Ever wondered how you measure up against your competitors? Or against the very best organizations in any industry? Where would you even start?
Fret no more – we’ve got you covered.
We’re proud to introduce you to HX Benchmarks, a tailored benchmarking service developed jointly by Forsta and one of its key partners, Watermelon. How can these benchmarks help? Let’s use an example here: Jane is VP of Customer Experience at a global insurance company. She was asked to present this quarter’s NPS scores at the next executive meeting. Can you predict what these execs will inevitably ask? You guessed it! They’ll say: “So Jane, how do we compare to our top competitors’ NPS scores?”. Guaranteed!
So what happens when they ask this question? Jane might say “well, we know the overall NPS for [Competitor X] from the public domain – it’s bit outdated, sorry”. Or “their scores are confidential, we just don’t know”. Or she’ll spend hours trawling through competitors’ annual statements in search of somewhat relevant scores she can use. Sounds familiar?
This is why we created the HX Benchmarks. So you (and Jane) never have to say “we just don’t know” at next quarter’s executive meeting. And even better! The HX Benchmarks also provide context above and beyond the metrics alone. Imagine being able to measure up against your key competitors and the leading CX brands. Both in your sector and across other sectors too. Imagine getting your hands on a custom-fit baseline that tells you where your CX stands now, and every 6 months or year after that.
We all know it’s not the score that matters, NPS or otherwise… It’s what you do to improve it. And that’s why these benchmarks come with a deep-dive into your performance in 5 core competencies:
So let’s take a look at what these 5 principles really mean, from the customer’s point of view.
Do they make me feel like I’m not just another customer? Do they truly understand my needs, and treat me accordingly?
Do they make it easy for me to deal with them? At the point of purchase or later, if and when something goes wrong?
Do I feel I can trust them to deliver on their promises? Are they honest and transparent? Have they treated me fairly?
Have they taken the time to really listen to me and my needs? Have my expectations been effectively managed? Do I feel like they care?
Do they try to resolve my issues successfully at first contact, and do they follow through on next steps as promised?
So why are these principles so important? Simply because they mean the difference between customer loyalty and churn. Getting a handle on how you perform in each of these categories now, and how to step it up a notch – that’s how you move the score. And side-step your competition in the process.
How you treat every customer, every day, matters. Seeing them as individuals, making it easier for them to talk to you, delivering on your promises, understanding their issues and resolving them quickly and efficiently.
Simple, right? Well, not exactly, but with Forsta’s HX Benchmarks, at least you’ll know where to start. Where the biggest gaps are. Where your competitors are gaining on you. Where you still have the edge. And that’s crucial to prioritizing the right actions to deliver the right business results.
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