Cambridge, Mass.—Companies that improve their customer experience scores can gain millions of dollars in additional revenue, according to a report by Forrester Research.
“The Business Impact of Customer Experience 2012” was based on an online survey of 7,638 U.S. respondents from a variety of industries conducted in the fourth quarter.
According to the survey, companies with higher customer experience scores have more repeat customers as well as customers who are more likely to recommend those companies, resulting in increased revenue.
Companies in the hotel and wireless-service-provider areas have the most to gain, according to the study, with hotels likely to gain an additional $1.4 billion a year, and wireless companies, $1.3 billion.
Expected revenue gains from improved customer experience scores in other industries, the study found, included airlines ($590 million), insurance providers ($452 million), credit card issuers ($307 million) and banks ($252 million).