New Gen of CX Benchmarking


Confirmit Team

Confirmit Team

Author Bio

Confirmit’s dedicated teams work to deliver world-leading customer experience, Voice of the Employee and Market Research solutions. 


Author Bio

New Gen of CX Benchmarking

In their efforts to understand their customers, CX professionals often wonder how their brand fares against their key competitors. After all, how are you supposed to know how well you’re really delivering to your CX goals if you don’t compare yourself at some point (or even better, at regular points) with the market in which you operate every day?

 

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You probably already know your key CX metric (e.g. NPS®), the factors that drive it and what you need to do to improve it, but you’d be missing out on a whole dimension if you can’t compare all this data with the CX leaders in your sector and your main competition. With this information at hand, you’ll be truly equipped to face the challenges ahead, and deliver in line with – and above - your customers’ expectations.

Forsta has partnered with Watermelon to offer you the right benchmarking solution, whatever your needs, your sector, your geographic coverage. We will work with you to ensure you have a 360-degree view of your market, not just your direct customers, an invaluable insight to propel your brand to the next level.

What is Benchmarking?

Benchmarking is the process of measuring key business metrics and practices and comparing them — within business areas or against a competitor, industry peers, or other companies around the world — to understand how and where the organization needs to change in order to improve performance. APQC (American Productivity & Quality Center)

How do we go beyond just the metrics?

Watermelon has developed five CX Principles based on listening to over 500,000 customers across a range of brands/ interactions. These CX Principles are each underpinned by a series of specific question areas that allow us to consistently measure and understand the granular drivers of key CX metrics.

...And why it is important to go beyond the metrics?

Being customer centric sets brands apart. In an increasingly commoditized and crowded marketplace, ever advancing technology and readily available information continue to influence consumer behavior. People switch more commonly, even in sectors with lower engagement, such as insurance. Brands need to work harder to attract and keep customers. Delivering a great CX is vital – customer-centric service is a differentiator.

Listening to consumers: having an objective view

In order to deliver a great service it’s crucial to listen to the customer needs and expectations. This includes the ability to determine what is important to customers and the wider context of their experience with other brands. This insight can shape refining the experience and ensure the entire organization puts the customer at the heart of everything they do.

 

The value that our benchmarking brings.

  • It allows an organization to understand where its sector is, in terms of key industry metrics e.g. NPS®, and understand where it is in relation to its market.
  • It allows an organization to compare its performance against:
    • Leading CX brands
    • Leading sector brands
    • Their competitive set
  • It allows an organization to understand the reasons behind its performance:
    • To identify and take action on areas of comparative weakness
    • To leverage areas of comparative strength
    • To identify likely future requirements through understanding leading CX/ Sector brands’ performance
  • …and yes, it also answers executives’ favorite question “How good is my NPS® score?”!!

About Forsta:

Forsta is the world’s leading Experience and Research technology company bringing clients a new frontier of customer experience. Our Voice of the Customer tools are simple enough to deploy in days, powerful enough to tailor to your exact needs, all supported by our world class consulting services. Together we grow smarter and faster as we bring customer experience research to life. Forsta was born through the merger of Confirmit and FocusVision.

If you have any questions about our benchmarking solution, please reach out

at benchmarks@confirmit.com

 

About Watermelon:

Watermelon is a Customer Experience consultancy, working with organizations to listen to customers to identify and prioritize CX improvement opportunities and initiatives that deliver ROI. Watermelon merges research and technology skill sets to deliver best in class, tailored CX and Voice of the Customer programs that drive tangible business improvements for clients across a range of sectors.