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Most Large Firms Lack Good Customer Experience Measurements, According to New Temkin Group Research

More Than 200 Large Companies Participated In Temkin Group’s Assessment Of How Companies Collect And Use Customer Experience Metrics

 
PRLog - Nov. 9, 2011 - WABAN, Mass. -- A new research report published by Temkin Group, State of CX Metrics, 2011, examines how companies keep track of their interactions with customers. The research is based on a survey of 228 companies with $500 million or more in annual revenues. While 41% of respondents feel like they are doing a good job with their customer experience (CX) metrics programs, only 10% received a “good” or “very good” rating in Temkin Group’s CX metrics assessment. The assessment grades CX metrics programs across four dimensions: Consistent, Impactful, Integrated, and Continuous. Companies scored the lowest when it came to making decisions based on integrating their CX metrics with financial metrics.

“Many companies have started to collect customer experience metrics but very few have figured out how to use them to make good business decisions” states Bruce Temkin, author of the report and Managing Partner of Temkin Group.  

The research examines many aspects of how companies measure and use customer experience metrics. Here are some of the highlights:

➢   The most common CX metric used is customer satisfaction
➢   More than six out of ten companies think they do a good job measuring customer service interactions, but only 30% feel they do a good job measuring when a customer is researching a product
➢   Less than one-quarter of companies measure the emotional reaction of customers after interacting with their company
➢   Less than one-fifth of companies effectively measure wireless interactions and less than one-quarter effectively measure customer interactions that go across multiple channels
➢   Only 19% of companies think they do a good job making trade-offs between financial and CX metrics.
➢   In only 41% of companies do executives review CX metrics more frequently than once every three months

The research compares companies with high-rated CX metrics programs with their lower-scoring peers. More than three times as many of the companies with better CX metrics programs rate their company’s overall customer experience as being significantly above their industry average. The research also shows that these leaders track more metrics, more regularly review and act upon those metrics, and are more effective in almost every area of CX measurement.

The report also looks at the link between CX metrics and a company’s business and brand strategy, identifying four distinct areas of CX metrics: behaviors, attitudes, perceptions, and interactions. The report states: “Companies need to identify the interactions that have the largest impact on customer perceptions that drive the most changes in their attitudes that generate the behaviors that support the business and brand strategy. CX metrics should focus on the key items in each of these areas.”

According to Temkin: “Companies need to integrate CX metrics into the rhythm of how they run their business and link those measures to their business and brand strategy.”

This report can be accessed from the Temkin Group website at http://www.temkingroup.com or from the blog, Customer Experience Matters, at http://experiencematters.wordpress.com.

For more information about Temkin Group, visit http://www.temkingroup.com.

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Temkin Group is a customer experience research and consulting firm. We have one simple goal for our clients: increase customer loyalty by becoming more customer-centric.

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Source:Temkin Group
Location:Waban - Massachusetts - United States
Industry:Business
Tags:customer experience, cem, crm, metrics
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