speaker who consistently receives high marks for his content-rich, entertaining keynote addresses. He is also the co-founder and Chair of the Customer Experience Professionals Association (CXPA.org), a global non-profit organization dedicated to the advancement of customer experience management.
Customer experience matters is a registered trademark of Temkin Group.