The Ultimate Customer Experience Infographic, 2014

In honor of Customer Experience Day, Temkin Group created its second annual “The State of Customer Experience” infographic.

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You can see a vertical  infographic below or:

Here are links to the research referenced in this infographic:

Here’s a link to last year’s infographic.

The bottom line: Happy Customer Experience Day!

This blog post is part of the 2014 CX Day Customer Experience Blog Carnival hosted here:  http://community.cxpa.org/blogs/val-moschella/2014/10/07/cx-day-blog-carnival-cx-core-competencies

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Driving Customer Experience Transformation, Made Simple

Do you want to build sustainable customer experience differentiation? Watch this video:

Download the free report, Four Customer Experience Core Competencies.

The bottom line: You’re only as strong as your weakest CX Core Competency

Can I Get Some CX With That Big Mac?

McDonald’s recently announced the appointment of its first VP Customer Officer, Fred Ehle. I applaud McDonald’s for the move. In Temkin Group report, ROI of Customer Experience, 2014, we found that a modest improvement in customer experience can generate an average of $437.5 million over three years for every $1 billion in annual revenues for a fast food chain.

Mr. Ehle has some work to do. The 2014 Temkin Experience Ratings of fast food chains shows that  McDonald’s is tied for 16th spot out of 19 QSRs.

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To drive customer experience improvements across an organization as large as McDonald’s, Mr Ehle will need to focus on all four customer experience core competencies: Purposeful Leadership, Employee Engagement, Compelling Brand Values, and Customer Connectedness.

The bottom line: Good luck to Mr. Ehle and McDonald’s on their CX journey.

 

Report: Case Studies in Text Analytics

1405_TextAnalyticsCaseStudies_COVERWe just published a Temkin Group report, Case Studies in Text Analytics. The research provides rich details about how five leading companies—American Express, ADP, Firstsource, Safelite AutoGlass, and Verizon—are using text analytics. Here’s the executive summary:

To help organizations understand how to use text analytics to transform their VoC programs, we have compiled five case studies from companies that have successfully utilized this capability. This report offers insights into their efforts, describing how Safelite drives value with a small team, how Firstsource ventures beyond service quality and training, how American Express built a custom solution in-house, how ADP scaled with a distributed model, and how Verizon scaled with a centralized model. Each of these case studies follows a company’s journey as it built out its text analytics capabilities and also shows how each one organized its efforts. In addition to the case studies, we also outline five key decisions that every text analytics program must make.

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You may also want to see the report Text Analytics Reshapes VoC Programs.

The report provides rich details on how the companies have deployed text analytics. They have each used it in quite different ways. Here’s a summary of how they’ve successfully used text analytics across what we call the 6 D’s of of a Voice of the Customer Program:

TextAnalyticsBPs

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The bottom line: Learn how leaders are using text analytics

The Untapped Value of Employee Engagement (Infographic)

We created this infographic called “The Untapped Value of Employee Engagement” with some of our employee engagement research.

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If you like the infographic, then here are some other download formats that are made for prinintg:

You can find the referenced research on our Employee Engagement Resource Page.

The bottom line: Companies need to focus more on employee engagement Read more of this post

Off Topic: Ford Has The Most NFL Fans

In one of our recent benchmark studies, we asked consumers what professional sports, if any, they like to watch on TV. Since we’re at the beginning of the NFL season, I decided to take a look at the make-up of NFL fans. Yes, I have data on demographics such as age, income, education, etc. But I’ll share some of that later in the season.

For now, I decided to look at which companies have customers who are the most and the least interested in the NFL. The companies that have the highest percentage of NFL fans are Ford, TD Ameritrade, MSN, Lexus, Chrysler, Charles Schwab, and Dodge. It’s no surprise that many of these firms pay for commercial time during the football games.

Which organizations would reach the lowest percentage of their customers with NFL TV ads? Optimum, Ross, Dollar Tree, Medicaid, and ShopRite.

1409_NFLbyCompany2The bottom line: Since this is an off-topic post, I’ll show my bias: Go Patriots!

 

Report: ROI of Customer Experience, 2014

1409_RoIofCX_COVERWe just published a Temkin Group report, ROI of Customer Experience, 2014. The research shows the connection between customer experience, loyalty, and revenue growth for 19 industries. Here’s the executive summary:

To understand how customer experience corresponds to loyalty, we examined feedback from 10,000 U.S. consumers describing their experiences with and their loyalty to 268 companies. Our analysis shows a strong correlation between customer experience and loyalty factors such as repurchasing, trying new offerings, forgiving mistakes, and recommending the company to friends and colleagues. We compared the consumers who gave companies a very good customer experience rating to those who gave companies a very bad customer experience rating, and we found that the percentage of customers who plan on repurchasing products is 18 percentage-points higher at organizations with excellent CX ratings. Additionally, the Net Promoter Scores of companies with very good CX ratings average 22 points higher than the scores of companies with poor CX. We built a model to evaluate how customer experience impacts a $1 billion business’s revenue over three years in each of the 19 industries, and this model shows that CX has the largest impact on hotels ($461 million), fast food chains ($437 million), and retailers ($428 million). This report also includes a five-step approach for building a model that estimates the value of CX for your organization.

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The report has 29 charts, which includes specific details on the connection between customer experience, loyalty, and increased revenues for each of the 19 industries in the study: airlines, appliance makers, auto dealers, banks, car rental agencies, computer makers, credit card issuers, fast food chains, grocery chains, health plans, hotel chains, insurance carriers, Internet service providers, investment firms, parcel delivery services, retailers, software firms, TV service providers, and wireless carriers.

Here’s the first figure in the report:

CXLoyaltyCorrelation

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The bottom line: Customer experience is highly correlated with loyalty.

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