A good consumer experience is crucial in today’s market. After all, in most cases, it is pretty simple for shoppers to turn to other retailers to get pretty much the same product at a comparable price. So many brands do all they can to get the upper hand when it comes to the customer experience—but are their efforts making a difference?
Forrester Research’s annual Consumer Experience Index is one of the measuring sticks brands use to see how they’re doing. USAA tops the latest CX Index, followed by 14 other brands that provide a positive customer experience: Ally Bank, Barnes & Noble, Edward Jones, Etsy, HSN, Huntington National Bank, Navy Federal Credit Union, Newegg, QVC, Regions Bank, Residence Inn and Zappos.com. They all ranked best-in-class.
— Forrester (@forrester) July 24, 2016
“Empowered consumers want emotionally satisfying experiences, but a good experience does not always lead to customer loyalty,” Harley Manning, vice president and research director at Forrester, said in a press release. “Loyalty emerges when brands make their customers feel valued and appreciated, which has a strong effect on driving revenue. For example, a one-point score improvement in the CX Index can lead to an increase of $65 million in revenue in the upscale hotel industry, driving the point home that CX and loyalty have a measurable impact on a company’s bottom line.”
— Forrester (@forrester) July 20, 2016
USAA emerged at the top of 300 brands across 18 industries that Forrester measured by surveying 122,500 US online adult consumers. As Market Exclusive notes, digital brands have a big customer experience advantage and those that don’t put effort into it “trigger strong negative emotions and a lack of loyalty from dissatisfied customers.”
— Forrester (@forrester) July 19, 2016
How did USAA end up on top? The categories Forrester measured include effectiveness, ease of use, emotion, retention, enrichment and advocacy, ZDnet reports. And while USAA rules the roost, don’t think it isn’t beatable. According to Forrester, 71% of businesses are making CX improvement a top priority, and there is plenty of room for improvement by the time next year’s ranking rolls around.
The report was released at Forrester’s CXNYC 2016 conference, where a range of customer experience leaders weighed in on how their brands are approaching CX:
Thom Kozik, VP Global Loyalty, Marriott International on the connection between customer behavior and loyalty marketing —
Wells Fargo Head of User Experience Mark McCormick discussed the power of simplicity in the customer experience —
Ford Motor Company VP of Global Dealer and Consumer Experience Elena Ford shared insights on the role of CX in Ford’s transformation:
Oak Labs CEO Healey Cypher discussed experience design and optimizing the intersection of design and data:
Forrester analyst Sam Stern discussed how improving customer experience delivery can drive greater employee engagement:
Forrester analyst Harley Manning discussed “the three things it takes to win at the customer experience (CX) long game”:
Manning and Etsy UX researcher Jill Fruchter also discussed best-in-class loyalty and mobile CX: