KPMG analysis shows that excellent customer experience equals higher revenue, loyalty and brand standing with consumers.
If you’ve visited a bank, doctor’s office, online retailer, retail grocer or have flown on an airplane recently, you know a great customer experience when you, well, experience it.
Now, new analysis by KPMG confirms that those companies which consumers rank highest in customer experience do in fact bring in more revenue and enjoy higher brand standing and loyalty among consumers.
hese findings are from KPMG’s 2018 U.S. Customer Experience Excellence Analysis of more than 7,500 U.S. consumers and 250 brands across 10 business sectors: financial services, grocery, non-grocery retail, restaurants & fast-food, entertainment & leisure, travel and hotels, logistics, utilities, telecommunications and public sector.
The companies consumers ranked highest on customer experience delivery are:
In its ninth year [Click here for 2017 report], KPMG’s analysis shows the biggest movers up the rankings were SunTrustBank (137 places to #43); Nationwide Mutual Insurance (123 places to #75); Cricket Wireless (90 places to #63); Banana Republic (85 places to #71); and Vistaprint (72 places to #17).
“In 2018, the concept of individuality and the unique sense of self remain equally relevant – however, now companies must not only show that they know their customers’ names but that they know them as a person,” said Julio J. Hernandez, KPMG’s global Customer Center of Excellence and U.S. Customer Advisory leader. “Today’s immediate gratification consumers want to feel valued and recognized as an individual. In a world where consumers realize that their personal data has value, firms need to understand what information customers want to share and how they want to be engaged.”
The brands were ranked across KPMG’s Six Pillars of Customer Experience Excellence – Personalization, Integrity, Expectations, Resolution, Time and Effort and Empathy – to identify the top companies.
Of course, Amazon is the benchmark when it comes to personalization and trust, according to the report. Its web site greets visitors by name, shows consumers’ shared history and can make suggestions that demonstrate a deep understanding of each customer as an individual – all which contribute to a highly personalized experience for users.
The study found that personalization is critical to the successful delivery of customer experience and a pillar of loyalty and advocacy. Customers want to be known, understood and made to feel important and unique. KPMG noted that “poor personalization is like no personalization at all.”
Meanwhile, the report found that while technology is clearly transforming the customer experience, many organizations continue to struggle to derive value from their investments due to poor internal alignment on customer experience outcomes.
To download the full report, please go to: www.kpmg.com/us/CEEreport.