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Quality of customer experience directly linked to revenue growth, KPMG reveals

Quality of customer experience linked to revenue growth

Brands that deliver the best customer experience achieve 54 per cent higher revenue growth, according to a new KPMG Global Customer Experience Excellence (CEE) report.

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The report – Tomorrow’s experience, today – is based on a survey of nearly 55,000 consumers across 14 markets, identifying which brands consumers rank highest for customer experience excellence.

 

Brands were ranked across KPMG’s Nunwood’s Six Pillars of Customer Experience Excellence, which comprise of personalisation, integrity, expectations, resolution, time and effort, and empathy.

 

The latest UK analysis revealed that customer experience across UK plc had stalled drastically, as brands struggled to keep pace with soaring expectations. However, some brands did manage to buck the overall trend, with 28 brands climbing the rankings by 50 or more places – seven more than the previous year. Moreover, five businesses were deemed outstanding (obtaining a CEE* score of 8+).

 

“Great customer experience significantly fuels growth and underpins strong performance,” said David Conway, Director at KPMG Nunwood. “Brands that know the most about their customers and use that insight to deliver truly exceptional customer experiences are outperforming those that do not. This isn’t just about driving return business – it’s also about making smart investments that reduce friction in the customer journey which not only improves the overall customer experience but also reduces costs – a winning combination.” 

 

Other Report Highlights

·         While technology is clearly transforming the customer experience – many organisations continue to struggle to drive value from their investments due to poor internal alignment around customer experience outcomes.

·         Leading brands are leveraging technology to improve the overall customer experience in a number of ways including:  using remote diagnostics and internet-enabled devices to pre-empt customer problems and enabling intelligent interactions harnessing voice commands to simplify customer engagement and complaint resolution.


 

David Conway concluded: “Companies are investing significant capital into digital and new technologies so they can deliver a more personalised experience than their competitors. Integrating new technologies into the customer journey is great, particularly if they reduce costs, remove friction and deliver value to the customer. But if the investments aren’t focused on executing against targeted customer outcomes, they often come across as impersonal and inauthentic. It’s a fine line.”

 

To read the full KPMG Global Customer Experience Excellence report: Tomorrow’s experience, today, please visit: www.kpmg.com/customerfirst

 

-ENDS-

 

For media enquiries, please contact:

 

Simon Wilson, KPMG Corporate Communications

T: 020 7 311 6651

M:  077853 73397

E: simon.wilson@kpmg.co.uk


 

KPMG Press Office: +44 (0)207 694 8773

 

 

Notes to editors:

 

Tomorrow’s experience, today – Hall of Fame Brands:

 

The leading brands in each market were chosen by customers for their performance against the Six Pillars of Customer Experience:

 

·        Australia: Singapore Airlines

·        China: Alipay

·        Denmark: Topdanmark

·        France: MAIF

·        India: Taj Hotels, Resorts and Palaces

·        Italy: Apple Store

·        Luxembourg: Ernster

·        Mexico: Marriott

·        Netherlands: Lush

·        New Zealand: Farmlands Co-operative

·        Norway: KLP

·        UAE: Emirates Airlines

·        USA: Navy Federal Credit Union

·        UK: QVC

About the Research

Conducted through an online survey and completed in Q4 2017, the survey took in the views of almost 55,000 consumers in 14 different markets: Australia, China, Denmark, France, Italy, India, Luxembourg, Mexico, Netherlands, New Zealand, Norway, UAE, the United Kingdom and the United States. More than 1,400 brands were reviewed in total, resulting in almost 600,000 individual brand evaluations.

 

Details of the latest UK version of the Customer Experience Excellence report by KPMG Nunwood can be found: here


 

*KPMG’s Customer Experience Excellence (CEE) score is a weighted average of each brand’s score, as mapped against The Six Pillars that drive brand advocacy and loyalty (Personalisation, Time and Effort, Resolution, Integrity, Expectations, Empathy).

 

The Six Pillar model of Customer Experience Excellence was developed to provide a precise and practical definition of the kind of emotional outcome a successful experience needed to deliver. Based on nearly a decade of research and more than 2 million evaluations across multiple markets, the model represents the fundamental components of every great customer experience.

 

About KPMG in the UK

 

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff.  The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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