A comprehensive CX strategy is incomplete without industry benchmarks and competitive data. Benchmarking your CX scores against other companies in your industry will allow you to identify areas for improvement along with areas to identify your advantages. This will ensure you not only make better decisions, but the right decisions for your CX program.
As more organizations integrate industry-specific data into their CX reports and action planning, your CX team will need to consider using a benchmarking solution. Your benchmarking solution should provide the following benefits:
- Greater Accuracy
- Perspective and Relevance
- Increased Actionability
Find a solution that focuses on recent time-based transactions and not general experience. Recent transactions provide sharper focus, which means the feedback you receive is far more accurate. You also need a solution that provides sample representativeness, so you are comparing your organization against reliable benchmark data for other organizations. Using this representative and recent transaction based benchmarking data, you will set the foundation for performance improvement across the organization. You will receive a real-life view of your competitors’ scores on several different CX measures , so you can determine next steps for market differentiation. You’ll also establish minimum standards of excellence, aligning the organization on how to create CX success. Start with a solution dedicated to accuracy in terms of recent transactions and you will have the foundation for measuring performance moving forward.
Perspective and Relevance
Your team will need a solution with core metrics that span across a broad range of industries, so you can judge your performance against your industry and other best-in-class companies across industries. This will give you more opportunity to identify and develop effective CX strategies. You will also need benchmarking data with core metrics tailored to your category and questions related to your industry. This will help you understand the specific scores of transactions occurring in your industry, so you can identify gaps between your brand promise and actual scores and Identify areas for improvement and areas of advantage over your industry competitors that you can exploit.
A solution that provides tangible perspective and relevance will help your organization establish CX best practices . Compare your organization against best-in-class industries and begin making improvements to your CX programs that impact both the customer experience and your organization’s bottom line.
Finally, use a benchmarking solution that provides specific transaction-based ratings, rather than just overall ratings. This will provide a more detailed analysis to help you be more prescriptive from past trends and establish fresh internal patterns in your own organization that facilitate CX improvement. You will also need drivers of satisfaction by industry segment data, so you know what’s most important to your customers and how to drive overall performance.
Look for a benchmarking solution that provides the three benefits listed above. Your CX team will be well equipped to benchmark performance against competitors.