New York -- Customer experience is highly correlated to loyalty in both the United States and the United Kingdom, according to a new report by Temkin Group.
According to "The ROI of Customer Experience" study, a $1 billion U.S. company can generate between $141 million and $382 million over three years if it makes a modest improvement in the customer experience it delivers.
In the United States, where Temkin Group analyzed 18 industries, fast food chains, retailers, and supermarket chains experience the largest gains from customer experience improvements.
The research compared customer experience leaders — those companies that significantly outperform their industry peers — with customer experience laggards that have poor customer experience ratings. Companies that are customer experience leaders in both countries enjoy at least a 16 percentage point advantage over customer experience laggards in key loyalty areas like the willingness of consumers to buy more products from them, the reluctance of consumers to switch business away from them, and the likelihood of consumers to recommend them to friends and colleagues.
The report can be accessed from the Temkin Group website at Temkingroup.com.