Singapore – Bain & Company, Kantar, and Qualtrics have revised the Global Standards for Customer Experience (CX) after a wide-ranging industry consultation that aims to elevate CX practices.
The standards offer strategies for CX excellence, guiding businesses in crafting superior customer experiences.
According to research from Kantar, companies with improved CX are 2.5 times more likely to increase their market share compared to those without enhancements.
Meanwhile, Qualtrics’ analysis highlights the financial impact of bad CX. Organisations risk $3.7 trillion annually due to poor experiences, a 19% increase from last year’s projections.
Over 1,500 CX professionals from 23 countries participated in the consultation, leading to refinements of half the initial standards and the addition of three new ones. Key themes included applying standards in complex organisations, the cultural dimension of CX, measuring the return on investment (ROI) of CX programs, and leveraging technology to support CX improvements.
Rob Huijboom, global head of customer experience at Kantar, said, “The Experience Economy has caused a fundamental shift for businesses, and experience is now an important – if not the single most important – driver for growth. Our clients and the wider industry have responded positively to the Global Standards for CX, demonstrating that a set of common industry standards is long-overdue, and an enthusiasm for the growth our framework can unlock.”
“There’s work to be done now in winning over hearts and minds of the industry and generating critical mass behind the Global Standards for CX. In doing so, we aim to re-establish the role of CX within businesses; it’s more than just doing satisfaction surveys,” Stanford Swinton, executive vice president at Bain & Company and principal author of the standards, said.
“The real value of experience management is in helping organisations better serve their stakeholders. These global standards serve as a roadmap for companies aiming to build durable differentiation and the discipline to quickly adapt to the evolving needs of their market, their customers and their employees,” said Brian Stucki, President and chief operating officer of Qualtrics.
