In a significant move to enhance customer experience (CX) standards across various industries, Bain & Company, Kantar, and Qualtrics have unveiled new Global Standards for CX. This release follows an extensive ten-week consultation involving over 1,500 CX practitioners, ensuring that the standards reflect a broad range of insights and expertise. The resulting framework aims to establish a common language for excellence in customer experience, which is critical for businesses looking to refine their strategies.
Research from Kantar emphasizes the undeniable link between superior customer experiences and business success. Companies that prioritize CX are 2.5 times more likely to experience a significant increase in market share compared to those that neglect this crucial aspect. This statistic highlights the importance of investing in customer experiences for achieving growth in competitive markets. Furthermore, Qualtrics reveals a staggering financial risk: companies globally could be losing USD $3.7 trillion annually due to poor customer experiences. This figure serves as a wake-up call for businesses to reevaluate their CX strategies.
The consultation period leading up to the launch of these standards included feedback from industry stakeholders across 23 countries. Approximately half of the original standards underwent refinements, and three new standards were introduced based on practical suggestions received. The emphasis was on creating a framework that businesses could easily implement, considering their unique circumstances.
Participating stakeholders pointed out key areas for improvement. For instance, a corporate representative from France noted the need to expand the cultural dimension of CX within the standards. This suggests that understanding customer demographics and cultural preferences is vital for a more tailored customer experience. Similarly, a VP of Customer Experience from a Dutch retailer argued for the inclusion of additional measures that evaluate the return on investment (ROI) of CX initiatives. They underscored the necessity of having a dedicated CX roadmap and robust IT support to bridge ambition and execution.
Rob Huijboom, Kantar’s Global Head of Customer Experience, articulated the fundamental shift in business dynamics brought about by the Experience Economy. As businesses recognize that experience is a key driver for growth, there is a growing need for enacted standards. Huijboom noted the positive reception from clients and the industry at large, asserting that these Global Standards for CX fill a long-standing gap in the market.
Stanford Swinton, Executive Vice President at Bain & Company and one of the principal authors of the standards, echoed Huijboom’s sentiments. He pointed to the need for ongoing dedication to shifting perceptions of CX within organizations. Stating that CX encompasses much more than satisfaction surveys, he stressed the importance of arming businesses with actionable insights that can transform customer interactions.
Brian Stucki, President and COO of Qualtrics, added to the conversation by underlining the significance of these standards in guiding organizations. According to him, the true value lies not just in defining CX but in creating a framework that allows companies to adapt swiftly to changing market demands. By doing so, businesses can better serve their stakeholders and build a durable differentiation in the crowded marketplace.
As companies strive to achieve higher standards in customer experience, these newly launched guidelines will serve as a pivotal resource. Organizations committed to improving their CX initiatives now have a structured approach to follow, which is grounded in real-world feedback and proven strategies. The next steps involve promoting these standards within the broader business community to drive awareness and implementation.
In conclusion, adopting these Global Standards for CX can lead to considerable benefits for organizations across various industries. The collaborative effort from Bain, Kantar, and Qualtrics signifies an important advancement in the quest for improved customer experiences, paving the way for more meaningful interactions in the marketplace.
