CX Index ranks customer experience quality of 36 brands in the banking, insurance and retail sectors
SYDNEY, Nov. 21, 2017 /PRNewswire/ -- The quality of customer experience (CX) worsened in Australia, according to Forrester's 2017 Customer Experience Index (CX Index™). The new data released today reveals that no brand managed to break into the excellent category, and average scores remained stagnant.
Based on a survey of more than 18,000 online adult consumers, Forrester's CX Index measures and ranks 36 brands in Australia across five industries to identify how well a brand's customer experience strengthens the loyalty of its customers. Key findings of this third annual study include that not a single industry average improved this year; banks continue to lead the rankings while retail placed last again. In addition, the data shows that emotion has a bigger influence on customer loyalty than effectiveness or ease in nearly every industry.
"Many firms in Australia have an established CX practice, but the quality of CX -- across various industries -- has not improved. We find that they prioritize convenience with a limited focus on fostering positive emotions in the interaction with their customers," said Tom Champion, Forrester senior analyst and author of the report. "Emotion holds the key to achieving CX leadership. Top-tier brands provided an average of 17 emotionally positive experiences for each negative one; while the lowest-performing brands provided only six emotionally positive experiences for each negative experience. Emotion is critical as CX has a direct impact on a firm's revenue."
Forrester's CX Index reveals the companies that are recognized as best in their industries with the following companies named leaders in their respective fields: Bendigo Bank (traditional banks); Commonwealth Bank of Australia (credit card providers); RACQ (auto and home insurance providers); The Good Guys (traditional retailers); and Kogan.com (digital-only retailers).
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About Forrester's CX Index
Forrester's CX Index is the most complete and powerful CX tool in the market today. The CX Index gives businesses a deep and actionable understanding of the quality of their customers' experiences, competitive benchmark data so that business and technology leaders know how they stack up against their peers, and the ability to model the improvements that will have the biggest impact on revenue.
For more information, please visit http://forr.com/cxindex.
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We work with business and technology leaders to develop customer-obsessed strategies that drive growth. Forrester's unique insights are grounded in annual surveys of more than 675,000 consumers and business leaders worldwide, rigorous and objective methodologies, and the shared wisdom of our most innovative clients. Through proprietary research, data, custom consulting, exclusive executive peer groups, and events, the Forrester experience is about a singular and powerful purpose: to challenge the thinking of our clients to help them lead change in their organizations.
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