InMoment®, the leading provider of Experience Improvement (XI)™, has announced the release of its exclusive research study in partnership with NPSx by Bain & Company, which analyses the CX landscape in the UK and highlights the CX leaders and laggards based on their Net Promoter Score (NPS) performance.
The State of CX: 2023 UK Consumer Study covers over 32,000 respondents across 14 industries and 199 UK brands. Data was collated from consumers’ recent interactions with these brands. Industries covered in the report include: Financial Services, Insurance, Retail, Grocery, Restaurant/Café, Airlines, Hotels, Automotive, Telco, Media, Social Media, Market Place, Energy & Water.
This study provides a raw, customer-driven perspective on how well certain brands are performing and identifies brands that UK customers consider to be the best across different industries in customer experience and journeys including digital and non-digital channel experience, resolving complaints, and driving innovation. Data from the study reveals the economic value of delivering a great customer experience and demonstrates the impact of various NPS drivers within categories. Furthermore, the study shows in depth the reasons why brands and industries win or lose on customer experience and shares learnings that can be incorporated into any CX Strategy.
The findings in the study provide valuable insights into areas where underperforming companies can concentrate their efforts to enhance their NPS scores. These include focusing on delivering high-quality end-products, enhancing perceived value, providing assistance to customers and incorporating an ESG (environmental, social, governance) strategy. By addressing these specific areas, companies can make significant strides in improving their NPS performance.
Among the key findings of the study:
- Across all industries, only a handful of large UK brands (~top10%) in Auto, Media and Financial Services have made it into the ‘over +40’s’ range on NPS
- On average, UK Industries have an average NPS of +12, ranging from +35 for Automotive to -18 for Water Services
- Product quality and innovation are the most important drivers of loyalty, followed by value and ease of getting help
- Social Media & Energy providers have the widest range of customer loyalty scores
- Technology is the largest contributor to innovation for many UK industries
Charlie West, Senior Insights Specialist at InMoment commented: “It’s been so interesting developing this report and getting a deeper understanding of the drivers of loyalty across the different Industry sectors. It reinforces what we believe to be true, that brands that have a clear brand identity and a strong customer focus continue to lead the way in terms of brand loyalty. By designing customer journeys which support that identity, and providing great experiences differentiated from the competition.”
Stanford Swinton, Founder of NPSx by Bain & Company said: “Our research shows that companies with an effective CX strategy massively outperform across industries. At the same time, we see that the lost opportunity for laggards is significant. For those companies there is often no silver bullet to closing gaps on CX. Together with InMoment, we have created an ecosystem that brings together global powerhouse brands and local and niche expertise under one approach to transform and manage CX end-to-end. This way, we can help companies turn around CX performance in a way that delivers results faster, deeper, and more frugally than anyone else in the market.”
To access the full report please click here: State of CX: 2023 UK Consumer Study
About NPSx
NPSxSM is the new digital customer experience business powered by Bain and Company, world leaders in CX innovation, inventors of NPS™ and the Net Promoter System™. NPSx provides the best of Bain IP expertly designed, packaged and digitally delivered via a suite of four cutting-edge products: CX RoadmapSM, Training & Certification, Community Memberships and Kinetics AISM. Helping companies deliver valuable experiences that enrich their customers’ lives, drive loyalty and accelerate growth.
Visit www.npsx.com
About InMoment
Improving experiences is why InMoment exists. Our mission is to help our clients improve experiences at the intersection of value—where customer, employee, and business needs come together. The heart of what we do is connect our clients with what matters most through a unique combination of data, technology, and human expertise. With our hyper-modern technology platform, decades of domain authority, and global teams of experts, we uniquely deliver a focus on Experience Improvement (XI) to help our clients own the moments that matter.
Take a moment and learn more at inmoment.com