Customer Experience (CX) quality is in freefall in the US; a recent Forrester Research report highlights that US consumers’ perception of CX quality has fallen for the third year and sits at its lowest point since the inception of the CX index in 2016.1 The CX downfall is a significant challenge for C-suite leaders, who must prioritize customer focus and identify areas of improvement. The report discusses critical factors contributing to this precipitous three-year drop in the index, including brands’ inability to offer seamless customer and employee experiences, underwhelming digital experiences, and consumers’ concerns with their finances, society, and the economy.
Premier’s analysis of Forrester’s 2024 US CX Index has garnered valuable insights that executives can leverage to transform their brand’s CX and tread the path leading to sustainable growth. In this blog, Premier will highlight the impact of positive CX and the reasons for the current state of CX for US brands and equip you with results-driven strategies that can elevate your brand’s CX strategy.
This is the first blog in a series dedicated to transforming your brand’s CX strategy through AI-powered solutions to elevate customer satisfaction. The insights from this report and Premier’s expertise will help you unlock the full potential of a customer-centric approach.
Business Impact of a Positive Customer Experience (CX)
CX acts as a crucial differentiator when consumers choose one brand over another, with 80% of consumers likely to go with the brand offering a positive CX. Furthermore, 67% of consumers state their standards for evaluating a positive CX are higher than ever.2 Therefore, the brands making significant investments to improve CX will likely accrue benefits for their business, including increased loyalty, increased consumer spending, and reduced churn, helping to boost revenue significantly. The Forrester report highlights that brands that structure business processes around consumer needs have 41% faster revenue growth, 49% faster profit growth, and 51% better customer retention than non-customer-focused brands.
Brands’ CX Quality is at an All-Time Low
Unfortunately, the recent Forrester Research report underscores that the consumer perception of CX quality has significantly declined, especially regarding effectiveness, ease, and emotional connection. “US consumers are having, on average, the worst experiences in a decade,” said Rick Parrish, VP, and research director at Forrester. The report outlines that only 3% of the brands are customer-focused, prioritizing consumer needs, desires, and satisfaction at the forefront of all business decisions and actions.
This has resulted in many brands being unable to connect emotionally with consumers, ultimately compromising the CX quality regarding effectiveness and ease of experience. For brands to overcome this historic challenge, strategic partnering with a CX leader recognized for innovation and excellence in tailoring solutions for remarkable CX is the way forward—Premier’s approach to enhancing consumer experience through people, account management, and technology has delivered measurable CX results.
Premier Empowering CX Transformations
Since 2003, Premier has delivered exceptional client value, consistently exceeding industry benchmarks with an 85% client CSAT and an NPS score 20% higher than average. Partner with Premier and leverage AI-powered tools optimized for your needs to achieve significant revenue growth. Premier solutions foster superior customer experiences that drive increased retention and brand advocacy and maximize customer lifetime value.
Premier combines a broader talent pool, reduced labor costs, and the power of digital transformation through PremierTech Solutions. Managed by a dedicated team that understands your unique needs, Premier helps foster long-term partnerships built on trust and shared success. Premier is committed to pioneering innovative technology solutions that tackle customer pain points, elevate satisfaction, and drive operational efficiency.
Premier differentiates itself through the PremierSync framework, which offers co-sourcing solutions tailored to your specific challenges. Ultimately, Premier acts as an extension of your team, helping you unlock the full potential of exceptional CX and achieve sustainable business growth. Don’t settle for average—experience the difference Premier can make through the AI-led transformation of your CX.
