Customer Experience Excellence directly linked to revenue growth says KPMG
Brands that deliver the best customer experience achieve 54 per cent higher revenue growth, according to a new KPMG Global Customer Experience Excellence (CEE) report.
The report – Tomorrow’s experience, today – is based on a survey of nearly 55,000 consumers across 14 markets, identifying which brands consumers rank highest for customer experience excellence.
Brands were ranked across KPMG’s Nunwood’s Six Pillars of Customer Experience Excellence, which comprise of personalisation, integrity, expectations, resolution, time and effort, and empathy.
The latest UK analysis revealed that customer experience across UK plc had stalled drastically, as brands struggled to keep pace with soaring expectations. However, some brands did manage to buck the overall trend, with 28 brands climbing the rankings by 50 or more places – seven more than the previous year. Moreover, five businesses were deemed outstanding (obtaining a CEE* score of 8+).
“Great customer experience significantly fuels growth and underpins strong performance,” said David Conway, Director at KPMG Nunwood. “Brands that know the most about their customers and use that insight to deliver truly exceptional customer experiences are outperforming those that do not. This isn’t just about driving return business – it’s also about making smart investments that reduce friction in the customer journey which not only improves the overall customer experience but also reduces costs – a winning combination.”
Other Report Highlights
While technology is clearly transforming the customer experience – many organisations continue to struggle to drive value from their investments due to poor internal alignment around customer experience outcomes.
Leading brands are leveraging technology to improve the overall customer experience in a number of ways including: using remote diagnostics and internet-enabled devices to pre-empt customer problems and enabling intelligent interactions harnessing voice commands to simplify customer engagement and complaint resolution.
David Conway concluded: “Companies are investing significant capital into digital and new technologies so they can deliver a more personalised experience than their competitors. Integrating new technologies into the customer journey is great, particularly if they reduce costs, remove friction and deliver value to the customer. But if the investments aren’t focused on executing against targeted customer outcomes, they often come across as impersonal and inauthentic. It’s a fine line.”
The leading brands in each market were chosen by customers for their performance against the Six Pillars of Customer Experience:
Australia: Singapore Airlines
India: Taj Hotels, Resorts and Palaces
Italy: Apple Store
New Zealand: Farmlands Co-operative
UAE: Emirates Airlines
USA: Navy Federal Credit Union