Introduction
Companies everywhere are recognizing the importance of customer experience (CX) as customers’ expectations continue to increase. More and more businesses are discovering the value of customer loyalty and its direct ties to revenue, and a massive shift in focus has begun over the past few years. It’s expected that 40% of all data collection projects will relate to CX by 2020. When 60% of customers are willing to pay more for a better experience, you need to be sure your performance is keeping up with your competitors. But how do you quantify and track your progress in something as intangible as a “premium” experience?
At Listen360, we work with over 40,000 businesses to better engage their customers via feedback in real time. All of that incredibly valuable feedback gave us a great idea. We recently analyzed 8 million responses across those 40,000 businesses to see how they’re meeting the growing demand for excellence and quantifying business relationships. In addition, we surveyed and examined the practices of 166 unique brands to see how they’re using the Net Promoter System®1 and other CX strategies. With this report, you will be able to see how your organization stacks up to the leading brands and how you can improve your CX efforts with the best in class practices and NPS.
In this report, you will learn:
- The most common drivers of business growth
- How your peers will prioritize their CX efforts next year
- The benefits of benchmarking NPS and where you rank
- How to implement CX practices and strategies to improve your business
Methodology
Let’s break down this report. The purpose of this venture was to understand which practices are the driving force behind customer loyalty, and we wanted to go big picture with it. We didn’t just survey our own customers; we enlisted some help so we could fully understand the scope of contemporary customer feedback efforts. Our report contains two important data sets:
- One comes from the Mozaic Group2, an independent market research firm that analyzed survey responses from C-suite executives of popular multi-location businesses. The surveys were distributed digitally in the Spring of 2019, contained 45 questions, and took an average of 10 minutes to complete. Of those surveyed, 166 brands completed the survey with an 80/20 split between Listen360 customers and non-customers, respectively.
- The second data set comes from Listen360’s certified NPS data. We took a look at 8 million survey responses from customers of 40,000 different businesses over a 12-month period. The findings enhanced our insights into best practices and were well worth the deep dive.
Altogether, this information provides us with a window into the world of customer experience, retention, and overall brand loyalty.
1 Net Promoter System is a registered trademark of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.
2 Mozaic Group has conducted research on behalf of a long list of inspiring companies including Microsoft, Facebook, Adobe, and Google to tackle their important research challenges.