Bain, Kantar, and Qualtrics launch global standards for CX

Bain & Company, Kantar, and Qualtrics have released updated Global Standards for Customer Experience (CX) following a 10-week industry-wide consultation.

The revised standards, now available, were developed through collaboration among the three firms and aim to establish a common language for excellence in CX to improve practices across various sectors. These standards are designed to guide businesses in refining their customer experience programmes by offering strategies that have been proven effective.

Recent research from Kantar highlights that companies enhancing customer experiences are 2.5 times more likely to significantly increase market share than those that do not. Furthermore, Qualtrics analysis reveals that organisations globally risk USD $3.7 trillion annually due to poor customer experiences, marking a substantial increase from previous projections.

During the consultation period, over 1,500 CX practitioners and stakeholders accessed the standards. Input was received from participants in 23 countries, leading to refinements in approximately half of the original standards and the addition of three new ones. Key feedback areas included the application and scope of these standards.

Addressing the application theme, a respondent from a large corporate firm in France commented: "While the standards are comprehensive and insightful…I believe that expanding on the cultural dimension of CX on the standards could be beneficial."

In terms of scope, suggestions were made for integrating measures that evaluate the return on investment (ROI) of CX programmes and improving technology's role in supporting CX initiatives. A VP of Customer Experience from a retailer in the Netherlands suggested, "[We suggest adding a] clear and committed CX roadmap, as well as committed IT capacity for CX improvements. This is often what stands between ambition and the actual delivery reality."

Rob Huijboom, Global Head of Customer Experience at Kantar, noted: "The Experience Economy has caused a fundamental shift for businesses, and experience is now an important - if not the single most important - driver for growth. Our clients and the wider industry have responded positively to the Global Standards for CX, demonstrating that a set of common industry standards is long-overdue, and an enthusiasm for the growth our framework can unlock."

Stanford Swinton, Executive Vice President at Bain & Company and Principal Author of the standards, added, "There's work to be done now in winning over hearts and minds of the industry and generating critical mass behind the Global Standards for CX. In doing so, we aim to re-establish the role of CX within businesses; it's more than just doing satisfaction surveys."

Brian Stucki, President and COO of Qualtrics, remarked, "The real value of experience management is in helping organisations better serve their stakeholders. These global standards serve as a roadmap for companies aiming to build durable differentiation and the discipline to quickly adapt to the evolving needs of their market, their customers and their employees."