Forrester’s Canada 2023 Customer Experience Index: Brands’ CX Quality Reaches Its Lowest Point Since 2016
June 20 2023 - 9:00AM
Business Wire
One out of five Canadian brands experienced a
drop in CX quality over the past 12 months
Forrester’s (Nasdaq: FORR) Canada Customer Experience Index
Rankings (CX Index™) reveal that the average CX quality among
Canadian brands fell for an unprecedented second year in a row as
brands struggled to deliver on customer needs. Average CX scores
fell in six of the nine industries surveyed, including luxury and
mass market automakers, multichannel banks, credit card issuers,
investment firms, and utilities. Additionally, 21% of brands saw
significant drops in CX quality in 2023, with declines being more
severe on average compared to 2022. CX quality in Canada is now at
its lowest point since 2016.
Only two brands, Tangerine Investment Funds and PetSmart,
improved their CX quality in 2023. Four out of five elite brands —
the top 5% of brands in the entire CX Index — returned to the
rankings this year: CAA Insurance, Etsy, IG Wealth Management, and
Well.ca, with PetSmart being a new addition. Brands that provided
the best CX quality this year delivered, on average, 17 positive
emotions for each negative emotion. Positive customer emotions that
have the biggest impact on loyalty across all brands include
feeling respected, happy, appreciated, and valued.
“In Canada, brands are struggling to provide effective, easy,
and emotionally positive experiences for customers,” said Rick
Parrish, VP and research director at Forrester. “When brands put
customers at the center of their leadership, strategy, and
operations, they enable stronger customer loyalty – which in turn
drives revenue, profitability, and business resilience, even in
uncertain times.”
Conducted for the eighth year in a row, Forrester’s Customer
Experience Benchmark Survey, which collects data to calculate
Forrester CX Index scores, is based on more than 39,500 Canadian
customers across 101 brands and nine industries. Forrester’s
proprietary Customer Experience Index methodology provides the data
and insights needed to assess CX quality, understand how CX impacts
loyalty intentions, and prioritize improvements that drive revenue.
Even a minor improvement to a brand’s customer experience quality
can add tens of millions of dollars of revenue by reducing customer
churn and increasing share of wallet.
Forrester’s Customer Experience CX Index rankings and results
reports are accessible within the Forrester Decisions portfolio of
research services. Clients of Forrester Decisions services for
Customer Experience, B2C Marketing Executives, and Digital Business
& Strategy have access to the CX Index Extended Data Benchmark
to help prioritize improvements based on industrywide trends and
impact on customer loyalty.
Resources:
- Read more about the results of Forrester’s Canada 2023 CX Index
and download Forrester’s Canada 2023 CX Index report (client access
required).
- Discover how leaders can become customer obsessed and
accelerate growth.
- Explore Forrester Decisions services for Customer Experience,
B2C Marketing Executives, and Digital Business & Strategy.
About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research
and advisory firms in the world. We help leaders across technology,
customer experience, digital, marketing, sales, and product
functions use customer obsession to accelerate growth. Through
Forrester’s proprietary research, consulting, and events, leaders
from around the globe are empowered to be bold at work — to
navigate change and put their customers at the center of their
leadership, strategy, and operations. Our unique insights are
grounded in annual surveys of more than 700,000 consumers, business
leaders, and technology leaders worldwide; rigorous and objective
research methodologies, including Forrester Wave™ evaluations; 70
million real-time feedback votes; and the shared wisdom of our
clients. To learn more, visit Forrester.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230620524964/en/
Ira Kantor Forrester Research ikantor@forrester.com
Forrester Research (NASDAQ:FORR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Forrester Research (NASDAQ:FORR)
Historical Stock Chart
From Oct 2023 to Oct 2024