One most common obstacles customer experience (CX) professionals encounter is limited funding for CX efforts. To help make the case for CX investments, we recently published a new report called “ROI of Customer Experience, 2020,” which examines the relationship between CX and consumer loyalty. As part of this research, we asked 10,000 U.S. consumers to evaluate their experiences with 319 companies across 20 different industries.
To assess the quality of customer experience delivered by each of the 319 companies, we asked respondents to rate their experiences across three components of CX — success, effort, and emotion. We then had respondents rate how likely they would be to recommend the company, repurchase from the company, trust the company, and forgive the company if it made a mistake. We found strong correlations between CX and each of these four loyalty behaviors.
This 5-minute video features key findings from the research, including the connection between CX and each of the four loyalty behaviors, which of the three experience elements — success, effort, or emotion — most impact loyalty, and which industries have the most to gain from CX improvements.
For all of the details — including breakdowns by key loyalty dimensions and by industry — check out the full ROI of Customer Experience, 2020 report.
If you’d like to include some of our findings into your own presentations to help communicate the potential business value of CX, we’ve created downloadable Data Snippets for data points like how the three components of CX — success, effort, and emotion — affect customer’s likelihood to purchase more from, recommend, and trust a company as well as How customer experience correlates to both NPS and future purchase intentions.
Moira Dorsey is an XM Catalyst with the Qualtrics XM Institute.